Moving on a Budget
Check out these tips to save on moving expenses
If you're preparing to relocate to a new home or apartment, you may be wondering what moving expenses you need to plan for. Moving can become costly, especially if you have to travel a significant distance, have a houseful of belongings or need to use professional movers. But if you're moving on a budget, there are ways to save on the typical costs of moving. To get an idea of what you may spend and how you can cut back on moving costs, read our tips below. Then, compare checking accounts from Citizens Bank to see how we can help you manage your moving expenses while growing your savings.
Understanding potential costs of moving and ways to save
When you're moving, the costs will vary based on several different factors, and you may want to get quotes from multiple moving companies to determine who can give you the best deal. In 2012, the Worldwide Relocation Association reported that the average cost of moving (transportation and storage of belongings) when hiring professionals was over $12,000. However, costs will vary based on several different factors, and there are many ways to cut back. Plus, if you're relocating for work, transportation, storage and final travel and lodging are tax-deductible moving expenses. Check out the different factors that may impact your cost of moving and find ways to save on each:
- The distance of your move. The farther away your final destination, the more expensive your move will be. Local moving expenses are likely to be charged on an hourly basis, while long-distance moves have a flat rate partly based on the total distance traveled. Local fees may also vary by the state you're in. If you're moving locally, you may be able to save by making multiple trips in your own vehicle rather than renting a truck. Ask friends or family members to lend a hand or car to help.
- The size of your household and subsequent belongings. A family of two will often be able to move more affordably than a family of five. This is because the weight and amount of your belongings also factor into your moving costs, and larger families typically have more belongings. If you hire professionals, the time it takes to move your belongings can also impact your cost. So the more you have, the more time it could take. You can save a bit by boxing and labeling everything ahead of time so all your movers need to do is pack up the truck.
- DIY vs. professional movers. If you have the time and help from friends or family, moving yourself can save you a lot of money. When you move yourself, you often just have to pay to rent a truck or trailer, buy packing supplies and cover the cost of gas and tolls. You may also have the option to do some of the move yourself and only rely on professionals for part of it - like loading and unloading the truck on moving day or driving the already-loaded truck across the state. When you do order trucks or trailers, make sure to get several quotes to find the most affordable option.
When using a professional moving company, you not only need to pay for a truck and packing supplies, but also labor and time invested by the team. Plus, if your current or future space will be difficult for your movers to access, such as a long walk to the door, multiple sets of stairs, or a narrow street, there may be a higher fee. When you have a lot of heavy, fragile or awkward items or don't have enough time to devote to the move, hiring professionals can be a convenience worth the cost. Keep in mind that you might be able to save if you can schedule your move in the middle of the month or on a weekday, as it's less popular and generally more affordable.
- Insurance protection. Whether you're moving yourself or hiring professionals, purchasing full insurance protection for your belongings will help you recover losses from any theft or damage during the move. If something goes wrong, you'll be glad you have the extra coverage to protect your possessions.
- Packing supplies. From bubble wrap to boxes, packing supplies can quickly raise the total cost of moving. But there are ways to save, including using newsprint to wrap fragile items instead of bubble wrap, packing in reusable containers whenever possible, and asking friends or local businesses for boxes. When you get ready to move, make sure you have packing tape, markers for labeling, boxes, hand carts for large items or multiple boxes, blankets to protect furniture, something to wrap breakable items in, and a truck or trailer for transport.
- Storage. Will there be room at your new location for all of your belongings? Did you sell your home and need to move out before your new home is ready? Do you need to rent an apartment that doesn't have enough room for your belongings? If you will need to rent storage for any of these reasons, make sure to add storage costs to your moving budget.
Consider Circle Gold Banking® from Citizens Bank to manage and cover moving costs
When moving, it's helpful to create a plan to account for all the necessary moving expenses and ensure you have a smooth and seamless relocation. Use a moving checklist to get ready for moving day. Then, compare checking accounts in your new hometown to find the right one to manage your moving expenses and maximize your savings - especially when moving on a budget. Citizens Bank's Circle Gold Banking package provides an interest checking account as well as the added benefits of Circle Gold Mortgage Advantage®, a savings account and optional money market account at no additional cost. Plus, with our mobile banking app, you can easily manage moving on a budget by making payments or transfers on the go. Then deposit any money saved with the tips above into your Circle Gold Savings® account to grow it even more. To learn more about how our bank accounts can help you manage the cost of moving, speak to a representative today.