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30 Nov, 2020

Step By Step Guide To Create A Realistic Moving Budget

Moving is a mentally, physically and emotionally draining activity for tenants, but these are not the reasons why moving is stressful. Lessees worry because moving is financially draining, and many get their savings exhausted in the process. It happens because expenses are not estimated accurately, and a proper budget is not prepared.

During a move there are many expenses to consider like hiring professional removalists in Gold Coast, renting costs of the new property, cleaning-related expenses to move out of the rented property successfully and much more. If you are a tenant and need guidance for saving your money while relocating, here is your step-by-step guide to creating a realistic moving budget. Have a look.

Learn about the 50-30-20 Rule

One of the best ways to save and manage your expense is by adopting the 50-30-20 budgeting rule. It is a simple monthly budgeting process that allows anyone to segregate their expenses and savings after tax deductions. Here is the bifurcation of the rule according to experts.

• 50% of your personal or household income (whichever applicable) should be your needs. These needs are unavoidable and important expenses, such as rent, buying groceries, transportations, utility service bills, insurances etc. It means, if you have an income of $7,000, then $3,500 should be spent on mandatory expenditure.
• 30% of the income is set aside for wants which are non-essential things like eating out, clothes, luxuries, trips, entertainment subscriptions etc.
• 20% of your income should be saved every month in a saving account or used for paying off debts (if any).

Start Saving for the Move

A few months before your end of tenancy approaches, evaluate your expenditures and make changes to the rule as well. You should start saving as much as possible and stop spending too much on wants, i.e. unnecessary things. To create a budget for your move, revise the rule to save as much as 30-40% of your income. It is manageable for a few months before moving out of your rented property and after moving into your new home.

Where to Make the Budget?

Today’s advancement in technology saves you the hassle of accounting and calculating your budget. You can create your budget using various platforms listed as follows.

• If you know how to use MS Excel, you can create a template for your budget by making columns such as present/future expenses, estimated costs, and actual costs. You can fill the columns as you get the information.
• You can use the budget planner via Moneysmart by the Australian Securities and Investments Commission (ASIC). This planner will help you know where your money is spent, and it will create an excel sheet for you too. You can save and print the budget after customisation at any time of the year.
• To simplify the process of creating a budget for moving, you can download easy-to-use mobile applications. There are many reliable budgeting and money-saving apps available on Apple Store (iOS) and Play Store (Android).

List Your Expenses

Before you start budgeting, it is necessary to know all the moving-related expenditures you expect. While planning relocation, some common expenses tenants have to think about are listed as follows.

• Hiring professional removalists in Gold Coast is one of the significant expenses tenants have to account while creating a moving budget. You can get an estimate for availing removals service in Gold Coast by getting free and non-obligatory quotes from your trusted removalists.
• Next, you have to think about packing materials like boxes, labels, tapes, bubble & foam wraps, and other packing materials you will require if you haven’t hired professional removalists in Gold Coast for packing.
• Travel expenses add to your moving budget significantly. You have to consider the costs of travel via public transportation or your vehicle and its fuel.
• You have to list real estate expenditure which continues the cost of end of lease cleaning, rental bond deposit, repairs, inspections, etc.
• You have to think about utility service charges of your current property and the one you will be moving in.
• If you need a storage unit, then add the expenditure of renting the unit. The cost will vary depending on how many days, weeks, or months you are renting it for.
• Lastly, you have to calculate the cost of miscellaneous items to be prepared for unexpected costs.

The Bottom Line

If you are moving to a new home soon, you have to create a stable budget that you can refer to for managing your moving-related expenses. Thus, this guide will help you create a fool-proof budget adding the cost of removalists in Gold Coast, packing supplies, and other expenditures. By having a reasonable budget, you can plan your move without stress and hassle.