6 Things Parents Should Think About Before Moving to Protect Their Finances

February 7, 2023
 By Erin H.

Moving can be a fun way to start over and prepare for new experiences. However, it can take quite a bit of money to move. This is why it’s important for parents to think about how their finances will be affected before they relocate. Here are some tips for protecting your finances when moving.

1. Estimate Moving Costs

By planning ahead of time and estimating the cost of moving expenses such as boxes, packing materials, storage fees, fuel costs, and labor, you can get a realistic idea of what the move will cost. This allows you to budget accordingly and avoid any unexpected expenses.

In addition, consider costs like gas and tolls if you’re driving to the new location, or airfare and rental car costs if you’re flying. You might also need to invest in safety tools. For instance, The National Safety Council (NSC) estimates cellphone usage plays a role in over 40% of all car accidents that result in an injury or death. You might need to consider investing money in new Bluetooth phones to use while driving if you’re relocating to a new city or state.

2. Update Insurance Policies

Be sure to update any insurance policies you have prior to moving. Your current policy may not cover things like floods or earthquakes if you move to a place with different risks. Additionally, be sure to shop around and compare prices to get the best deal on any new policies you need. In addition to updating your home insurance, you’ll also want to update your health insurance so your family is covered in your new state. About 25% to 50% of children require orthodontic treatment, meaning it’s vital for parents to consider the dental benefits they’ll receive with their new health plan.

3. Check Your Credit Report

A few months before your move, check your credit report and address any issues that could impact your ability to secure financing for a new home or apartment. This will also give you an opportunity to review all of the accounts listed and cancel those that you won’t need, such as gym memberships or subscription services. Canceling accounts will help you avoid unnecessary charges and protect your finances.

4. Secure Your Valuables

You may want to consider renting a storage unit if you have valuable items that won’t fit in your car. This will ensure that they are safe and secure while you travel. You can also talk to your insurance agent about securing additional coverage for these items if needed. For additional protection, take pictures of any expensive items to document their current condition before you pack them away. Most movers can also insure your valuables in case of any damage or loss during the move.

5. Create a Moving Budget

Creating a budget and tracking your expenses throughout the move will help you stay on top of your finances. Keep track of all receipts, invoices, and other documents related to your move so that you can review them later if needed. You’ll want to budget for moving and save money for renovations of your new home. For instance, metal roofs can last up to 70 years, depending on the material. But, if your home is older, you may need to invest money in a new roof and other home improvements—all of which require money.

6. Compare Prices Between Companies

When it comes to moving, there are lots of different companies that offer services such as transportation, packing, and storage solutions. Do your research and compare prices between various companies so that you can get the best deal.

By following these tips, parents can protect their finances when moving and ensure that the transition goes as smoothly as possible. Whether you’re moving locally or long-distance, taking the time to plan ahead and secure your finances will help make the entire process go more smoothly.

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