Moving Budgeting Guide

One of the most stressful aspects of a move is budgeting properly. With so many different costs to consider, you might feel daunted by the financial element of your upcoming relocation.

How can you ensure you take a responsible approach to budgeting for your move? In this guide, we’ll walk you through the costs to consider and the steps you should take to be more financially savvy throughout the relocation process. Discover the best ways to budget for your move below!

Assess Your Needs

The first step in the budgeting process for any move is to assess your specific needs. This encompasses a few different factors:

Type of Move: Are you moving locally, across the country, or internationally? Local moves generally cost less, as they require less time and fewer resources. On the other hand, long-distance or international moves are more complex, resulting in higher price tags. These moves often require specialized services like customs clearance or long-term storage.
Size of Your Move: Estimate the volume of your belongings. A one-bedroom apartment will cost significantly less to move than a five-bedroom house. Understanding the size of your move will allow you to estimate the number of packing supplies, labor, and transportation needed.
Special Items: Consider any special items you own that may require additional care or equipment to move. Pianos, artwork, antiques, and other valuables may need custom packing and handling, which can add to the overall cost of your relocation.

Consider the Season

The timing of your move can have a substantial impact on your budget. How does the time of year affect the cost of your relocation? Discover the details below.

Peak Moving Season: Summer is the busiest time for moving, as many families opt to relocate during school breaks. However, the high demand during peak season results in increased prices. Movers may charge premium rates during these busy months, and availability can be limited, meaning you will need to book well in advance.

Off-Peak Season: Moving during the off-peak seasons (fall, winter, and early spring) can save you money. Moving companies are more likely to offer discounts, and you will also have a better chance of booking your preferred dates. However, it’s important to be mindful of the fact that winter moves may involve additional challenges like inclement weather, which could increase costs if delays occur.

Mid-Month, Mid-Week Moves: If possible, schedule your move for the middle of the month and mid-week, as demand is lower compared to weekends and dates at the endo of the month. This savvy approach can result in significant savings on moving costs.

DIY or Professional?

As you prepare for your move, you will need to decide if you want to do it yourself or opt for professional moving services.

DIY Move: A do-it-yourself move can ultimately be more cost-effective, especially for smaller moves. This will require renting a moving van or truck, purchasing packing supplies, and recruiting friends or family to help—allowing you to save money by not paying for professional movers. However, DIY moves require a significant time investment and can be physically demanding and stressful.
Professional Movers: Hiring professional movers offers many perks, including convenience and expertise. Depending on your needs, you can opt for a variety of different services, including moving, packing, and storage solutions. These services can be especially valuable for larger or long-distance moves. The cost will depend on factors like distance, volume of goods, and additional services like packing or storage.
Hybrid Approach: Some people opt for a hybrid approach—for instance, packing their own belongings but hiring movers for the heavy lifting and transportation. There are many different ways to mix and match, which can save money while still allowing you to benefit from professional assistance.

Request Quotes from Multiple Companies

If you decide to hire professional movers, obtaining quotes from multiple companies is a must. This step will allow you to find the best prices for the services you need.

Detailed Estimates: When getting your quotes, request detailed estimates that break down costs for services such as packing, loading, transportation, and unloading. Ensure that the quotes include any additional fees, such as for handling large items or navigating stairs. These details will enable you to figure out what aspects are costing the most and which companies can provide the best deals.
In-Home Assessments: For the most accurate estimate, moving companies should always perform an in-home assessment. This allows movers to get an accurate idea of the scope of the move and provide a more precise quote. Be wary of companies that give estimates without taking this step.
Compare Services: Don’t just compare prices—compare the services included in each quote. One company may offer packing services or insurance at a lower cost than another. Make sure that the company you choose offers all the solutions you’re looking for while providing a reasonable price point and reliable services.
Understand Payment Terms: Clarify the payment terms with each moving company. Some may require a deposit, while others may offer payment plans. These details should be thoroughly outlined in your contract.

Factor in Transportation Needs

Transportation plays a significant part in moving costs, especially for long-distance or international moves. Consider the following aspects as you budget for your move.

Vehicle Rental: If you’re handling the move yourself, you will need to rent a moving truck or van. Costs vary based on the size of the vehicle, the distance traveled, and the duration of the rental. You should also budget for fuel and any additional equipment, such as dollies or furniture pads.
Auto Shipping: If you’re moving a long distance and don’t want to drive your vehicle to your destination, you’ll need to budget for auto shipping services. Costs depend on the distance and type of transport.
Fuel and Tolls: Estimate the cost of fuel based on the distance of your move and the vehicle’s fuel efficiency. Additionally, account for tolls, especially if you’re traveling through multiple states or countries.
Temporary Storage: If there’s a gap between moving out and moving into your new home, you may need temporary storage. Budget for the cost of a storage unit, which varies based on size and location.

Create a Savings Plan

Once you’ve estimated the costs involved in your move, the next step is to create a savings plan.

Set a Budget Goal: Based on your estimates, set a budget goal for your move. This should include all anticipated expenses, as well as a buffer for unexpected costs. By doing this, you can have peace of mind about the financial aspect of your relocation.
Monthly Savings: Break down your overall budget goal into monthly savings targets. Once you know you have a move on your horizon, it’s time to start saving. This will spread out the financial burden and reduce the stress of paying for everything at once.
Cut Unnecessary Expenses: To boost your savings, look for areas where you can cut back on spending. For example, reduce dining out, limit entertainment expenses, or postpone large purchases until after the move.
Track Your Progress: Monitor your savings progress and adjust your budget as needed. This will help you stay on target and ensure you have enough funds when moving day arrives.

Plan for Unexpected Expenses

Even the most well-planned moves can encounter unexpected costs. Plan ahead for these potential surprises to be as prepared as possible.

Contingency Fund: Set aside around 10-15% of your total moving budget as a contingency fund. This money will be there to cover unforeseen expenses like last-minute repairs or additional packing supplies.
Moving Insurance: It’s wise to purchase moving insurance to protect your belongings. While most moving companies offer basic coverage, it may not be enough to cover the full value of your items. Insurance provides peace of mind and can save you from significant financial loss if something goes wrong during the move.
Delays: Moving delays can result in additional costs, such as extra days for truck rentals, storage fees, or temporary accommodation. Factor in the potential for delays when planning your budget.
Utility Overlaps: If there’s an overlap in service, be prepared to pay for utilities at both your old and new homes. This includes electricity, water, internet, and other essential services.

Successfully Budget for Your Upcoming Move

By following these steps and considering the factors discussed, you can be fully prepared to budget for your relocation and feel confident about your financials.

Looking for a reputable moving company with fair prices to help you through your move? Trust Oneida Solutions Group, Michigan’s dependable full-service relocation company. We offer high-quality relocation solutions for moves of all sizes and distances.

Request a free quote online, and discover more about our top-rated moving services!