Managing Moving Costs – Avoid These Mistakes
Moving Soon? Avoid These Common (and Costly) Mistakes…
When it comes to moving, you’re in good company. According to Zillow, June is the most popular month to move, with many families and individuals packing up during the summer to take advantage of better weather and school breaks.
Moving comes with more than just boxes and change-of-address forms – it can also be a major budget-breaker. The average moving costs of a local move is about $1,250, while a long-distance move can run upwards of $5,000, according to Forbes.
Ahead of summer’s biggest moving month, here are some common pitfalls to avoid.
1. Underestimating the Total Moving Costs
It’s easy to focus only on the cost of the moving truck or professional movers, however, there is a lot more to factor in. Think: packing supplies, utility deposits, cleaning fees, gas, meals on the go, and potential hotel stays. It adds up quickly.
Tip: Build a moving budget before you do anything else. Include a buffer for unexpected costs – it will save you stress down the road.
2. Not Gathering Multiple Quotes
Hiring movers? Don’t go with the first quote you receive. Prices can vary widely depending on timing, services, and distance. Check in with friends, family, and your social network for recommendations.
Tip: Round up at least three estimates and ask about discounts – some companies offer deals for students, military members, or off-peak days.
3. Forgetting to Cancel or Transfer Services
Overlapping services (like cable, internet, or utilities) can cost you double if you’re not careful. Forgetting to cancel gym memberships or local subscriptions can leave you paying for things you no longer use. Consider the timing of your move and see if some services can be canceled a month or so in advance…just to be sure!
Tip: Make a checklist of every service tied to your current address, and schedule transfers or cancellations at least two weeks in advance.
4. Skipping the Decluttering Process
The more stuff you move, the more your moving costs. Plus, hauling boxes of things you don’t use just makes unpacking that much harder. Consider speed, as well – less stuff means a swifter a less exhausting moving process
Tip: If you have not used it in the last year, donate it, sell it, or toss it. This is where services like Facebook Marketplace can come in handy – just have some caution when using these services. You will save on moving supplies and labor – and your future self will thank you.
5. Not Accounting for Post-Move Expenses
It is easy to think the spending stops once the moving truck pulls away. Setting up your new home often comes with additional costs, like new furniture, cleaning supplies, and restocking your pantry or refrigerator.
Tip: Set aside a portion of your budget specifically for post-move purchases. Even just a few hundred dollars can help you settle in comfortably without resorting to credit cards.
Need Help Creating a Budget?
We partner with GreenPath Financial Wellness, a trusted national nonprofit, to offer free financial counseling and tools to help you manage life’s big transitions – including moving. Whether you need help building a budget, managing debt, or planning for your next step, GreenPath is here for you. Get great advice from GreenPath, then bring on FFCCU as player two for your mortgage. You might also benefit from Greenpath’s upcoming seminar: Free Online Course: Homebuying 101
Posted In: Home Buying
