Curious as to what ideas/tips you guys might have regarding how you would financially prepare to move across the country for a new job.
I will potentially be moving to a much more expensive city but it will come with a significant pay raise. I am a young professional so this will be my first
big move and I am wondering what I can do to best prepare my self for the increased cost of living and potential rough patches before I am a few pay checks in to the higher paying job.
Most of my net worth is invested in the market but I also have a much smaller cash reserve of $5k.
I have a car loan and a student loan that I am paying rather aggressively and both cut be cut down a bit in a pinch if needed.
I am about 4-6 months out from the move and also wouldn't mind taking a month off in the new city before starting the job.
I also made a significant move in 2013. It was surprising how much cash flow mismatching there was, so I'd just add that you should probably build up a really large cash buffer.
Once I found an apt, I had to pay:
- 500 - security deposit/fees
- 200 - utility startup costs/bullsh*t fees
- 1,500 - partial month plus first full month rent in advance
- 1,500 - all furniture plus delivery
- 300 - random stuff, pots/pans, dishes, bathroom crap, etc.
Point: It really adds up when you have nothing! Save up a few thousand more in cash, you won't be disappointed.
I had a sizeable bonus and relocation coming my way, but those don't pay out until 60 days and I had to front load the stuff. Some was on a credit card, so I got at least a few weeks off that, but I was shocked how much it was.
Could easily be more in a place like LA/NYC/SF/Chi if the deposit required 2 months rent or something like that to guarantee a place.
Otherwise, good luck!