How to Budget for a Move Out of Town

How to Budget for a Move Out of Town

Moving across Canada feels like a huge financial commitment, especially if you’re already in possession of a service estimate from a credible Waterloo moving company. If you’re like most people, then moving out of province will require some careful budgeting. Read on for the best tips on budgeting for your upcoming move, so you can afford a reputable long-distance moving company and related expenses.

Budgeting a Move Out of Town

The secret to successfully budgeting for your upcoming move is to prepare everything well ahead of time. By doing your research on costs to expect, you’ll be able to plan accordingly and adjust your requirements. Thorough preparation on your part will also ensure that there are fewer budget-related surprises as you start your move out of town.

Be Prepared to Pay Your Housing Deposit

One of the biggest expenses that you’ll have to deal with as a renter is paying the initial security deposit. The amount can vary depending on who your landlord is, but there will be some charge, often as much as two months’ worth of rent. It is not a good idea to let this expense take you by surprise.

Ideally, you should receive this deposit back at the end of your rental term. Be sure to note any damages to any part of your new home or apartment upon moving in and keep it on record.

Prepare for the First Month of Rent

Along with the security deposit, you’ll also have to make your standard rental payment from when you take occupation. When moving to a new area, it’s easiest to have this money ready to go from the beginning. It will make things less stressful, and you can focus your attention on settling in rather than worrying about paying the rent.

When moving to a new place, it’s important to choose a location where the rent payment corresponds well to your income and budget. If you’re spending half of your monthly income on rent, the chances are that you’ll have a hard time making ends meet in the long run.

TIP: Be realistic about what you can afford before committing to a rental contract.

Consider Purchasing Renter’s Insurance

Renter’s insurance is a relatively inexpensive coverage plan which protects your possessions from several factors, including natural disasters and theft. While it may seem counterintuitive to pay for a service that you don’t necessarily need, it could end up saving you a lot of money in the long run. Renter’s insurance gives you the peace of mind that comes with knowing that your possessions are financially protected in the event of an emergency.

Be Proactive About Looking for Hidden Costs

The reality is that hidden costs can add up quickly when you don’t anticipate them. Instead, talk in-depth with your landlord, the moving company that you use, and anybody else that’s involved in the moving process. If you’re already on a tight budget, there’s not going to be much flexibility for unexpected moving costs, so ensure you know what’s coming.

Decide What Utilities You’ll Need

While some utilities are entirely necessary (like water, gas, and electricity), others offer more flexibility in terms of the service and how much you pay for it. Having the fastest internet or the most extensive cable package may be a perk, but it’s bound to cost you more than necessary each month.

Give some thought to which internet and cable packages you need, or whether you want to buy the cable at all. It is also the perfect time to factor in your mobile phone expenses. You can save money by bundling these utilities together with the same company, for example.

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