Author Topic: Is There A Rule of Thumb for Saving for a Move?  (Read 1384 times)

RonMcCord

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Is There A Rule of Thumb for Saving for a Move?
« on: October 05, 2015, 09:55:33 PM »
I don't plan on moving anytime soon, but I feel like I need to eventually move since I could possibly find better opportunities elsewhere and I have nothing really holding me here.  I was wondering if there's some easy way to figure out how much to save assuming the best and worst case scenarios of moving and finding a job in my new location.  The only thing I could find online was one person claiming to save 20 times the rent at the new location, which sounds excessive and probably assumes you'll be buying new furniture, hiring movers, eating out, etc.  Are there any other ways of figuring out how much you need to move?

Dollar Slice

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Re: Is There A Rule of Thumb for Saving for a Move?
« Reply #1 on: October 05, 2015, 10:25:40 PM »
It's going to vary wildly depending on your situation. Single vs. couple vs. family, apartment vs. house, LCOL vs. HCOL, etc.  I think it's hard to generalize.

Expenses to keep in mind:
The actual move - whether you rent a truck and do it yourself, or hire movers.
A trip to scout out the new area and find a home - flight, hotel, etc.
Three months rent for first/last/security deposit.
New things to fit the new space, e.g. rugs, curtains, etc.
Replacements for miscellaneous things people often toss out while moving, e.g. shower curtains, garbage can, toilet brush, etc.
Realtor fees (this is pretty rare if you're renting, but depending where you move it could be a factor).

Many of these things will vary heavily based on how far you move and how expensive an area you're moving to... 20x rent could be far too high (in my case it was more like 6-7x rent) or far too low (if, say, you moved very far to an area with very cheap rent).  And of course your own behavior will change it too, like whether you DIY the move or hire movers, or if you buy a lot of new stuff or not, or sleep in a cardboard box for a weekend or stay at the Ritz... ;-)
« Last Edit: October 05, 2015, 10:28:05 PM by Vee »

Proud Foot

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Re: Is There A Rule of Thumb for Saving for a Move?
« Reply #2 on: October 06, 2015, 08:51:44 AM »
Along with what Vee said, I think it will depend on the job situation as well.  If you are moving after securing a job (best case) in that area you would need less than if you were moving and then finding a job (worst case).

Easye418

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Re: Is There A Rule of Thumb for Saving for a Move?
« Reply #3 on: October 06, 2015, 09:03:13 AM »

Three months rent for first/last/security deposit.


I always forget about this when I think about renting 3-6 months out, such a bitch to move that cash.