Moving May Cost More Than You Realize
Ohioans are on the move. According to the Ohio Credit Union League’s Quarterly Performance Summary (2nd Quarter, 2016), first-mortgage originations at Ohio credit unions grew 26.4 percent from June 2015 to June 2016. And, 26 percent of Ohioans plan to move within the next two years, according to a 2016 Mid-Year Consumer Survey, conducted by the Ohio Credit Union League. But what happens once you’ve found a new home and are beginning the process of moving? Everything seems to be falling into place when the expenses of the move itself begin to surface.
Forty-three percent of Mid-Year Consumer Survey respondents said the biggest moving expense is paying movers, 15 percent said time off work, another 15 percent said renting moving equipment, and 8 percent said connecting new utilities is the biggest moving expense. It’s important for consumers to become educated about the various costs associated with a move in order to know their financial options. Whether a potential mover needs financial advice or a short-term loan to help with moving expenses, ProMedica FCU can help.
According to the American Moving & Storage Association, the average cost of an intrastate move in 2015 was $1,170 and the average cost for between states was $5,630. The cost is based on a load size of 7,100 pounds.
Apart from just having a cushion of extra funds for unexpected expenses, here are a few helpful tips for staying organized and keeping moving costs low.
Tips to cut moving costs:
• Plan ahead: Hiring professional movers is likely one of the largest moving expenses and an accurate estimation of these expenses ahead of time will eliminate any financial surprises. Using sites such as MyMovingReviews.com allow you to approximate your moving costs and compare local moving companies.
• Insure your belongings: Avoid costly damages to your possessions by insuring your belongings and checking licenses and insurance of the moving company you choose.
• Don’t buy boxes: Instead of purchasing boxes and packaging materials, visit local grocery stores, packaging facilities, and warehouses for boxes. You can also use clothes, linens, and old newspapers to wrap fragile items, rather than buying packing materials.
• Purge clutter: Movers often charge clients who are moving out of state based on the weight of the truck. Throw out anything you don’t need or want anymore. Or even better, hold a garage sale and use that money to help pay the movers or to purchase new items for your new home.
• Check with ProMedica FCU: We offer short-term loans to help with circumstances such as a move.
To learn more about how ProMedica FCU can help with Your Financial Health, call 419-479-4040, or stop into one of our four locations.