How to create a moving budget and stick to it?

Moving can be quite expensive. If you are organizing a DIY move or hiring the best movers Hong Kong, you will still need to spend a lot of money. In order to prepare yourself well, you should start saving money as soon as possible. However, saving money is one thing, sticking to your resolution is another. It is hard to live monitoring how you spend your money. For this reason, here is the best way to create a moving budget and follow it through. It may be difficult but you will have an easier time living after moving into your new house. 

Create a moving budget for a DIY move 

People often believe that DIY move is cheap. You can control everything, from packing supplies to a means of transportation. However, you will still have some moving expenses that include the following. 

  • Truck or van rental – if you plan to rent a moving van or a moving truck, you will need to pay the rental fee.
  • Mileage and gas – most of the time, you will have to pay for gas as well.  
  • Insurance – you should never drive a rental truck without insurance. You can never predict road and weather conditions perfectly. Therefore, accidents can happen. 
  • Equipment – you should also get moving equipment as well since it would be difficult to load the truck otherwise. 
  • Packing supplies – even if you can find some packing supplies for free or cheap, you need to make sure they are in good condition. Otherwise, you will cause damage to your items and property. 
boxes in the corner
Do not forget to add packing supplies to your moving budget

If you plan to hire a moving company… 

It is almost impossible to organize a long-distance moving or international one without professional help. Shipping furniture to Hong Kong will certainly be more expensive if you do not hire a moving company. However, hiring a moving company comes with the following fees and expenses. 

  • Fees – you should get at least three moving quotes in order to find the most affordable moving company. 
  • Insurance – even though moving companies offer basic insurance, get an additional one, especially if you are moving valuable items. 
  • Additional moving services – if you plan to use any additional moving services, such as packing, moving special pieces, and so on, you will pay more. 
  • Extra charges – these would include charges for stairs, long-haul, and so on. 

In order to be sure about the exact price, make sure to ask your movers before signing a moving contract. 

Create a moving budget by assessing your monthly income 

Once you calculate how much money you will spend on your move, it is time to assess your monthly income. Depending on your salary, you can save more or less money per one month. For this reason, it is important to start saving at least two months in advance. If you plan to use professional moving services, you will have to pay at least $3000 to $4000. Of course, this depends on the distance, size of your household, time period, and so on. Not many people can afford a $3000 move that easily. Therefore, you need to see how much money you can save every month. You should be the one that knows your financial state best. In addition to this, if you are self-employed or sometimes work as a freelancer, you should make a close estimate.  

person holding a credit card
See how much money you receive monthly and how much you can save

It is time to do some math 

This part is never fun, especially for people that are not good with Math. However, you need to list your fixed expenses as well. These would include rent, all the types of insurance, bills, any loan payments, and other things that you need to pay. Then, consider all other expenses, such as grocery shopping, going to the gym, shopping for clothes, and so on. To save money, you will need to cut down some expenses. It would be necessary to skip shopping for new clothes. This way you will save money by not buying anything and also reducing the size of your items. In addition to this, during those two months, it would be smart to avoid coffee shops, restaurants, gyms, and similar places. This might be a little bit more difficult since usually, people like to go to these places to reduce stress, to relax, and so on.  

Create a moving budget and declutter your house 

If you see that you will have problems making your moving budget, you can declutter your home before your relocation. Go through your items and decide which items you will move, which items you will sell or donate, in which items you will throw away. Sometimes, you can bring down the price of your moving services if you have a small amount to move. In addition to this, you can also sell some of your items and add more money to your savings. If you sell enough, you can even add a couple of hundred dollars to your moving budget. Therefore, it is really important to declutter your home before moving. Not only will you save money by moving less, but you will also add money to your budget. You can also do a good deed and donate some of your items to the less fortunate.  

coins on the pile
Try to collect money by selling some of your items

How to stick to this decision? 

It is fairly easy to create a moving budget. However, it can be extremely hard to actually stick to it. This part depends on you. It is going to be hard to skip your favorite coffee on your way to work or not to buy a new shirt. Still, this will only last for two months. If you find yourself slipping, just remind yourself of your goal. You will live in your new place soon enough. In addition to this, you can already plan how you will decorate your new place, where to place your furniture, etc. This will certainly help to avoid any temptations. 

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I was hoping to avoid the struggles of having to relocate altogether, but with ReloSmart Movers by my side, I’m glad I didn’t. The team did an incredible job – they arrived on time and handled everything perfectly!

David R.