How to Accrue Savings to Relocate
- 1). Estimate the basic move-in fees for your new place. If moving to an apartment, that includes the first month's rent and security deposit. If purchasing a house, include the down payment on a new house (usually 20 percent) and closing costs in your estimate. If you're leaving a home you currently own, you must also include the cost of preparing your existing home for sale.
- 2). Determine your total cost of moving needs for the trip, including the moving crew (if necessary), one-way moving truck and packing supplies. If you plan to start fresh with new furniture in the new location, include that cost as well.
- 3). Add at least one to three months of standard expenses (your total bills including utilities, groceries and debt payments) in your relocation cost estimate. If relocating, you may need this extra money as you wait to get a new position or to receive your first payroll payment in your new position.
- 4). Check your current personal budget to determine how much money you can put toward saving for your relocation plans each month. Sell off items you don't need on online auction websites and at yard sales. Make financial sacrifices as needed in the short-term until you have enough money saved to make the move.
- 5). Establish a high-yield savings account so that your savings can draw interest. Online savings accounts and credit unions commonly offer more competitive rates compared to traditional banks. This will help accelerate your relocation savings goal.
- 6). Enter the total amount of cash you need to relocate, the monthly savings amount and the interest yield percentage for the savings account you've established into the Bankrate.com savings calculator. Determine the time line it will take you to accrue what you need to move.
