Creating a Moving Budget: What Should You Consider?

Creating a Moving Budget: What Should You Consider?

Are you moving and are worried about the moving cost?  Money is involved in almost every aspect of moving. If you intend to move anytime soon, you need to plan ahead and create a moving budget. Your budget will highlight the monetary implications of your move, and help you know what to expect.

But what should you include in your moving budget and what should you leave out? The follow guide will help you factor in all the costs that can arise.

Moving Company Related Expenses

If you intend to hire professional movers, you need to include the following in your moving budget template:

Mover’s fees and costs:  Every moving company has their own pricing structure and rates. For local moves, most of the companies charge per hour and by the number of movers you’ll need. Long Distance moves are priced based on the distance you are moving and the weight of your items.

Moving Insurance: find out if you’ll need additional insurance coverage for your items and the how much will it cost.

Speciality Services Charges: You may need services that involve moving delicate or special items such as pianos or large recreational items like boats, kayaks etc. These could come with an additional cost. Also, extra charges may include long carry charges, expedited service charge, flight charge, accessorial charge, and shuttle services. List any possible charge your movers may ask for and the amount on your budget.

Damage Costs/Claims: although it’s tricky to come up with a precise amount you can claim for damages or loss, damage claims and costs must appear on your budget. You may indicate a 5 percent contingency rate that is based on the entire mover’s fees.       

Packing Services: if you intend to hire packers, find out the costs. Indicate the costs of hiring packers in your budget.

Meals & Tips: Although not required, its consider good practice to order food & drinks for the moving labor. You can keep it small like Pizza and Coke. Also, giving a small tip to the movers goes a long way too. Make sure you budget for these when hiring movers.

 

Budget for Moving Yourself

If you intend to move yourself, what will appear in your budget will be slightly different. Consider the following things in your budget:

Truck Rental: Indicate the cost of renting a truck. Distance and the number of trips the truck will make will influence the costs of truck rental.

Extra equipment rentals: Do you need any extra equipment for your move? Things like moving dollies, carts and blankets, although usually included with the truck, could be charged extra. Consider the costs of such extra rentals and indicate it in your budget.

Mileage/Gas: Find out the cost of gas the rented truck will require for the distance of your move.

Unforeseen Event: Things change, and almost anything can happen during a move. Plan for unexpected and unforeseen incidents and set aside certain amount that you may turn to.

Insurance: if you’ll need additional insurance cover, find out the costs and indicate it in your budget.

 

Trip to Your New Destination

Transportation & Fuel: if moving yourself, make sure to factor in the charges for gas needed for the truck. if you intend to move a car, in addition to a moving truck, you may include the cost of gas and maintenance fee in your budget. The maintenance fee may include checkups, fluids and oil.

Meals: nothing is too small to go into your budget. Find out the average costs of meal per person along your trip route, and how many times you, and your family may need to stop and eat. Indicate that in your budget.

Child/Pet care: if any member of your family requires any special services during the trip, find out the cost of such and indicate it in your budget. Also, if your pet will require any service during transit, find out the cost and indicate it in your budget.   

Lodging: if you’re making a long distance move, you may need to stop and lodge for a night or more. Find out the cost of lodging along your trip route, and the number of days and room you may need to lodge. Indicate the rate in your budget accordingly.

 

Packing Supplies and Storage Charges

Finding out the amount of packing supply you may need for the move may seem tricky. Nonetheless, you need to indicate an amount that is reasonably fair in your budget for packing supply and storage charges.

The following will give you an idea of what to consider for your packing supply and storage charges:

Tapes/Labels/Markers: you will need tapes, labels, and markers to indicate some of the items in each box. Find out the costs of tapes, labels, and markers and indicate that in your budget.

Boxes: based on the number of rooms you have and your belongings, consider the number of boxes you may need. and indicate the cost in your budget.

Paddings/Mattress/Covers: if you intend to hire movers, they often supply these materials without additional costs.

Storage Fees: if you’re yet to make up your mind about the storage facility to opt for, call several storage companies to find out their rates. You may indicate the average rate of the storage facility you want in your budget.

Additional Insurance: if you intend to store valuable items, consider extra insurance to ensure your items are covered and safe. Find out the cost of such insurance and indicate in your budget.

This list should cover almost all the expenses that you can expect to increase your moving costs. Keep them in check and you’ll have a great move.