Moving often sounds like an exciting life change. However, a relocation can be a mistake if you are already struggling to get ahead financially.
So before you make such a huge commitment, consider these reasons why moving might not make sense right now.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
You can't cover moving costs
It can be expensive to move your stuff. If you have a three-bedroom home, it could cost anywhere between $1,100 to $8,800 to move 1,000 miles, according to research from U.S. News & World Report.
The farther you are headed, the more expensive your move will likely be.
Take some time to run the numbers on how much it will cost to move for your situation. Unfortunately, you might be surprised by the sticker price.
You don't have enough saved for a down payment
If you want to buy your next residence, you’ll likely need to make a down payment. While you don’t have to put down a full 20% of the purchase price, you will likely need to put down at least 3%.
If you are buying a $300,000 home, 3% translates to a hefty sum of $9,000.
Many would-be homebuyers simply don’t have the thousands in savings on hand to make such a payment.
You can't afford insurance, taxes, and maintenance costs
A down payment is just the beginning of homeownership costs. Some of the other costs you will face include insurance, taxes, and maintenance.
Consider what these costs will look like for your area. Depending on where you live, these expenses could take a sizable bite out of your finances.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
You can't take your job with you and don't have a new job lined up
If you aren’t planning to take your job with you, it’s a good idea to have something lined up before taking the plunge and moving to a new place.
Although it might seem easy to find a new job in your new city, that’s not always the case. That is especially true if the economy turns south.
If you won’t have a job when you move to your new location, at least make sure you have enough in emergency savings to give you a buffer.
You are drowning in debt
If you are struggling to get out of debt, moving to a new place could easily saddle you with additional unwelcome costs. These new expenses could keep you in debt even longer.
However, moving can still make sense if you are planning to relocate to a cheaper living situation or are taking a new job that comes with a significant pay raise. Run the numbers to determine what makes sense for your situation.
Trending Stories
You have several months left on a lease and can't afford to buy it out
Most renters have leases that run a year or six months. Breaking such a lease can be expensive.
If you are renting and can’t afford to buy out the rest of the lease, it’s probably a good idea to stay put for a little while longer.
You don't have an emergency fund
A robust emergency fund should hold enough money to cover your expenses for between three to six months.
If you don’t have this safety net for your finances, moving might not make sense. Instead, save up a bit more money before making a move.
You are in the middle of a divorce or other expensive life change
When you are navigating a stressful and expensive life change such as a divorce, making a move might not be the right decision.
It’s difficult to focus on finding a place that suits your needs and budget when your attention is being consumed by other things. If possible, wait until the storm passes before making any big decisions about moving.
You have other pressing financial issues
If you are tight on funds due to other financial goals and obligations, adding a move to the mix could create unnecessary financial pressure.
For example, if your vehicle is on its last legs and you are struggling to save for a replacement, it might not be the best time to make a move.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
You want to move to a more expensive city
If you are planning to move to a more expensive area, your cost of living could rise sharply. Before committing to such higher costs, take stock of your income and budget to confirm you have room for the changes.
Depending on your situation, it might make more sense to stay put for a bit and take advantage of cheaper living where you currently reside. If your financial situation improves, perhaps a move to a place with a high cost of living will make more sense.
Bottom line
While it might be tempting to pick up and move, the reality is that this choice has a significant impact on your finances.
So, take stock of your money situation before committing to a move and confirm it won’t overwhelm your finances or derail your wealth-building goals.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.
Author Details