Every year, nearly two million Americans find themselves following paths they hadn’t anticipated—sometimes in search of brighter futures, and sometimes just to escape the daily grind. In fact, over fourteen million people made the decision to move to another city, state, or country within the United States in 2018 alone.
Fortunately, most of those moving journeys proved successful: Nearly 90% of those who move report satisfaction with the process and their move, in most cases at least. And within the USA, becoming a relocated American comes with benefits. However, it sometimes comes with challenges that must be navigated.
That’s why it’s so important to carefully consider the financial aspects of a move before embarking on your journey. Whether it’s finding employment in your new city, saving money on the cost of moving, securing a good apartment deal, or finding the right insurance, if these aspects of relocation aren’t thought through, they can become comfortable, long-term money drainers.
Let’s look at a few financial necessities of relocation to help you prepare for an effective and advantageous move.
First, you’ll want to consider your employment status and job market research. It’s important to find a job in the same field of work or trade as you had before in order to maintain your level of living. You’ll also want to look close at the job opportunities in your new city or region: Ask around and see what positions are open, what the salary ranges are, and get to know the people in your next career setting.
Keep in mind that healthcare costs can be unpredictable, depending on the area you are moving to. Research insurance providers and plans, and gather quotes to find the best possible rate for you and your family. Depending on the plan you choose and whether or not your employer covers some of the costs, you could save hundreds to thousands of dollars with research and planning.
Next, consider what type of living situation you’ll be in upon arrival. Are you planning to buy or rent? Will you live alone, or with roommates or family members? Rent prices can vary greatly by region, neighborhood, and situation. Do your homework and make sure you know what to expect when it comes to housing costs.
Finally, don’t forget your moving expenses. If you are taking a lot of things with you, a regular moving company may not be the most efficient option—they can be expensive and take a long time to move you. Instead, look into smaller moving companies or online moving services, or even renting a truck and handling some of the move yourself. Either way, a little research could save you quite a bit of money.
Relocation can be an exciting prospect, but you should educate yourself before embarking on your journey. Financial planning is important for any move, and becomes more critical when you move to a new location. Keep these financial considerations in mind and you’ll have a much smoother move.