Moving locally or internationally can be an exciting undertaking that anyone can experience in life. However, unplanned costs can ruin that excitement in a split of seconds. That’s why you should never underestimate the expenses you’re going to face throughout the process. More importantly, dedicating some time to make a budget can save you from tons of stress involved in moving.
If you’re relocating soon, here are few tips to consider when preparing a budget.
Create a moving budget spreadsheet
By preparing a budget, it means you should have a clear picture of your moving expenses and other budgetary needs. Although you can list down your budget on a notebook, creating it using today’s technological upgrades is more convenient and more straightforward. You can search for the best budgeting apps on the Internet, or if you’re an Excel expert, you can make rows and columns in there for your budget. Below are the things you should include in your moving budget spreadsheet:
- Columns for the Category, Estimated Cost, and Actual Cost
- Enumeration of the potential moving expenses to be inserted under the category section.
- Put the estimated costs as you begin getting estimates from movers
- A row for Subtotal and once all categories are filled up, add everything using an appropriate mathematical formula.
Remember, a budget template can give you an outline of all your expenses. By that, you’ll get an idea how much money you’re going to set aside to make your relocation a great success.
Consider the basic moving costs
Without understanding how moving works, budgeting can become a tricky job for you. This the reason why you should do a little research so you’ll know which things to spend your money. First, you should decide how you should execute your relocation – whether you’re going to move on your own or look for reliable movers near me to help you out. Below are the things you have to take into consideration when setting up your moving budget:
When moving by yourself
– This only happens when you’re not relocating in a long distance, and you just have a little amount of stuff to bring with you. If you’ve decided to take a DIY move, here are the expenses you need to include in your budget
a) Truck rental –
The price you pay for it may differ depending on how big or small the truck is and on whether you rent the vehicle for one-way or return.
b) Mileage and gas –
Before renting, inquire from the rental company about the cost of fuel your trip may consume. Also, ask whether your rental includes an unlimited mileage or you’ll need to pay for the extra.
c) Equipment –
Ask the rental company if moving equipment such as furniture covers, dollies, and ramps are included in the rental fee. If they’re not, don’t forget to add them in your budget so you’ll have the equipment to use during the move.
d) Insurance –
It’s best to ask the rental truck company about the insurance coverage. However, most insurance policies don’t insure large trucks, so you better add the insurance in your budget.
e) Packing supplies –
If you’re packing up all your belongings on your own, you should know how much supplies you need for packing. List down all the items so you can calculate the estimated costs.
- When hiring a professional moving company – If you have a long distance move, you have lots of boxes to deal with, or you just want to save yourself from the stress of a DIY move, you’ll probably get the services of a moving company Here’s what you need to know when budgeting for a moving company:
a) The rate of the move –
Before setting aside some money, it’s a good idea to request a moving estimate from at least three experienced companies. Know whether they charge by the hour or by the project. If you haven’t decided on the mover to hire, consider the highest quote as you prepare your budget
b) Insurance –
Moving companies have insurance options but if you want to get extra protection for all your stuff, add additional coverage to your budget.
c) Packing –
Hiring packers aren’t required but if you want to avail their service, include their fee in your budget.
- Get ready with an extra contingency amount
Whatever happens, you should always be financially ready on your moving day. Thus, it’s a good idea to set aside an extra contingency fund to shoulder hidden costs. Just in case you need to buy some food for the moving crew or pay an additional price for the gas, then you should have cash on your wallet. By building extra costs up front, you can ensure a smooth transition throughout the move.
Clearly, moving can be a stressful experience. However, by creating a budget beforehand using the tips mentioned above, you can be able to minimize the financial worries brought about by moving. If you’re relocating from or to New York City, prepare for the financial side of the process along with finding professional moving companies NYC to make everything run smoothly.