Financial Aid: How To Maintain Healthy Finances When Moving House

Written by Posted On Thursday, 22 April 2021 02:58
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Moving can be a stressful process and you could experience significant strain on your finances throughout this period. However, with a few simple changes and the careful handling of your finances, it is possible to maintain stable funds whilst moving. In this article, we will be giving you insight into what you should consider before your move to ensure you are not caught out by any additional charges.

Calculate Costs

The cost of moving can be expensive and planning could be the answer. All costs will vary depending on the day you decide to move, as some days are more popular than others and thus more expensive. Shopping around and being flexible on dates will help you to calculate the costs and ensure you can stick within your allocated budget.

If you are considering moving home and have not yet put your existing house on the market, it might benefit you to remember to compare all the costs of potential real estate agent fees; for example, there could be a sale fee or administration fees and evaluations for rented properties. Finding the best deals could help you to prepare for the unavoidable costs of moving home and manage your budgets accordingly.

Plan Ahead

It will be important to contact all of your home suppliers, such as energy companies, to try and minimize the risk of any crossover in which you may be responsible for the bills for two properties. If you fail to give the proper notice, you may incur an unexpected bill from your utility suppliers; with the addition of cancellation fees or set up costs for services like WiFi or TV, you could find yourself in a financial emergency. Moving home is a costly time, and these extras could risk your financial stability. To reduce the risk of this happening, you might consider the following tips:

  • Notifying energy suppliers as early as possible
  • Noting the meter reading the day you leave
  • Providing your new supplier with the reading when as soon as you have access to the property
  • Check you are getting the best deal with cost comparison services

Each of these steps will need to be followed to ensure that you are getting the best possible price for your energy bill before and after the move.

Cut Costs By Moving Yourself

Handling the move yourself can be the perfect option to save money. This will still not be totally cost-free, as you may need to hire appropriate vehicles, buy packing materials or take time off work to handle the logistics yourself.

It may seem like a cheaper option, but the costs of fuel and man-hours do rack up. Ensure you calculate these costs in any budgets you put together to be as accurate as possible with your finances when moving home.

Use A Personal Finance App

The final way that you can maintain healthy finances when moving to a new house is to use a personal finance app. With a number of these in the app store such as Money Dashboard, Bean and Wally, you can begin to track your spending and maintain a healthy level of finance when moving home. These financial apps are becoming highly popular recently with four out of 10 people in the UK now using mobile banking apps to keep track of their finances. Whether this is paying for the removal company or hiring a storage unit for additional items, these financial apps are designed to help you out by showing your spending in clear graphs and charts.

Moving home is a stressful time simply because there is so much to organize. Ensuring you properly keep on top of your finances could help you to avoid any financial emergencies. It could also help you reduce stress as you know where your money is going!

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