{"id":5169,"date":"2019-06-12T15:00:12","date_gmt":"2019-06-12T15:00:12","guid":{"rendered":"https:\/\/www.torontorentals.com\/blog\/?p=5169"},"modified":"2019-06-10T19:23:41","modified_gmt":"2019-06-10T19:23:41","slug":"how-to-budget-for-moving-expenses","status":"publish","type":"post","link":"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses","title":{"rendered":"How to Budget for Moving Expenses"},"content":{"rendered":"<p><em><b>By JORDAN LAVIN<\/b><\/em><\/p>\n<p><span style=\"font-weight: 400;\">for Ratehub.ca<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A new home \u2013 how exciting! <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s a chance to start fresh in a new place to call your own. Everything is a clean slate, from where you put the furniture, to how you decorate. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">And, if you\u2019re a bit of a clean freak like me, the chance to take an empty house and make it sparkle before it\u2019s full of stuff is an exciting prospect. But then comes the part when you have to actually fill the house with stuff. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can\u2019t live in an empty home. You will need to move all your furniture, clothes, decorations, and all the rest of your stuff &#8212; which can be expensive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re thinking about moving, it\u2019s time to make a budget. Let\u2019s take a look at how to budget for moving expenses.<\/span><\/p>\n<h2><b>MOVING CHECKLIST: COSTS TO CONSIDER<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A move can range from a few hundred dollars to several thousand depending on how you want to do it. Moving from one small apartment to another a few blocks away can be done with a rental truck and a few friends. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moving across Canada with a family of four could require a team of professional movers and a long-haul driver.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re going the DIY route, you\u2019ll want to look into the cost of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Packing supplies: boxes, tape, and bubble wrap<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A moving truck<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fuel (a 24-foot van will burn 4-5 times as much fuel on the highway as a small car)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insurance for your contents and the vehicle (credit card car rental insurance likely won\u2019t cover a moving truck)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Travel for yourself, your family and pets<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pizza and beer<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019re going for an executive move, aim to get quotes from at least three different moving companies. Consider the cost of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Packing supplies: boxes, tape and bubble wrap<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Packing service (may be charged by the job or hourly)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loading and unloading service <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Truck service <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insurance for your possessions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Travel for yourself, your family and pets<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If your current and future home both have a private driveway, you could also consider using a portable storage container. These containers can be delivered to your current home and left in the driveway for a few days (or even weeks) to give you time to load up everything. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company can then deliver the pod to your new address and leave it in your new driveway for as long as you need to unload. Consider the cost of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Delivery to your current home<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pick up from your home and delivery to the new address<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Final removal from your new home<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Monthly rental of the container<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insurance for your possessions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Travel for yourself, your family and pets<\/span><\/li>\n<\/ul>\n<h2><b>THE BEST SAVINGS ACCOUNTS FOR A MOVING BUDGET<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve tallied up all the costs, it\u2019s time to start saving. Open a high-interest savings account and start putting away money as soon as possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avoid big bank savings accounts for this purpose as they usually pay next-to-no interest. Instead, choose a high-interest savings account that will pay much more. Right now, the<\/span><a href=\"https:\/\/www.ratehub.ca\/savings-accounts\/accounts\/high-interest\"> <span style=\"font-weight: 400;\">best savings account rate in Canada<\/span><\/a><span style=\"font-weight: 400;\"> is 2.80%, offered by Motive Financial. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have a little more time to save (or if you don\u2019t trust yourself to leave your savings alone), you can also invest in a<\/span><a href=\"https:\/\/www.ratehub.ca\/gics\"> <span style=\"font-weight: 400;\">guaranteed investment certificate (GIC)<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These savings tools lock your money in for a specified period of time so you can access it when you need it, but not before.<\/span><\/p>\n<h2><b>ARE MOVING EXPENSES TAX DEDUCTIBLE?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In some circumstances, your moving expenses will be tax deductible. If you\u2019ve moved more than 40 kilometers to start a new job or business, you can deduct the cost of transportation and storage, travel for yourself and your family, temporary living expenses, and possibly the cost of selling and buying your home(s). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re moving for a new job, you may also be able to negotiate with your employer to pay some or all of your moving expenses. Typically, employers who pay moving expenses will ask you to stay with the company for a specified length of time in exchange for the benefit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And don\u2019t forget, if you\u2019re buying your first home, you can claim the home buyer\u2019s amount for a $750 credit on your taxes. It\u2019s one of a few programs for first-time homebuyers in Canada.<\/span><\/p>\n<h2><b>KEEP YOUR MIND ON THE POSITIVES<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Packing your stuff, asking your friends for help, loading a truck \u2013 it\u2019s hard work and not much fun. But with a little planning, you can at least be prepared for the expense of moving. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just think about the clean slate that is your new home, and remember that all the hard work is worth an adventurous new start. <\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By JORDAN LAVIN for Ratehub.ca &nbsp; A new home \u2013 how exciting! It\u2019s a chance &#8230;<\/p>\n","protected":false},"author":1,"featured_media":5173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,6],"tags":[],"coauthors":[14],"class_list":["post-5169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-guides","category-top-list"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Budget for Moving Expenses<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses\"},\"author\":{\"name\":\"Admin\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#\/schema\/person\/e0694b38a521d8e68c27f764825a6cc3\"},\"headline\":\"How to Budget for Moving Expenses\",\"datePublished\":\"2019-06-12T15:00:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses\"},\"wordCount\":808,\"image\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/pina-messina-465028-unsplash-e1560194531740.jpg\",\"articleSection\":[\"Rental Guides\",\"Top List\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses\",\"url\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses\",\"name\":\"How to Budget for Moving Expenses\",\"isPartOf\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/pina-messina-465028-unsplash-e1560194531740.jpg\",\"datePublished\":\"2019-06-12T15:00:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#\/schema\/person\/e0694b38a521d8e68c27f764825a6cc3\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#primaryimage\",\"url\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/pina-messina-465028-unsplash-e1560194531740.jpg\",\"contentUrl\":\"https:\/\/www.torontorentals.com\/blog\/wp-content\/uploads\/pina-messina-465028-unsplash-e1560194531740.jpg\",\"width\":4032,\"height\":2399},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/how-to-budget-for-moving-expenses#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Toronto Rentals Blog\",\"item\":\"https:\/\/www.torontorentals.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Top List\",\"item\":\"https:\/\/www.torontorentals.com\/blog\/top-list\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"How to Budget for Moving Expenses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.torontorentals.com\/blog\/#website\",\"url\":\"https:\/\/www.torontorentals.com\/blog\/\",\"name\":\"Toronto Rentals Blog\",\"description\":\"Looking for an apartment in Toronto? 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