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No matter how much money you have, planning a move should include planning the moving budget. If you do it step by step and be organized, you will not have any surprises or unexpected costs to stress you out. The most important thing is that you start on time, and have a clear idea of your moving budget. And we will show you some useful tips on how to plan and create your moving budget without any problems.

Having a moving budget in your head is a tricky business. Sometimes things are easily forgotten in stressful times like moving times. So, having a clear image of your moving budget in front of you is the best solution. Using your computer or tablet(you can carry it around and update the information anytime) you can create a certain table or template of your moving budget. Probably the best way to do it is using Microsoft Excel or a similar software. It can help you to easily run a table and calculate your costs if you put a certain formula. Very useful and easy to use! Your moving budget table should include the following categories:

  • category
  • estimated expenses
  • actual (final) expenses

Categories you will put in your table depend on the type of your move and special requirements.

Person looking at Excel spreadsheet on laptop.
Use Excel spreadsheet to prepare your moving budget.

Decide on the type of your move

First things first, you need to know how you are going to do this move. Are you going to hire the professional movers or do everything by yourself? When you decide on that, you will be able to know which cost categories you need to put in your moving budget table.

Hiring professionals – what are the costs?

  • Moving company fee – general fee usually includes paying the workers for their job and fuel charges. You should be able to know a rough number by getting a free estimate NYC. Be sure to get estimates from a couple of companies before you choose the right one.
  • Insurance– some basic insurance is probably included in the pricing, but if you have some special items and valuables, you may want to consider additional insurance.
  • Extra charges – if you have any special items, expect extra charges. Extra items also include flight charges, shuttle service, long carry expenses, etc.
  • Packing services – if you want your belongings to be packed professionally, you will have to pay extra for this service.

DIY move

You may think that moving by yourself is basically free. Well, think twice, Here are the costs you need to consider before deciding on a DIY move.

  • renting a moving truck – be sure to know how big truck you need, because the price depends on that information.
  • gas –to calculate how much gas you need, ask the rental company how much gas the particular vehicle needs and measure the distance you need to travel.
  • packing tools and supplies – if you want to pack your belongings right, make sure to get the right packing supplies NYC. The things you need are the good-quality moving boxes, a lot of tape, markers, labels, bubble wrap, protective plastic sheets, scissors, etc.
  • Insurance– insurance is very important during any kind of travel, so if you are not already insured, be sure to get it now.
Drawn dollar sign - much needed to prepare a moving budget.
Many items should be put on the list of the moving costs.

The costs on your moving day

Once the moving day comes, moving budget has some more items to add to the list. Be sure to count:

  • gas for your car/flight tickets – if you are driving, make sure to include the gas fees into your costs count, and if you are flying – be sure to book tickets in advance, to save some money.
  • food-especially in a long-distance move, you and your family will have to eat during travel.
  • hotel– if you are traveling long-distance, make sure to book accommodation in advance and include those costs in the budget.
  • taking care of your pets – if you need somebody to take care of your pets on your moving day, you can check a pet hotel and ask for the fees.

Taking care of your old home

Whether you are moving from a rental or you are selling a place, there are some costs to pay before you leave it to move to a new home. If you are selling, there is a commission you need to pay. Also, there are lawyer services, inspections, and advertising that can be added on the list. Both rented and sold places need to be cleaned or/and painted, which costs you a certain amount.

Storage is often included in moving budget

Very often there are some boxes and items that can’t be loaded to your new home. So, you need to rent a storage unit in NYC for the leftover boxes. Make sure to get a storage space of appropriate size, so you don’t need to pay more.

Unexpected costs

During loading, transport, and unloading, some unexpected things could happen. Some of your items could be damaged, so you need to fix or replace them, which implies more costs.

Coins pouring out of a glass jar.
Unexpected costs can be an issue if you are not prepared.

You need to save some money?

If you are looking at your budget plan and realize you need to cut some costs, don’t worry. There are ways to reduce moving costs. One of the most effective is decluttering your home before the move. Go through your belongings and set aside all the items you no longer need. If you are not moving too many items, you can reduce the moving costs significantly. You can also sell those items online or on a garage sale, and earn some money to help your moving budget.

deducting moving cost
How to Deduct Your Move Costs

If you moved due to a change in your job or business location in NYC, or because you started a new job or business, you may be able to deduct your reasonable moving expenses but not any expenses for meals. You can deduct your moving expenses if you meet all three of the following requirements:

  • Your move closely relates to the start of work
  • You meet the distance test
  • You meet the time test

Move Related to Start of Work – Your move must closely relate both in time and in place to the start of work at your new location in NYC. You can consider moving expenses incurred within one year from the date you first reported to work at the new location as closely related in time to the start of work. A move generally relates closely in place if the distance from your new home to the new job location is not more than the distance from your former home to the new job location. For exceptions to these requirements, see Publication 521Moving Expenses.

The distance test – Your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.

The time test – If you are an employee, you must work full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job location. If you are self-employed, you must work full time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival in the general area of your new work location. There are exceptions to the time test in case of death, disability, and involuntary separation, among other things. See Publication 521 for these exceptions.

Members of the Armed Forces

If you are a member of the Armed Forces and your move was due to a military order and permanent change of station, you do not have to satisfy the distance or time tests.

Reporting Moving Expenses

Figure moving expenses on Form 3903 (PDF), Moving Expenses, and deduct as an adjustment to income on Form 1040 (PDF), U.S. Individual Income Tax Return. You cannot deduct any moving expenses covered by reimbursements from your employer that are excluded from your income.

Additional Information

For more information on deductible and nondeductible moving expenses and information on moves between locations in and outside NYC or the United States, refer to Publication 521Moving Expenses.

IRS moving deductions
Publication 521 for Moving Expenses

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