Relocating to a new home or business location can be a massive undertaking, affecting many aspects of your life, not including the expense of moving. Along with that stress comes the difficulty of money management. Taking care of paying bills can be even more of a frustration as your move is in progress.
It is vital to have your financial life in order so that you have a safe estimate as to what you can really afford when it comes to hiring movers, renting a truck, or getting a self-storage unit.
But you shouldn’t fret yet! Follow our tips to get your money squared away for less hassle during your relocation.
#1 Get All Relevant Documents Together
Most people know they have certain documents for proof, but they are usually spread throughout the house in various drawers and file cabinets. Now is the best time to collect those important papers and organize them for quick location in the future. Before thinking about just stuffing them into some drawer, pack them together into a durable plastic file box or large envelope.
#2 Sort Your Documents to Your Liking
Most people like to separate their phone bills from the utility bills while others may like to have their monthly statements all collected together by the month. We recommend gathering them according to types such as banking statements, mortgage, utilities, etc. The big take away here is to do what suits you for keeping up with your records for easy filing.
#3 File and Clearly Label Your Folders
Getting some three-ring binders, a hole puncher, and dividers and sort your documents into pre-defined groups for efficient filing. Label the binders spines with a marker with the accurate year and which contents. Stick with this habit as you relocate to your new home or business, filing each new document or bill as it arrives and is paid. Be sure to keep your folders in an easy-to-access place like a dedicated file cabinet or shelf. This should keep you from ending up back at square one months later.
#4 Start a Billing Logger for Your Records
Any notebook will do for this tip or you can even go the digital route with record keeping and finance software or apps. This practice will be valuable not only for the near future but for the long run too. If you find yourself missing billing due dates, you should likely go one step further and set monthly notifications on your cell phone to get reminders to pay bills that are five days away from being due.
#5 Keep Track of Recurring Payments and/or Monthly Installments
Check out the bullet journalism community for neat templates and how to set up this area of your home or business finances. Doing this step will help you keep up to date with which bills are recurring and how much you need so that you can ensure the money is ready. Making this a habit and setting aside enough money before that due date is upon you can help clear your bills on time. This is realistic and achievable.
#6 Pay Off Due Bills or Installments as Much as Possible
We cannot emphasize this too much. The consequences of an improved credit score will be proof of this application to your finances. The more you are able to pay down the easier it is to get new services, like a high-end mortgage or new rental once you relocate.
#7 Try to Negotiate Payments as Needed
It is certainly understandable that not everyone is in a position where they can pay off all their current debts at a moment’s notice. Nevertheless, negotiating new payment set ups that make it more possible to manage this area of your finances more easily can and should be attempted.
#8 Keep Track of Your Savings
Key to getting your financial picture looking better is to start a savings account. Once you’ve paid off your loans, you should start saving a decent percentage of your income each month for an emergency fund, or things you want or need. Especially when it comes to an impending move, it will be extremely helpful to keep track of your savings for moving services and/or new furnishings you might need.
#9 Record Your Expenditures Accurately
Log your daily expenses habitually. You should allocate time during your day or spend 30-seconds after making a purchase to mark it down in your tracker. Keeping your receipts for all purchases will make this task much easier overall. During relocation, there can be confusion and you will want to make sure that your money situation is very solid. Apps can be incredibly helpful for your record keeping when trying to stick to a budget.