Moving? Start Preparing Your Finances Early
Taking steps to financially prepare for a move could mean the difference between a smooth transition and a stressful experience. Start by reviewing your insurance policies so you can be covered in your new home. If you have children, you might also want to explore the childcare options in your new neighborhood.
1. Revisit your auto insurance policy.
The rate of your car insurance is determined by a number of factors, including your age, driving history, car, and credit score. However, your address is one of the most heavily weighted factors. Believe it or not, you could have the same car, driving record, and credit score, but see a huge price change in your insurance rate simply because of your new address.
Contact your auto insurance provider to determine how your payments will be affected by your change of address. You should also inquire to see if you are eligible for any discounts . You may qualify for a good driving discount or you might receive a discount for maintaining low mileage on your car. Don’t leave any possible discounts on the table.
Learning your new insurance rate before you move will give you time to financially prepare for your new monthly payment. If your insurance rate is lowered, you may be able to use the money you previously budgeted for insurance for savings or paying down debt. If your rate will increase, you can take a look at your budget to determine where you can cut costs to afford to pay your new premium. >> Learn more about budgeting.
2. Review your renters insurance policy.
Renters insurance is designed to protect your valuable household items and replace property that is stolen or damaged in your home. Each policy is different. Some cover your electronics while others offer bedbug coverage. If you don’t already have renters insurance, consider finding a policy that works for you. In the event that you actually need coverage, you’ll be glad that you already have a policy.
Be sure to follow the same steps for your renters insurance that you did with your car insurance. Find out how much your payments will increase or decrease based on your new address and be sure to take advantage of any discounts you’re eligible to receive.
Inquiring about your rates in advance will allow you to adjust your budget for your move. >> Assess your financial goals.
3. Explore your child care options.
If you have young children, be sure to check out the child care options available to you at your new location. You might have access to a sliding scale or subsidized daycare facility. If you’re lucky, your management office might offer a childcare facility within your complex.
Once you’ve narrowed down your options, compare prices to determine the best option for you and your family. By making the appropriate financial plans before moving, you and your family will be prepared. >> Start saving for your move.
Let America Saves help you save money. It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your goal. Think of us as your own personal support system.
You can financially prepare for your next move by reviewing your auto and renters insurance policies, you'll be glad you did! v/@AmericaSaves https://bit.ly/2nsCP3D
- Written by Darlene Aderoju
- Category: Blog
- Published: 10 August 2018