How Much Money to Save Before Moving Out in New York

Moving to a new home is not only a stressful business, but it can also be expensive. That’s especially true in a city like New York that’s known for being pricey, so the question ‘how much money should I save before moving to NYC?’ is particularly relevant.

Making a move you can’t afford is something you’ll regret because you’ll end up in debt, may lose your home and won’t be able to do the things you want to do. It’s vital, therefore, that you assess your finances properly and ensure you have enough money saved before you commit to the move.

Determining How Much Should I Save Before Moving

If you are considering a move, you should do a full financial assessment and set a budget before going too far. This will ensure your finances don’t get out of control and the whole move doesn’t become a disaster.

First of all, assess the one-off costs associated with the move and ensure you have enough money to pay them. These will include the cost of the move itself and any new furniture and equipment you may need for the property. You may also have to pay more than one month’s rent initially plus a security deposit, utilities deposit and a fee for background checks

You then need to add up all your ongoing costs, which may change as a result of the move, and include:

• living expenses, such as food, travel and utilities
• monthly rent
• renter’s insurance, which is optional but really should be taken out because it covers you against unexpected costs.

Add up all these ongoing costs and subtract them from your regular income to see what, if anything, you have left. Any positive figure is the amount you can save each month or use to pay optional or unexpected expenses. Don’t forget that you still need to have an enjoyable life when you move so a surplus is essential. And having enough money each month is crucial because a failure to pay your rent may result in the loss of your home and a hit to your credit score, which will lead to future difficulties.

When determining how much money should I have saved before moving out, take into account not only the cost of moving but also other events that may arise in the future. Hopefully, everything will run smoothly but you need to allow for the fact that you may become ill or injured and unable to work, or that you may lose your job. Any loss of income is serious and so you need to have an emergency fund that will cover unforeseen eventualities. You should have at least two months of living expenses and ideally enough so that you can stay in your accommodation for a minimum of one year.

How to Save Money when Moving into a New Apartment

If the figures don’t add up, you may not be able to afford the move and will have to delay. If you can’t do this, there are alternatives:

• go for a smaller property or one in a cheaper district
• move out of New York altogether, since the cost of buying or renting is much less
• go for a shorter lease, although this will be more expensive long-term and an annual lease is ideal
• recruit a roommate who will share the costs
• buy second-hand furniture rather than new.

There are ways of achieving your dream of moving to a new home, but you should never take shortcuts that will put you in danger. Always have the necessary insurance and try to use affordable moving companies in NYC to get you moved. This will ensure the move goes smoothly and at a competitive price.