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5 Ways to Save Money When Moving For Your Job

by Mike

This is a guest post from Amanda.

If you’re one of the lucky people out there with a job right now, then there isn’t much you can say when your company asks you to move. But that doesn’t mean you must merely accept whatever they offer, or slide into your new life without a concern for the possible shock it may have to your personal finanaces. There are decisions you must make and actions you must do in order to ensure that moving for your job won’t cause economic havoc on your life, in both the short-term and long-term situation. To help you get started I’ve listed five money-saving must-dos you ought to consider when transplating yourself for your job:

Secure your moving costs: No company that asks an employee to move for them should expect said worker to foot the bill for moving costs. Don’t let this issue slip past you before it’s too late – make it your mission to have your employer guarantee compensation for moving costs – in writing.

Rent out your current residence: With the housing market still in the dumps you may have an easier time renting out your current home if you own one instead of attempting to sell it. People are always trying to find cheap apartments and housing, and you could use the little bit of extra money while you wait for the right seller.

Check the tax code: Before moving it’s vital you check out the income tax rate as well as the tax code regarding personal property. You don’t want to haul your boat halfway across the country just to find out you suddenly can’t afford to keep it and could’ve sold it for more back home before you left.

Sell what you can: In addition to any big possessions you may want to sell for tax purposes, take the opportunity of a move to rid yourself of as many personal items as possible. Have a garage sale or put it all on Craigslist and Ebay to earn yourself some extra money.

Research the cost-of-living: Your company should have already factored this into their decision to relocate you, and your adjusted salary should reflect a reasonable cost-of-living transfer if you’re moving to a pricier place to live. But double-check with an online cost-of-living calculator. If you’re given a higher figure than your offer, use it to negotiate for more.

Before re-locating at the request of your employer, make sure you can save yourself some money and make as much as possible at the same time. Work-related transitions should always be for the better – but take steps to ensure it’s the best move possible.

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