How Much Should You Budget for Your Move?
It’s Time to Move! Here’s How Much You Should Budget
The time has come! You’ve done your research, toured the houses, made an offer, and signed the papers. Now it’s time to pack those boxes, fill the moving van, and move in!
But wait…before you get into the nitty gritty of bubble wrap and cardboard, you should take some time to budget for the actual move. It’s not always as easy (or cheap) as filling up a few boxes and tossing them in the backseat.
While finances are the main focus when shopping for a house, the cost of actually moving into the home can take a back burner when you’re focused on interest rates and your down payment and mortgage amount. But depending on how far you’re moving, whether you’re hiring a moving company or not, and the amount of personal items you have, a moving budget can be a significant cost in the homebuying process.
Here’s what you need to budget for when it’s time to make your move.
Hiring a moving service
Moving companies offer a range of services that include helping you pack, removing unwanted items, and actually loading your things up and transporting them to your new home. To figure out exactly how much to budget for this expense, you can get quotes from moving companies in your area.
Moving companies often have an online quote form to fill out where they’ll likely ask you question about your specific situation, including:
- How much help you’ll need—full moving service, packing help, just transportation, etc
- The number of square feet in your home
- Your current and new addresses
- The type of furniture and an estimate of the number of belongings you’ll need to have moved
- How many supplies you’ll need
Moving services base their costs on the size of the home, number of belongings, distance to the new home, and more, so the more information you have for the movers, the more accurate the cost estimate will be.
According to moving.com, moving a 2-3 bedroom home with full packing services a distance of 35 miles will cost between $1,988 and $2,815.
Renting a moving truck
If you go the do-it-yourself route and need to rent a moving truck, the cost will vary depending on how far you’re moving and the size of the vehicle you’ll need. Moving truck rental websites will list the number of rooms each vehicle can hold to help you make the right choice.
For local moves, there will typically be a daily rental fee plus a fee per mile. For longer trips, you’ll be quoted a price for the trip and have unlimited or a large number of miles.
Be sure to shop around because different companies have different rates so some may fit into your budget better than others.
For example, to rent a 26’ truck to move from Madison, WI to Denver, CO, Budget Truck Rental rates start at $1,438.00 with unlimited miles while U-Haul rates start at $1,208 and up to 1,211 miles.
Buying supplies
If you have a moving service pack and move your home, you can purchase your supplies from them directly. Uhaul offers moving kits starting around $100.00 for apartments and $240.00 for 1-2 bedrooms. Other companies also offer moving kits, some starting as low as $60.00. You can also purchase the moving materials you need from a store.
Here are a few ways to save money on moving supplies:
- Save your own boxes and ask stores for unwanted boxes
- Head to your local dollar store or bargain store for things like packaging tape and bubble wrap
- Save newspapers for wrapping delicate items
- Use towels and blankets as padding
Travel costs
Whether you rent a moving truck or use your own vehicle, you have to account for transportation costs. For an in-town move, travel costs will be minimal—just the gas to get you from point A to point B. But if you’re moving to a new city or state, you should account for the cost of gas and any lodging and food along the way.
Food and groceries
This is a lesser thought of moving category, but when you move into a new place, chances are you won’t want to cook a full meal at the end of the day—and you might not have groceries yet. So, budget for some takeout or a trip to a restaurant. And if your friends and family helped you with the move, it’s customary to provide pizza.
Also, you’ll likely be starting with an empty fridge, so make sure to budget for a full grocery shopping trip.
Other related expenses
Renting a moving truck and buying boxes are pretty obvious moving costs. But what about the hidden costs associated with moving?
Here are a few things to consider:
- Taking unpaid days off of work for the move or the time off when transitioning to a new job
- Childcare (and/or pet care) during the move or when you get to your new location
- Home cleaning services for your old place, your new place, or both
How to create a moving budget
1. Do your research and get estimates
Doing your research and getting estimates can help you get the best deal and budget accurately. For instance, after you input your information into a moving company calculator, they will likely call you to get more information. This is your chance to find out more about their services and get a more accurate estimate of what it will cost you.
It often pays to shop around and get estimates from a few different companies whether it’s for a moving service, a moving truck, or even just moving supplies like boxes and bubble wrap.
2. Start a sinking fund
A sinking fund is a savings account meant for a specific expense that you contribute to monthly. Creating a sinking fund helps spread the cost of a move (or other purchase) over a certain number of months rather than needing to come up with the money all at once.
Creating a moving sinking fund at the beginning of your home search (or before) can help ease the financial stress of moving.
Let’s look at an example:
If it will cost you $3,000 total to move, you can put $300 aside for 10 months until you’ve saved the full amount. The numbers and time frame can be adjusted for the time that you have before the move. So if you know you’ll be moving in six months and will need $3,000, you would save $500 each month.
3. Take inventory
If you hire professional movers, you will probably have to do this, but it is also helpful if you’re doing the packing and moving yourself. Make a list of the items in each room, starting with the biggest items and moving to the smallest. This will help you get an idea of how much time and how many supplies you’ll need to get everything packed up.
4. Create a plan
Moving is a big undertaking, so it’s important to have a plan. Here are some things to consider:
- Schedule the movers or reserve the moving truck
- Book a hotel if you’ll need to stay overnight along the way
- Find child or pet care in your new location
5. Expect the unexpected…and budget for it
After you total up how much you think the move will cost you, add a little bit of cushion to that final number. Expect the unexpected, whether it’s a flat tire on the way or needing to buy more food than you planned for, and have some extra money set aside so you’re not totally caught off guard.
Ease the stress of moving with a budget
Moving can be a stressful process, but setting out a budget to cover moving expenses can ease some of that stress. Doing your research to find rates on movers or a moving truck, budgeting for moving supplies, lodging for longer moves, food, and other expenses can ensure you’re not scrambling to scrape together funds to actually make your move happen.
Steph Mickelson is a freelance writer based in Northwest Wisconsin who specializes in real estate, building materials, and design. When she’s not writing, she can be found juggling kids and coffee.
