Wednesday, 1 January 2014

Budgeting for your Move

It is crucial to prepare a moving budget. Apart from saving money on your move, it will help you monitor small things that may crop up as big, in terms of finances. It will also help you stay prepared to spend the kind of money involved in safe, timely and pleasant moving. 

The amount you may require spending while moving your home is not obvious. Many small costs just add up in no time. People usually tend to consider the obvious costs such as renting a removal company, airline tickets, packing supplies etc. However, there are many expenses involved in the process.
Knowing how much you should spend and your budget well in advance may help you stay away from sudden shocks when calculating the final moving expenses.

Budgeting the Move

Creating a spreadsheet recording expected moving costs is a wise way to budget the move. You may even use a sample template for the same. The method will help you record and keep track of your expenses.

Expenses Prior to Moving

First, you need to figure out the amount you need to shell out as you leave. Some of the major costs involved are:
  • Utility bills (the final ones)
  • Repairs you need to make to the old home
  • Lease termination charges (if any)
  • Other costs linked to leaving the home

The Final Cost

You should also determine the amount it will cost to move your belongings. An estimate should be made from the moving companies.


The final cost estimated may exceed due to certain things that a moving company may not be responsible for.

Costs Incurred during the Move

After making an estimate on the amount you need to shell out for packing and final delivery of your possessions, it is time to determine the price for actually shifting to desired destination. For instance, you need to know the actual amount you should fix for food, hotel rent while on the way, gas etc. In case, you are flying to a new location, make sure you record the plane ticket costs in your budget including the taxi service hire fees to and fro the airport.
Car shipping to a new location is another significant cost involved. You may even require a special storage facility while transferring goods from one place to another.

Expenses after the Move

This is also an important consideration to make. Make sure you include the following:
  • Rent for new home
  • The mortgage payments
  • New phone connection
  • Electricity connections
  • Food
  • Security deposits
  • Fees for starting other utility services
  • Pet fees
  • Parking permits
  • Groceries
Since it is not possible for you to run to a grocery shop or arrange for a cook on the day you move-in, make sure you add in the price for food.
Once you have added the above mentioned costs to your spreadsheet, add about 5-10% more to the final cost. This is important to tackle any unexpected fees that may crop before, during and after the move. 
Article published by Paul Millar
Address:  Level 19, 10 Eagle Street, Brisbane, QLD 4000 Australia
Phone: 07 3040 8008

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