Moving for the sake of new or improved employment opportunities is nothing new. People have been doing it for centuries. While the process has undoubtedly gotten easier in recent times (no more having to maneuver a wagon across the frontier), relocating for work is still a process fraught with problem-solving and financial hurdles to jump through. Those who move in pursuit of employment must overcome these challenges in order to succeed at making a go of it in a new place.
Relocating for Work? Here Are 5 Financial Tips to Help You!
With all this in mind, let’s take a look at some financial tips for those relocating for work:
1) Lower moving expenses
When people think of ways to save on moving expenses, they tend to think of taking professional movers out of the equation and handling the hefty living and unpacking on their own. But what if you didn’t have to move any furniture at all? It’s possible thanks to services such as Landing, which provide members with access to fully-furnished apartments for rent in several major cities. What’s more, these living arrangements mean there’s no long-term lease holding you in the same place for six months or longer, making it easier and more affordable for those who find themselves relocating a lot for their jobs.
Related: The Hidden Costs of Moving
2) Deduct moving expenses
Did you know moving expenses can be deducted from your taxes if you’re moving for work? Simply fill out IRS Form 3903 the next time you do your taxes to have the cost of moving count towards lowering your federal income tax obligation. Depending on the extent and number of times you’re relocating for employment, the savings can amount to thousands.
3) Negotiate reimbursement
Most employers will reimburse their employees for moving costs if asking them to move. While this might prevent one’s ability to deduct these expenses from their taxes, the added savings are worth the exchange. Ask your employer about reimbursement options before agreeing to relocate. Get their offer in writing and have the appropriate management personnel sign a contract essentially guaranteeing their end of the agreement.
4) Research cost-of-living
The cost-of-living varies greatly from one place to another. Your rent, price of groceries, and fuel costs can go up or down depending on the point of origin and the destination. Use cost-of-living calculators available online to uncover whether or not your living expenses will increase. If so, consider negotiating for a higher salary to compensate for the increase. Researching these figures also enables individuals to reconfigure their budgets.
5) Adjust (but stick to) your budget
As previously mentioned, moving to a new place with a different cost-of-living will require taking a fresh look at your budget. The percentage of your income used for various expenses could go up or down. It’s important to make adjustments while also sticking to your new budget as you did with your old one. Don’t let the change negatively affect your ability to properly allocate funds for the things you need to live.
Related: How Much Would You Spend On That?
Relocating For Work – Are You Ready?
The act of packing up and moving in pursuit of employment opportunities is a time-honored tradition. Thanks to improvements in technology and infrastructure, it’s never been easier for folks to make the move. However, it’s important to be prepared for the challenges that remain. These include the financial hurdles of relocating for work, which can be overcome with the right planning and consideration.
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.