Saving Money on the Move
In today’s unstable economy, we can never be too sure on our savings and job security. That’s why it’s doubly important to save money wherever you can. The same applies to moving and relocations. Today we’re going to give you some practical tips on how you can stretch your moving budget and save some hard-earned cash.
Make Use of What’s Available
One way of saving money is taking advantage of things already available to you. For example, to save on packing supplies, you can use your old blankets, sheets and towels and use them as protective padding for your boxes. You can also use them to wrap up electronics or other fragile items. Another money-saving tip is to use old newspapers and magazines to wrap your dinnerware and china. In addition, you don’t need to purchase $2 cardboard boxes when you can easily get them for free from groceries and supermarkets. Just approach your local stores and ask for the boxes that their merchandise originally came with.
Tax Breaks for Work-Related Relocations
If you are relocating for work-related reasons, listing it as such when filing your taxes can earn you tax-returns. You may be able to get some money back or deduct them from your taxes if your new job is more than 50 miles away from your old home. You can then deduct the costs associated with the relocation from your taxes. To be sure, check out www.irs.gov and search for Form 3903 to see if you qualify. In addition to this, if you are also going to purchase your own home for the first time, you may also be eligible for a tax credit.
See also: IRS Moving Expenses Deduction
Check Your Insurance Coverage
If you are a home owner, check your insurance coverage and you may be surprised to see that item transit insurance may already be covered, putting your mind at ease especially if transporting valuables and other fragile items.
Schedule a Cheaper Move
A lot of people tend to move during the summer months between June and September. As a result from the demand, moving costs are much more expensive during this time frame. Truck rentals, airfare, gas prices and even hotel rates are usually more costly during the summer too. With this in mind, you may want to schedule your move during the off-peak season instead (September to June).
Get Rid of Unnecessary Junk
The simplest and most effective way to cut on your moving cost is to reduce the number of items that need to be shipped. To do this, make an inventory of your belongings and figure out which ones should be kept, sold, donated or thrown away.
For things that you no longer want or need but are still in good condition, you should consider selling them online or via a yard sale. Doing so will not only reduce your costs, it can also gain you some additional income.
You can also contact your local Goodwill and donate your old stuff to the less fortunate. You may even get a tax deduction out of this.
Things that you should sell or leave behind include:
- Outdated electronics – It could be more practical to buy a new one instead.
- Bulky furniture
- Home fixtures (chandeliers, ceiling fans)
- Bulky appliances that require special installation and disassembly
- Exercise equipment that you never use anyway
- Clothes that no longer fit you, or are not practical for the climate of your new location
- Old books that you will never read again
- Your quirky collections, whether it be toys, figurines, or pottery
Just follow the tips above and you’ll be sure to minimize the cost of your move. Always remember that reparation and planning are the keys to a successful move.
To get started on your move today, just fill out our short form so we can help you find the most affordable moving quotes for your big move.