{"id":42932,"date":"2023-08-01T05:33:19","date_gmt":"2023-08-01T09:33:19","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/moving-is-expensive-heres-how-to-pay-for-it\/"},"modified":"2023-08-01T05:33:21","modified_gmt":"2023-08-01T09:33:21","slug":"moving-is-expensive-heres-how-to-pay-for-it","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42932","title":{"rendered":"Moving is expensive: Here\u2019s how to pay for it"},"content":{"rendered":"
\n

This <\/em>article<\/em> is reprinted by permission from <\/em>NerdWallet<\/em>.\u00a0<\/em><\/p>\n

Packing your things and moving to a new home is a financial hurdle even in the best of times, but higher demand for moving-related services in the summer can send prices skyrocketing.<\/p>\n

If you\u2019re wondering how to pay for an upcoming move, there are financing options, including credit cards and unsecured personal loans. You\u2019ll want to minimize interest, though, and only borrow what you need.<\/p>\n

\n

By taking the time to get multiple quotes, moving some stuff yourself or getting rid of belongings, you can lower the amount you need to borrow or avoid financing altogether.<\/p>\n

What to expect for moving prices this summer<\/strong><\/h2>\n

One piece of good news for prospective movers:\u00a0The cost of moving\u00a0this summer will likely be lower compared to summers prior.<\/p>\n

\u201cThe COVID years proved to be some of our highest demand periods where people were making housing decisions and work location decisions that were completely out of the norm,\u201d says Steven McKenna, vice president and general manager of Allied Van Lines, one of the largest moving companies in the country. \u201cThis year, it\u2019s come back down to earth a bit.\u201d<\/p>\n

Higher interest rates and a slower housing market are likely behind the decrease, says Ryan Carrigan, co-founder of moveBuddha, a website where you can compare and book movers. The company\u2019s data and data from major partners, he says, already show a drop in demand for the first half of this year.<\/p>\n

Still, prospective movers shouldn\u2019t expect too much of a break. Though prices are down year-over-year, you can still expect to pay a 10% to 20% summer premium, says McKenna.<\/p>\n

Also see:<\/strong> Here\u2019s how much to tip everyone \u2014 and a list of people you should never tip<\/p>\n

Financing options for your move<\/strong><\/h2>\n

It\u2019s best to pay for your move with savings, but if that\u2019s not an option, you could finance.<\/p>\n

Rob Bertman, a certified financial planner based in St. Louis, advises picking the product with the lowest interest rate to reduce the cost of borrowing.<\/p>\n

A credit card with an introductory 0% annual percentage rate may be an especially good option, says Bertman. These cards are interest-free if you pay off the debt during the promotional period, which can last up to 21 months. You\u2019ll likely need good or excellent credit to qualify.<\/p>\n

Moving loans \u2014\u00a0unsecured personal loans\u00a0offered by banks, credit unions and online lenders \u2014 are available to borrowers across the credit spectrum, but interest can be high, depending on the rate you qualify for.<\/p>\n

Bertman urges borrowers to focus on a plan for repayment, regardless of the product they choose.<\/p>\n

\u201cThat\u2019s actually the most important thing,\u201d Bertman says. \u201cAbove and beyond how someone goes about financing is, \u2018How am I going to pay this back and how long will it take me to pay it back?\u2019\u201d<\/p>\n

Also see: <\/strong>\u2018That can actually throw you into a tailspin\u2019: Monthly credit card fees have been a rarity\u2014until now<\/p>\n

Ways to save on your move<\/strong><\/h2>\n

There are ways to reduce moving costs, which can help you borrow less or even pay in cash. Though you can\u2019t control factors like distance, you can control hiring, packing and overall weight.<\/p>\n

Get multiple quotes:<\/strong>\u00a0Quotes from professional movers can vary by thousands of dollars, particularly if it\u2019s a long-distance move, Carrigan says, so get three to four quotes minimum.<\/p>\n

\u201cPricing is dynamic and comes down to factors like does the company have trucks built up in that area, or do they need a reverse route covered so the truck doesn\u2019t go empty,\u201d he says.<\/p>\n

\u201cDIY\u201d what you can:<\/strong>\u00a0Moving yourself is cheap, but it\u2019s not an option for everyone. Consider a partial do-it-yourself approach, where you move lower-weight items, but use professional movers for heavy items like furniture. You can also pack yourself, but know the risks.<\/p>\n

\u201cIf you\u2019ve got the mover packing, it\u2019s done in a professional way, and there\u2019s more protection if there\u2019s damage,\u201d McKenna says.<\/p>\n

Purge your things:<\/strong>\u00a0One of the simplest ways to reduce costs is to move less stuff. Weight is a major factor in the cost of your move \u2014 and more stuff takes longer to load and unload.\u00a0Sell or donate\u00a0what you don\u2019t need.<\/p>\n

Also see: <\/strong>How to finance a summer vacation<\/p>\n

Beware of scams:<\/strong>\u00a0Look for online reviews or ask for references when considering a moving company. Interstate movers must be registered with the\u00a0Federal Motor Carrier Safety Administration\u00a0and have a U.S. DOT number, a unique identifier that tracks safety information. If something feels off, listen to your gut. It can save you from a bigger financial headache later.<\/p>\n

\u201cAt the end of the day, you don\u2019t just want to go with the lowest-cost provider,\u201d Bertman says. \u201cYou want to go with the person who\u2019s going to do the best job at the lowest price.\u201d<\/p>\n

More From NerdWallet<\/strong><\/p>\n

Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This article is reprinted by permission from NerdWallet.\u00a0 Packing your things and moving to a new home is a financial hurdle even in the best of times, but higher demand for moving-related services in the summer can send prices skyrocketing. If you\u2019re wondering how to pay for an upcoming move, there are financing options, including […]<\/p>\n","protected":false},"author":1,"featured_media":42933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-42932","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nMoving is expensive: Here\u2019s how to pay for it | iFintechWorld<\/title>\n<meta name=\"description\" content=\"This article is reprinted by permission from NerdWallet.\u00a0 Packing your things and moving to a new home is a financial hurdle even in the best of times,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=42932\" \/>\n<meta property=\"og:locale\" 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