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How to Make a Budget for Moving to a New City

How to Make a Budget for Moving to a New City

If you are planning to move to a new city, the first thing you need to do is build a moving budget. Most of the people maintain a random amount of figure as savings without budgeting every euro and end up running out of penny in the end. Budgeting is about how much money you have to meet expenses related to moving to a new city. 

It is not just limited to money spent on shifting but living costs you will bear in that city. Following are the factors you need to consider while making a moving budget.

Professional movers Vs DIY move

If you hire professional movers, the cost will include labour and fuel. The final quote depends on the distance to be covered. Use moving cost calculators to get a general idea.  You will have to pay extra money if you have them pack your belongings. You will need to purchase moving coverage in case your goods get damaged while transporting to another location.  

If you do not have much furniture, you can rent a truck. The cost will depend on its size. If you have a mini car and if it can take all of your stuff in a couple of trips, you can avoid truck rental. However, do not forget to consider the cost of fuel.

Compare the cost of living

You are moving to a new city where the cost of living will not be the same as your current location. First off, you should understand your current monthly outgoings. Add in all monthly expenditure to see how much you have left at the end of the month. The next thing is to compare it with the cost of living of the moving city. 

Use cost of living calculator to know how much you will need to survive there. If you are moving to Dublin, the rent, housing cost, groceries and other facilities will be exorbitant. Make sure that you get a job with a high remuneration so that you can meet your day-to-day expenses.

Now is the time to create a budget. Here is a list of things you will add in your budget.

  • Rent

Rent is likely to be higher in your moving city, and it goes up every time you renew the contract. It would be best if you have ideal savings to fill the gap between your current and new rent. If your budget does not allow renting a house, you should look for cheaper alternatives. Live with roommates. It can help you save a lot of money and build connections. 

  • Debt

At the time of moving out, you will have some outstanding loans. Since your living style will transform, make sure that you clear all your dues. A good rule of thumb says you should have some money set aside for meeting unexpected expenses. Although you always have accessibility to online loans in Ireland, your savings can prevent you save you a fortune. 

  • Food and utilities

Food may not be a larger expense, but you can whittle down the cost by preparing meals at home. Utility expenses may be a bit higher in a moving city. Do not forget to include it in your budget.

  • Transportation cost

It is one of the most essential expenses. It depends on the distance between your home and workplace. If you own a car, fuel may cost you an arm and a leg. Therefore, you should prefer public transports. Calculate the daily transit cost to get an idea of how much it will cost you and further you should leave a little room in your budget in case you want to ride off your car during weekends.

  • Entertainment, clothing, subscription etc

Your budget should have some space so that you could pay for fun activities. However, you do not need to spend a lot of money on fun. Make sure that you have made a budget for clothing, toiletry products and subscriptions for your gym, streaming services, magazine etc.

Making a moving budget is not a cinch. You will have to consider several factors. Make sure that you have a budget to cover at least six months worth of your living expenses.

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