First-Time Movers: 5 Money-Saving Tips for a Smoother Relocation
A first-time move for young adults can be something of a nightmare – hidden costs, annoying inconveniences, and stressful challenges abound. If you’ve never tackled a major move before on your own, your inexperience can cost you with all manner of cash-flow miscalculations and savings-draining mistakes.
That’s why MoneyLion recently reached out to Matt Graber, co-owner of Cool Hand Movers, and Nick Friedman, co-founder of College Hunks Hauling Junk, to help determine the biggest moving mistakes that can drain your wallet fast, and how best to avoid them.
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1. You’ll Never Save by Underestimating the Size of Your Move
“Be realistic about the size of the move inventory to reduce final cost surprises,” suggested Graber. “You won’t save by underestimating the size of your move. Whether a client has received a flat or hourly rate, the final price will reflect the actual size of their move, not just what they initially reported.”
Friedman concurred, adding, “One of the biggest mistakes people make during a move is underestimating how quickly small expenses snowball.”
Banking on a small move keeps you from predicting hidden expenses, and can cost you so much more in the end, Friedman explained – and he also laid out what to plan for in order to craft a better moving budget.
“People budget for the obvious costs like the truck or movers, but forget about all the secondary expenses that drain cash flow fast like utility deposits, cleaning fees, storage, takeout meals during transition, lost work time and last-minute supply runs can add up," Friedman said.
2. Bad Timing Can Get Costly
“Timing is one of the biggest financial mistakes movers make,” Friedman said. “Moving during peak demand periods like summer, weekends or the end of the month almost always cost more.”
The easiest way to save cash via timing? Consider weekdays.
“If you have flexibility, moving mid-week or mid-month can save a significant amount,” Friedman continued. “A lot of people lock themselves into expensive dates without realizing they’re choosing the highest-priced window.”
3. Keep Your Valuables to Yourself
Professional moving teams are not legally liable for lost items – including whichever valuables your treasure most. Be careful to handle your precious heirlooms and cash yourself, warned Graber.
“Most reputable movers will explicitly state that clients should pack and move currency and small heirlooms themselves,” he pointed out. “Don’t leave these items to the moving team. If these items go missing, movers are not legally on the hook for their value.”
4. A Do-It-Yourself Move Can Be More Expensive Than Using a Moving Team
You might think that handling a move by yourself and a partner will be the easiest way to cut moving costs. Think again.
“People underestimate the cost of DIY moving,” Friedman said. “People assume DIY automatically means cheaper, but the hidden costs catch people off guard. Truck rentals, fuel, tolls, insurance, equipment rentals, parking tickets, damaged furniture, and even buying extra boxes can quickly erase the savings. Then there’s the physical and emotional toll. Missing work or taking multiple days to complete a move has a real financial impact, too.”
In the end, DIY move could end up costing you more – physically, mentally and financially. A pro moving team can save you on all at the end of the day.
5. Moving Without an Emergency Buffer Can Get Messy
Budgeting for your move is certainly smart – but so is budgeting for move-related surprises and emergencies.
“Cash-flow planning matters just as much as budgeting for the move itself,” Friedman added. “People often spend everything getting into the new place and forget they still need liquidity afterward. Build a cushion for unexpected costs because something almost always comes up during a move. Having that buffer can prevent a relocation from turning into a financial setback.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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