Moving? How to Looking After Your Finances
Whether you are buying a house- or renting a house- you need to make sure you are financially aware.
This means you should know how much it’s going to cost you in payments, what bills you can expect to pay, what your living costs are going to be, how much you need to save, etc. It might sound a lot, but there are easy ways that you can make sure you are looking after your finances when moving.
Let’s have a look at some of them below:
Build Savings
It’s always a good idea to have savings in place, even if you’re not planning a move. Whether your thinking about moving to Seattle, just around the corner, or are looking to purchase your first home, it’s wise to have a sum of savings to one side to help with any costs. Yes, saving can be difficult, especially in the current climate, but saving small amounts soon adds up.
Think about setting a savings goal for your upcoming move, and you can rest assured that you will have a comfort blanket of funds to use if you need to. Having savings that you can use will reduce the need to dip into your regular income throughout any move, and they are certainly needed for any down payments on a new purchase.
Work Out Your Costs
When moving, you need to be aware of the costs associated with it as closely as possible. You might not be able to exactly figure out how much it’s going to be as there always seems to be unexpected costs, or fluctuation in prices of things like fuel.
However, writing yourself a budget based on predicted costs is a great way to look after your financial situation throughout any move. Think about finding out the cost of storage, moving services, down payment, realtor fees, fuel costs, packing supplies, etc.
Check Your Credit Score
If you’re not keeping an eye on this already, you should definitely think about it when planning a move.
A lot of things are affected by yout credit score, it is the one area that often determines if you will be accepted for things like credit, rental agreements, and mortgages. Checking your credit score before any move means that you are fully aware of your financial stability and able to ask any question around it with haste. Even if your credit rating isn’t the best, knowing what position you are in, and be able to answer questions quickly without hiding anything can be the difference between been accepted for a house and not.
There are many ways you can check your credit score online for free so have look and then monitor it. Check it over, identify any problems, and then look at what you can do to improve it if it’s needed.
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Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/