Moving to a new city can be quite expensive. Whether you are a young adult heading out for school, a professional seeking to climb the career ladder, a family in search of a fresh start, or a senior downsizing, getting financially prepared is essential.
Take the time to plan your move and understand its costs. There is always a way to make it happen, even if it requires patience. Here are some tips on how to afford to move to a new city, even when you’re low on funds.
Decide Where You Want To Live
Choose a location that costs 25-35% of your income. Ensure that where you’re living is affordable for your lifestyle. If it’s not or the city you are moving to is overly expensive, consider adopting a roommate or a few to divvy those initial costs.
Moving with a friend or family member and living with them in the new city may also be something to consider to protect your costs.
Give Yourself Three Months
Take three months to build up your money as much as you can. Work extra hours. Cut unnecessary expenses. For a short period, do anything to minimize expenditures and save as much money for the move as possible during and after. Consider looking at contract jobs, cash jobs, and other opportunities to make money fast.
Use Your Savings
Most people who move between cities do so after spending months accumulating funds, saving dollar after dollar. While it’s smart to use your savings, you will want to ensure that you have the funds to cover moving expenses and that there is some additional wiggle room in case the unexpected happens.
Put It on a Credit Card
Most people put it on a credit card if they have to move quickly and don’t have time to budget. This allows them to afford moving to a new city. However, it puts them in a tough financial spot for the future. It could hit their credit rating if they can’t repay the funds in 30 days or less. If they don’t have a credit card with funds available, they might consider applying for one.
Ask for Financial Help from Family
You may have family or friends willing to lend you money to help you move to a new city. Especially if you’re a young person moving out of their parent’s home, perhaps a family member might be willing to assist with the move with some cash. This might help you pay your first grocery bill. Every little bit helps.
Seek Out a Payday Loan
Don’t have a credit card or bad credit? Don’t have any savings to speak of? A payday loan might be a way to obtain fast cash to pay for your move to another city without hassling family or friends. If you have reliable paychecks, no matter what state your finances are in, you can likely qualify for payday loans Canada.
Look at Where You Can Cut Moving Costs
See where you can trim your moving bill. Consider renting a van or truck and moving yourself instead of hiring a moving service. Seek out free boxes instead of buying moving boxes. Declutter and give away any furniture or large items you need to take to save space during your move.
Sell Stuff You Are Not Taking With You
A way to raise money is to sell furniture, electronics, jewelry, and items you don’t intend to bring to your new city. See what you can get for these items on platforms like Facebook Marketplace. If you’re moving to a new city and they have a strong transportation system, you may also want to sell your car. You may want to see if you can pay a substantial sum.
Budget to Cover Your Move and First Few Months
Life in the city may be different from what you picture. You may need a stable income or wait for your first paycheck. Ensure that your move and preferably the first three months’ rent and expenses are covered by what you’ve saved. Budget accordingly. If you are fine for those first three months, the money you’ve saved can be used to reimburse moving expenses.
Have a Job for When You Arrive
Invest the time to have a job waiting. If you aren’t already employed, searching for work in a new city while without income could be highly stressful. It might also influence how much you spend on your move. This puts your move at risk if it’s not adequately funded.
