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Money Management

Make a Rock-Solid Plan Before Moving

Relocation can be costly even in normal times.

The pandemic, among numerous other factors that 2020 has deposited on our collective doorstep like a flaming paper bag, has turned many a financial situation on its ear. Those who have had their hours cut or lost their jobs may have been forced to seek employment elsewhere. The upside is that a lot of companies are in a hiring surge, and they’ve become more accommodating of remote work conditions. The downside is that not all of them are, or even if they are, they may still request you live closer for whenever the pandemic eventually ends. You know what that means: time to plan a relocation.

If you’ve got a lot of money banked, and your current job or new job provides a good salary, you can buy a home wherever you’re moving, but that shouldn’t be your first option. Presumably, if you had money to spare, you probably wouldn’t be moving somewhere entirely different for work. It can also be difficult to determine exactly how long you’ll be in this position, as things will likely change drastically whenever the world starts to return to normal. Before you go and buy an entirely new house, consider renting a home or apartment. It can be a nice apartment if you care about that, but the point is that you shouldn’t go all-in on what may be a temporary situation.

Once you’ve definitively committed to the move, it’s time to balance that checkbook. Moving gets more expensive the more stuff you bring and the further you go, so if the budget’s tight, you may need to ditch a few things. In addition to moving-related costs like hiring movers and travel, you’ll also need to factor in important duties like changing your address and updating your accounts. If you use a national bank like Bank of America, your account should be able to follow you no problem, but if you use a local institution, you’ll need to get that money transferred somewhere else.

It’s not a fun time to attempt a long-distance move, but as they say, you have to go where the jobs are. Hopefully, whatever opportunity you’re moving for will pay for itself in short order.

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