Preparing for Your Next Move
Summer is the time of the year when many people move. Kids are off for summer, recent grads are moving on to the next stage of their lives and you don’t have to worry about winter weather. But it’s much more involved than simply going from one place to another. (As the mother of a military family that moved 11 times in 13 years, I can definitely attest to that!)
USAA has a list of “16 ‘To-Dos for Your Next Move,” so I decided to pick my favorite five and share them with you. Even if you’re not in the military, these are great pointers for any big relocation.
- Save Before you Go – With five kids and the fact we moved every couple of years or less, it seemed like we were always saving money for our next move. From garage sales to setting up a moving account, every little bit helped. Whether you’re hiring a moving company or doing it yourself, you’ll have major expenses, so it’s important to be prepared.
- Set a Spending Ceiling – Like many financial areas of your life, it’s important to have a budget when it comes to moving. Think about life beyond the move and the possibility of unexpected expenses. MoveSource and About.com both have great tools you can use as a starting point.
- Protect Your Belongings – Especially if you have a larger home or family, it’s important to have good moving or homeowners insurance. Like USAA suggests, call at least 24 hours before the move to ensure you’re covered. It’s also a good idea to keep an inventory and appraisals list.
- Save Brilliant Deductions – Your moving expenses can often lead to your biggest tax deduction, especially if your employer isn’t covering the cost. Keep track of airfare, gas and other travel costs, and ALWAYS save receipts. The IRS has great tax details for military movers and moving in general.
- Create a checklist – While not on the list in the article mentioned above, it’s important to keep track of everything involved with your move. USAA, and other financial institutions usually have sites with tools or tips on how to ensure your move goes smoothly.
I encourage you to read the whole list if you are thinking about or getting ready for a big move. Whether it’s this summer or sometime in the future, it helps to be prepared!
America’s Family Financial Expert (R)