How to Create a Moving Budget?

How to Create a Moving Budget?

How much budget should I allocate for my move?

This is a question that haunts everyone’s thought when it comes time to move.

Moving can be a very expensive affair and if you intend to move anytime soon, you need to plan ahead and create a moving budget to make sure your moving cost stays in check. A good moving budget will highlight the monetary implications of your move, and help you know what to expect and be ready for any unexpected expenses along the way.

But what should you include in your moving budget and what should you leave out?

The following guide will help you factor in all the costs that can arise.

1. Full Service Moving Expenses

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

Mover’s fees and costs: your budget plan should include fuel charges, and the labor involved in moving. You may list three or more movers and highlight their various charges for easy comparison. Using our moving cost calculator to compare quotes from upto 6 moving companies.

Additional insurance: find out if you’ll need additional insurance cover for your item and the costs. Consider the costs of third party insurance too. Broken or lost items can completely throw your moving budget off.

Moving budget

Extra Services: find out if your moving will include additional charges for extra services. You may need services that involve moving delicate or special items such as pianos or large recreational items like boats, kayaks etc.

Additional Charges: 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.

Hiring Packers: if you intend to hire packers, find out the costs. Indicate the costs of hiring packers in your budget for moving.

2. DIY Move Expenses

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

moving truck rental
Renting a Moving Truck can be a economical option if you are on a budget constraint. Make sure you take into account other expenses like moving labor, time, insurance etc before going this route.

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: you may need to rent extra equipment to make your move easier, like dollies, forklifts etc. 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. 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.

3.  Expenses During Transit

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. 

4.  Packing Supplies and Storage Expenses

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.

Moving budget
Use sturdy moving boxes and sufficient bubble wrap to pack your stuff. Old newspaper can be used as a substitute for bubble wrap.

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. You can reduce the cost of your move by getting used boxes from supermarkets or stores around your neighborhood.

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, compare storage company 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.

Using this comprehensive budget guide, you should be able to plan and execute your move successfully and cost efficiently. The more detailed your moving budget is, the better chance you have of controlling your moving cost.