Four Ways to Finance Your Move

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The moving process can be a significant expense, especially if you’re moving a long distance. Our pricing here at the Keep On Moving Company shows that local moves can cost as low as $150, with an additional $60 fee for each mover per hour. However, long-distance moves can cost even more because factors like the location of your new home, the number of movers you need, and the number of items you have can affect the price.

Even if you try to DIY your move, our article ‘The Hidden Stresses of DIY Moving’ reveals that you may need to make more than one trip to get all your items, pay for rental insurance, and even refuel the truck you rented. You may also have to set aside some money for the cost of your damaged goods, especially if it’s your first time packing and moving your belongings to a new location.

So if you’re making a big or a long-distance move, you can finance these expenses through the following methods:

Employee relocation package

Moving to a different state for work? You can save money by optimizing your workplace’s employee relocation package. Business News Daily explains that an employee relocation package is a workplace benefit that provides financial assistance to new and current employees who need to move from one location to another for work. These packages cost an average of $19,309 to $24,216 for employees who are renting and about $72,627 to $97,116 for employees who own their homes. You may even try to negotiate this cost, depending on factors like your relocation taxes, travel costs, and the moving service fees.

Small personal loan

If you’re moving immediately for personal reasons, getting a small personal loan can be more suitable for you. Sound Dollar states that small personal loans are usually appealing to people who are repairing their homes or moving out because no collaterals are required for the arrangement. On top of that, the average personal loan interest rate from a commercial bank was 8.73% last year, while the average credit card interest rate was over 21% during the same period. LightStream can even offer lower APRs ranging from 3.99%-19.99% for those with good credit, while PenFed Credit Union offers between 6.74% and 17.99%.

Credit card

Aside from getting a personal loan, you can also leverage a credit card in financing your move. Though credit cards may have high-interest rates, companies like Visa provide additional perks that credit card holders can leverage during their moves, such as travel assistance services, car rental privileges, or lost luggage reimbursement. Popular Visa credit cards like Chase Freedom Unlimited and U.S. Bank Cash + Visa offer cash-back programs for a certain amount you paid. You can save money through these credit card perks and even avail of assistance and protection during your move.

Cash savings

You can also set aside money for your move, especially if you still have lots of time on your hands. You can start budgeting by calculating all the expenses you must pay for your move. Make sure that you factor in additional costs that you may have to pay, such as getting your old home professionally cleaned or the childcare service for your kids as you handle the move. Once you’ve calculated your budget, you must decide on your timeline for the move to assess how much money you need to set aside each month.

There are plenty of factors that can affect the cost of your move. Given that moving expenses can shoot up due to various factors, it’s important to choose the financing option that can help you get through this life event.

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