When I made the decision to take a job in Dallas, I only had three weeks to do it. THREE WEEKS PEOPLE! I don't even know what kind of crazy juice I was drinking. But if there was anything I was determined to do, I was going to do this and make it work. It was time to really dig in, buckle down and see how much this big move was gonna cost. In starting your financial plan for your relocation, you first need to consider how much time you will have to make the move. Once you know the proper time frame, it's time to start mapping it all out. I created an entire moving budget that helped me plug in the numbers. It totaled everything up to ensure the expenses could be achievable within the window chosen. I also found it helpful to add the a second budget that also worked as a checklist.
DOWNLOAD THE FREE BUDGET TEMPLATE HERE. The biggest thing I totally brain farted on, food! You forget that you're moving and likely unable to pack up everything in your refrigerator. Don't forget those other small items either like sandwich baggies, toilet paper and maybe even some thumb tacks. The dollars stack up and can stack up quick. I highly recommend utilizing dollar stores and places like "ALDI" for grocery shopping. Look for those special sales and deals that can save you a buck or two. So you've done all the research, you know how much it's gonna cost, now how in the heck are you going to come up with the cash. I am not ashamed to say, I robbed Peter to pay Paul and a year later, I'm still paying off those debts. If you are lucky to have the dollars in the mattress, well I stand up and applaud you for we all should have those kind of stashes. The below list are some areas to grab the moolah from. Let me be clear, I DO NOT recommend all for they can cause more long term harm than the short term fix. I simply want to provide you with all the areas where you can pull the funds from.
1. Relocation Fees. If you've lined up that big job and they will provide relocation assistance, that is clearly the ideal scenario. It's harder to find these days, but always something to negotiate.
2. Savings. As I said, grab that cash from the mattress. Besides from the first, this is your best solution.
3. Gifted funds. Maybe you have someone in your life that believes in your journey and will contribute to your cause without an expectation of payback.
4. Lines of Credit. I don't suggest this though it is an option. I used credit cards and borrowed money from family to help with my overall number.
5. 401k withdraw. This should be your last resort. You can end up paying large penalties for the withdraw and left with starting over on your retirement savings.
If you have some time before making the move, and your current life situation allows, possibly consider a "side hustle". I started doing some bookkeeping work for a small, one man business to bring in some extra cash. In a short month, I was able to add an extra $3,000 to my stash. I know some who have resorted to working for Uber, Lyft or GrubHub. These ride sharing and food delivery services can bring in an easy $500 a month if you have the time.
While the guides provided in this series can seem unnerving, there is one thing certain, the only thing standing in your way is YOU. Forget what anyone else thinks, put away your self doubt, pull those shoulders back and confidently tell yourself you can and WILL do this. If a 17 year old, inexperienced little lady can do it, you can too! This world is so big for it not be explored. Your soul is to big for you not to explore all options towards pure fulfillment. As I can't wait to see where my next journey takes me, I look forward to seeing and hearing yours.