Financial impacts of moving - how to prepare

28/03/2019

Financially preparing to move houses

Moving is costly and can be overwhelming when you think of the many things you need to consider. If you have not prepared for the moving process, the physical and financial implications can be felt long after you have settled into your new home. So preparing ahead of time by finding ways to save money can help. 

If you think about all the expenses involved in moving into a new home, whether in the same city or not, you’ll find that there are costs you could have minimised if you prepared financially. Some of the ways to prepare include looking for savings options that will help you to start saving for the move. 

Moving expenses have categories: before the move and after the move. The largest portion of your expenses will often come before the move. Here are some ways to financially prepare yourself.

Before the move

  • Know why you’re moving and research

    There are different reasons why people may decide to move. It could be for a new job, moving to be close to your family, or perhaps because you’re about to get married.

    Whatever your reason is, always bear this in mind when making your decisions. The same goes for when it comes to planning where you want to move to. It is not enough only knowing the province or city. Take time to research the type of areas in that city that you can afford and tick them off on your checklist of preferred places.

    This will help you know how much moving will cost, how much you can afford and how much you need to save before attempting the big move.

  • Consider the cost

    Now that you are certain you want to move and you know where you would like to move to, it’s time to consider the cost. This means creating a budget. Look at what the costs of moving will be and match that against what you can afford. Here, costs such as transportation, rent/deposit, new appliances/furniture etc. will feature.

    At this stage, make sure you do enough research so that you can create an accurate picture of the costs involved.

  • Start Saving

    One of the best things you can do for yourself when financially preparing to move is to start saving. Think about the different ways to save money and compare savings options to find the high interest savings account that suits you.

    Read tips to save money monthly.

    It’s important to do your research into the best savings account for your goal of moving. Look at timeframes and find out about interest rates, notice periods, tax-free returns and so on. Don’t be afraid to ask for advice. Having your own home is very rewarding, but making sure the costs of moving don’t cripple you financially, is key.

    A great savings account that will help you save and also earn you the highest interest rates in South Africa is our Notice Deposit account. These funds are accessible in 7, 32 or 90 days. Get more information here. 

After the Move

Now that you’ve moved and you’re settling into your new home, you can turn your attention to any extra expenses. You may need to purchase new items, so be sure to include that in your budget. This is especially true if you are moving from an apartment to a bigger house or if you are getting married and moving in with your spouse. Since furniture can be expensive, be sure that you know exactly what furniture you’ll need once you get to your new place

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About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.