One thing about moving somewhere new is the financial impact it can have. The following are some financial tips if you plan on moving out-of-state:
Take cost of living into consideration
Cost of living varies from state to state, so you may be moving to a state where the cost of living will be substantially less—or more. It’s important to build a budget around what your soon-to-be cost of living will be. If it’s less, great! Try to design a budget that will allow you to sock more money into a savings account. If it’s more and you don’t end up landing a higher paying job, think of how you spend your money now and then try to think of ways to cut down on costs. This could mean downgrading your home and/or car, or even just making small lifestyle changes, such as dining out less.
Shop around for moving services
Packing, unpacking, moving truck rentals and hiring movers can all be very expensive services, especially when it involves out-of-state moving. Instead of just settling on the first company you find, be sure to shop around for a while and compare services and prices. Without doing research, you may end up spending way more on moving expenses than you have to.
Select your new home carefully
It is even more crucial to shop around carefully for your future home, whether you plan on renting or buying. Moving into a home that you end up being unhappy with for whatever reason, such as location or lack of square footage, can end up being a costly mistake. Additionally, if you find a home that you love and it seems to be reasonably priced, don’t be so quick to jump on it. Do your research and find out what similar homes in nearby areas are going for. You may end up finding something similar (or better) for cheaper.
If you would like to make the move to a new state, but don’t have the financial resources to do so, Peachtree Financial Solutions can help if you’re receiving annuity payments. One of the most common questions we are asked is, “can you buy my annuity payments and give me a lump sum of cash?” And the answer is yes! In fact, purchasing structured settlement and annuity payments for cash is what we do best. We are leader in the annuity funding industry and we have helped people since 1996, to get the cash from their payment stream in one lump sum. The money you receive from us by selling future annuity payments can be used to cover the moving expenses that are associated with moving to a different state. Additionally, if you are moving to a new state and won’t have a new job the moment you arrive, you need to be prepared financially while you search. Having enough to cover your living expenses for a few months is often recommended so that you can give yourself plenty of time to secure a new position. Allow Peachtree Financial Solutions to supply that money to you by purchasing your future annuity payments.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.