Smart Moves: 5 Tips for Stress-Free Relocation

By Nicole Young on August 15, 2023

Due to remote work becoming so widely accepted since 2020, many people have chosen to relocate. Approximately 122,000 people uprooted out of Illinois in 2022, while roughly 84% of all moves occurred locally¹. Whether you’ve switched homes recently or are just starting to think about loading up the moving truck, here are some things to keep in mind when relocating:

New Costs: You’ve signed the mortgage or lease agreement – now what? Make sure you have a plan for how you will absorb new costs. Whether these are increased HOA fees, property taxes, rent, or utilities, most transitions create new expenses.
1. If you’ve downsized, you may want to schedule a meeting with your financial advisor to plan for excess income that can now be allocated to savings or investments.
Cost of Living: Whether you’re settling in a new state, town, or neighborhood, you may experience a change in the cost of living. Make sure you have done your research so that you are prepared for your new reality, whether it comes in the form of a lower grocery bill or higher commuting costs.
1. Some websites like Bankrate have cost of living calculators² that can provide rough estimates of what you need to earn to maintain your current standard of living.
Taxes: If you’re migrating to a new state, you could be entering a completely new tax situation. Sometimes this may be to your advantage, while in other situations you may have less disposable income. Make sure you are aware of your new state’s income tax laws so that you can update what is withheld from your paycheck. Work with a tax professional to make sure you are making the right choices for your situation.
Insurance: Insurance rates for both homeowners and renters vary by location (among other factors). Your auto insurance may also have a different premium with your updated address. This is a good time to get quotes from multiple providers to see which rates and coverage levels are best for you.
Estate Planning: Estate planning laws also vary from state to state. You’ll need to do some research or consult an attorney to ensure that your estate documents are still in compliance with your new state’s laws.

As with any other big life change, moving is a perfect time to evaluate your financial wellness and make any necessary changes. Best of luck on your journey!

Article by: Carrie Mangan, MSF, Private Vista Advisor

¹https://www.forbes.com/home-improvement/moving-services/2023-moving-statistics-trends/

²https://www.bankrate.com/real-estate/cost-of-living-calculator/

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