Whenever you move, often we only think about budgeting for the move itself: purchasing packing supplies, paying the moving company, and any other fees that arise from moving out of our home. But we also have to consider what it costs to move into a home - these are often costs that we hadn't considered and costs that can be quite substantial. So, to determine exactly how much it will cost for your entire move, find out what costs you might incur when moving into your new home.
So you're preparing for a move, and to cut down on moving costs, you scale down your belongings to just the essentials. But what happens when you arrive at your new, stripped-down home to discover you may have been a little too efficient? What will be the real cost of your move when you finally replace those items you left behind?
When budgeting your move, take all costs into consideration. It's incredible how much your budget increases when adding in the amount you'll spend to set-up new utilities, register your vehicle in a new state and restock your pantry. So carefully weigh (literally) your decision whether to include that jar of oregano or the toothbrush holder before you leave them behind.
When you calculate the cost of how much your next move will save or cost you, remember to take into consideration all the costs that go along with moving. It is more than just the cost of your new house versus what you sold your old house for. There are numerous other factors. Here is a checklist to help you weigh all the options.
Moving to another city, state or country means needing to get there and travel to your new home adds costs to your moving budget. So it's a good idea to factor in these costs while you're planning your move to ensure you've allocated enough funds and that any little emergencies that arise are accounted for. And remember, while traveling because of a move is about reaching the destination and your new home, there's no reason why you can't enjoy the journey.
Check out this article on calculating your moving trip costs.
As we all know, moving is expensive, so my advice is always to keep your receipts, then see if they can be deducted when you file your taxes. Rules vary according to your government's stipulations. For instance in Canada, individuals or families who moved to attend full-time school or for a change in job or job location or to continue running a business, may be able to claim their moving expenses. In the U.S., moving expenses may be claimed if individuals or families moved in the previous year because of a change in job location or because they started a new job.
Trying to determine if you can deduct and what you can deduct may take some time and patience; it can, however, pay off in the end.