Top Money-Saving Tips for Relocating – I
By Saghir Aslam
Rawalpindi, Pakistan
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)
If accepting a new job means relocating, you have a lot of decisions to make before your first day of work. Whether you’re moving across the state or across the country, it can be a costly process. Advance planning and smart research may help make your move as cost effective and stress-free as possible.
Negotiate the best relocation package. It never hurts to ask your new employer if they will pay for your moving expenses. While they might decline, many companies do offer relocation package that include the cost of your travel, cost to move household good and automobiles, and reimbursement for any storage expenses. Others offer a lump sum, which may or may not cover the full cost.
“Most corporate recruiters I talk to say they no longer need to offer huge relocation packages to land great hires.” They can get away with $5,000 to $10,000 lump sum packages.”
Costs vary depending on whether the employee rents or buys a home or is a new-hire or current employee. No matter the situation, it’s a hefty sum, and getting your employer to pay some of the costs will ease the financial burden.
Plan early. The earlier you plan your move, the less stressful and expensive it will be,” says Ali Wenzke, cofounder of the blog “The Art of Happy moving,” which provides moving tips and how-to advice. With an early start, you’ll have time to sell or donate items you don’t need, which can help reduce transportation costs.
If you know you’re moving a few months ahead of time start collecting boxes. “Most people don’t realize moving supplies can add up to several hundred dollars.” Pick up free boxes from local businesses or search sites such as Craigslist and Next Door for offers.
If you plan properly you don’t have to spend any money at all, not even a penny to buy boxes as many of us do. We go to home depot, staples or other places and buy boxes when we’re moving. Over the years, we have moved and I have never paid for any boxes at all. All you have to do is go early in the morning to your favorite grocery store for that matter any grocery store, you can get all the boxes you want. Boxes of different sizes, different shapes, you will get all your desired boxes at no cost at all.
Research your options. Whether you hire professional movers or rent a truck and move yourself, transporting your belongings is the biggest moving expense you’ll face. As you consider your choices from how you’ll get your items from point A to point B, ask yourself the following:
• How much space will I need?
• Will I need storage at either location?
• Do I have items that require special handling?
• Am I shipping or driving my cars?
• By when do I need everything delivered?
• Do I have available parking at both locations?
• Can I pack myself or do I need help?
If you need temporary storage while you house-hunt, Carrigan says you may be able to save money by renting a portable storage container from companies like PODS or Smart Box. Whether you hire a transport only company or professional movers, get a least three estimates to compare price and services. Balance those numbers with company reputation and customer service. There are many options available to rent the moving tracks sometime you can even find less expense movers at times there are student movers. There’s also some other small company movers all of these will be less expensive than the big companies. However, over the years what I have found the best one is U-Haul. Their prices are great, service is excellent, and you can pick up a truck at your convenient place and you can drop off or leave the truck again at your convenient place some cases you can pick up in different city and return at a different city. Actually the same applies if you’re moving to a different state.
Save your receipts. If your employer won’t cover relocation expenses, you may be able to deduct moving costs form your income taxes. You may also receive a deduction for items donated to charity. Meet with your tax advisor before you move to determine what’s tax-deductible, and keep all your receipts for documentation purposes.
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)
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