The Cost Of Relocating: How To Evaluate Relocation Budget
Moving is costly. And there’s no sugarcoating this fact. However, one thing within your control is how to plan for the move by putting together a relocation budget! While this may take a considerable amount of time, it’s a crucial step that you shouldn’t miss.
The type of costs involved before and during relocation
Relocating isn’t something to simply dive into. Since it’s a big decision, relocating requires ample time to plan and lots of prior research! So, before setting a budget, you need to know what factors add up to the cost of relocation. Before and during the moving process, you may need to consider the following essentials that are required for relocation:
- Packing materials
- Bubble wrap
- Moving van rental
- Transportation fees
- Storage unit rental
- Shipping fees
It may seem like a handful of things to consider, but engaging services from a relocation company, like Moovaz, can go a long way – not just in terms of your long-haul move.
The type of costs involved after relocation
The journey doesn’t stop upon arrival in your destination of relocation. As cliché as this may sound, it’s only the beginning. So, there will be additional costs to factor in, such as:
- Furniture and home décor
- Renovations (if any)
- Short-term housing
Aside from the above, think about your desire to explore the new town and make connections, which will call for times of dining out, catching a movie and the like. Depending on where you plan to move, the cost of living might differ significantly as compared to where you used to stay.
And once you’ve secured a job, or if you moved for a job, your new paycheck will undoubtedly determine your spending and saving costs. Here’s a saving tip: instead of living from paycheck to paycheck, it’s best to have at least six months’ worth of your monthly income saved. Furthermore, your budget should also be more than sufficient so you can make frequent trips home to visit your family and friends.
How to evaluate your relocation budget
A budget doesn’t just appear out of thin air. Your relocation budget should also be flexible as you make changes to it based on the circumstances. To start, you’ll need to know what exactly you’re getting yourself into the moment you decide to relocate. Aside from figuring out what things you need to spend on, as mentioned above, you can also try to get a gauge of the price range of items in your new city.
One way is by browsing the Internet. For example, if you’re moving to Singapore, you can visit the grocery store’s website, FairPrice, to get a gist of grocery prices. Similarly, a quick search online should expose you to the nearby stalls and malls around your area.
Research can also go beyond digital screens, because the best way to attempt to live like a local is by asking the locals themselves! From neighbours to colleagues, surely, they’d be willing to help. Who knows, they might even share some hidden gems with you that you probably won’t find on the Internet.
Even though your plans to relocate might have may have been put on hold due to COVID-19, what matters most is the safety of you and your loved ones. So, as you stay safe, zoom out and look at the bigger picture. Think of what you stand to gain from relocating in a financial and emotional aspect. You might face some challenges in the early stages, but once you settle down, we hope that everything will fall into place.
At Moovaz, we are a one-stop international relocation platform and have curated an extensive list of quality partners who can offer various global relocation services – ranging from household moving to pet relocation to international school search and more. Our network of partners are here with you throughout your relocation journey; helping you settle down with ease.