Everyone knows that moving to a new city for a job is a costly proposition in terms of time and money. The list of things to budget for is long. Even the most budget-conscious of people may not remember to set aside for some things that could come up in the course of a move. If you are considering a new job in another city, here are five expenses you should take into account as you prepare a budget.
1) The cost of moving everything
If your new job is with one of the 41% of companies in the United States that does not provide some form of aid to help compensate for the move you will have to make, this is a bill you will have to foot yourself. Whether you hire a company to move your household or you decide to do it yourself, it can get expensive. Choosing the former has high upfront costs, but there will still be significant expenses with the latter option as well.
For starters, you'll have to rent a trailer (and a hitch if you do not already have one installed on your vehicle) or moving truck to transport your belongings. Then, you'll have to account for travel-related expenses once you hit the road.
A do-it-yourself move may not be as expensive as hiring someone else to do it for you, but it will not be cheap. Budget accordingly. Read more about the Pros and Cons of DIY Moving here.
2) The cost of traveling to a new location
Speaking of traveling…
This was mentioned briefly above, but the cost of traveling to a new location has to be brought up when discussing a move. If you plan to drive, you need to budget for food, gas, lodging, and tolls (for the parts where you are driving on toll roads) as well as set some money aside for vehicle repairs in case there are problems along the way.
Even if you hire a moving company and decide to fly out ahead, there is still the cost of plane tickets. Either way, you will need to spend some money to get to your new city.
3) The cost of temporary housing
If you do not have permanent housing lined up when you arrive, you will at least need to make arrangements for somewhere to live temporarily while you look for something more permanent. It may be a hotel, or a month-to-month lease on an apartment, but it is something you need to take into consideration. Another consideration should be the cost of storing everything you do not need while you look.
4) The cost of living in a new city
The salary you are being offered may be ten percent higher than what you are currently being paid, but how much will that matter if the cost of living is eleven or twelve percent higher in the city you will be moving to? Compare what you'll be spending there for things like groceries, transportation, and insurance to what you are spending now to see what the change in costs of living could cost you.
5) The cost of leaving your close-knit community and creating a new one
No, this cost is not a financial one, but it is important to think about when you are moving away for a job. Unless you are a hermit, you have a community of people where you are right now that probably consists of family, friends, and co-workers. Moving to a new city will sever some of those relationships and make others more difficult to maintain. It can take significant amounts of time and effort to build similar bonds in a new place, so prepare yourself accordingly.
