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How much should you save before moving out?

save before moving out

Moving out requires comprehensive planning. Everything requires time, from choosing the best stuff to pack to negotiating the best movers. If you are moving away from family, you may have additional expenses like- subscriptions, electricity and utility bills, etc. It is the reason most individuals planning a move wish to know the expenses and amount they should have to move. Saving enough amount is critical to plan a smooth move. Otherwise, it may cause you to delay the move.

If you are worried about planning and saving enough for a comfortable move, the blog may help. It lists the basic amount that you must save and the factors to consider before saving.

6 Factors to consider before saving money for moving

How much money should you save before moving out? It depends on the city/area you are moving to and the reason. If moving out into a new city or school, the amount you need to save depends on the rent, moving charges of a new city, and other living expenses. Likewise, if shifting places due to school or university, factors like- transportation and area chosen. Here are some factors to consider before moving. It will help you calculate average moving costs:

1)      Identify average costs of rent

According to a rule of thumb, your income should be thrice the rental sum. The average rental price in Ireland is €1268/month. It indicates the importance of saving first for the rent. It is ideal for those moving to a rental property. Apart from rent, you must save for related expenses like:

  • Security Deposit- which is generally one month’s rent
  • Parking- if the landlord provides it
  • Additional charges
  • First and last month’s rent
  • Move-in fee- it can be anywhere from 33-35% of the rent
  • Pet deposit fee- Landlord may charge €500-€600 non-refundable fee

2)      Save for emergency expenses

Moving places requires one to spend at least 3 months’ salary to settle down perfectly. Thus, you may expect to have no savings for 3 months after moving. It is because a major share will go towards rent and other maintenance that you must do to update the property.

Thus, having or saving for an emergency fund may be ideal. You can begin with €2000 or a feasible amount for at least 6 months before moving. Having an emergency fund will help you manage the costs later. It is efficient even if you lose your job in the midway.

Thus, having or saving for an emergency fund may be ideal. You can begin with €2000 or a feasible amount for at least 6 months before moving. Having an emergency fund will help you manage the costs later. It is efficient even if you lose your job in the midway.

3)      Save for renter’s insurance

Renter’s insurance is an important document that covers the uncertainties of renting. It is ideal for the new renters or switching for the first time. It grants you peace of mind and helps you replace or repair things in unforeseen situations.

Additionally, a renter’s insurance protects your property against the loss or damage from the existing perils, like fire, storms, and theft. According to a fact, “You generally need to save at least €66 a year for renter insurance.” However, the costs may vary according to the area, property, and the coverage.

4)      Purchasing a furniture

You may need extra, whether moving out with your existing furniture or no furniture. It is because you never know the place and the setting. If you have old furniture, you may sell it. It would be ideal to buy a new one while moving. It is because it may get damaged during the move. You may find it hard to sell if the condition worsens.

Thus, sell the existing one and buy a new one when you reach the new place. If not new, check used furniture for the time being. However, it should not be older than a year. In this way, you can save money. Usually, you may spot a chair worth €400. Check for deals online and test the furniture before buying it.  Check thrift stores and pawn shops for deals.

5)      Budget for a month’s expenses after the move

The old expenses will follow once you step into your new rental place. According to financial experts, you should not spend over 30% of your income on expenses. For example, if the monthly rent is €5000, your earnings should be €15000(minimum).

Do a quick search on Google and identify the nearby renters. The cheap places to buy commodities from. It will limit your expenses and help you save more. Consider the below aspects before saving for monthly expenses. You must save for at least the initial month’s expenses. Budget for:

  • Electricity
  • Water
  • Natura; gas
  • Internet
  • Phone
  • Car payment, gas, auto insurance
  • Money for public transportation
  • Groceries
  • Subscription
  • Credit card payments
  • Car repair and re-fuel

6)      Clear your debts before moving

Debts prove the greatest obstacle for individuals who want to move.  It is because finding a place to rent with debts is challenging. No landlord entertains a person with too many debts or a bad credit profile. It is thus important to clear your debts before moving in.

You may have finalised the renting place after getting a credit check. However, with uncertain finances and the economy, your credit may suffer. Thus, if your credit score drops after finalising the apartment, pay your debts. Analyse the debts you can pay within the available savings.

If you need help, explore the best lenders to get help from. They may help you clear some debts and improve your credit history. However, some lenders operate as loan sharks in the Ireland marketplace. Identify the authenticity of your lender by verifying the lender’s existence. It will help you partner with a reliable lender with transparent and customer-friendly policies.

Bottom line

These are some aspects that you must check before moving your home. Identify the cash requirements or challenges that you may face in your new home/ setting. Prepare for that before the move. It will help you ensure smooth moving. Apart from these costs, consider the moving costs that you must pay the moving company. Knowing these aspects will help you budget accordingly.

Description: If you want to save for moving, the blog may help. It lists the best aspects to consider before saving for a move.



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