Moving Checklist: 8 Money To-Dos Before You Change Addresses

20 Apr
Checklist for New Home Purchase

Did you know? Roughly 11 to 12% of Americans change addresses every year.

According to data from the Census Bureau, roughly 11 to 12 percent of Americans change addresses every year. Anybody who has ever moved knows that it can be a very frustrating experience, it can also be fairly expensive.

Moving not only requires packing up all of your belongings but also updating your insurance policies, tracking your moving expenses and updating your various utility bills.

Here are eight financial items to add to your to-do list when moving to a new house or apartment:

Notify Your Bank: When moving, it is key to notify all of the financial institutions you deal with about your new address. This is regardless of whether you mainly do your banking online or in person. Institutions you may need to notify are your bank, car loan lender, student loan lender, credit card companies, brokerage firms and any other financial companies you deal with on a regular basis. Failing to do this can lead to missed statements or other important communications from these important financial institutions. You should also notify any companies that are set up on a direct deposit or automatic payment as well.

Notify Your Insurer: Once you have decided on a new home, you must notify your home insurance company. A new house and a new address will absolutely impact your insurance premiums. Insurers consider the size of a home, its location and proximity to flood zones among other factors. In most cases it is a good idea to request a homeowners insurance quote for any home you are considering so there are no surprises when it comes to your new homeowners or renters policy.

Review your coverage levels with your agent to make sure you are fully protected at your new location. If the new house has a swimming pool or trampoline you may need to up your coverage, and if the new home has a security or sprinkler system, you may qualify for a discount.

Have a Yard Sale: Moving is a great time to clean out your closets and possibly earn a little extra spending money as well. Saturdays are a great day for a yard sale. Be sure to advertise by hanging up flyers around the neighborhood and online. Be sure to put prices on all items and be prepared to haggle.

Donate Unwanted Items: Donations can be taken as a deduction on your taxes which can help offset the cost of moving. Make a pile of the stuff you are ready to give away and find a new home for them at Goodwill or another charity. Be sure to get receipts for all of the donations you make, document the fair market value of any higher value items.

Forward Your Mail: It won’t just be junk mail you are missing out on if you forget to have your mail forwarded. Bills, credit card offers or other personal information could end up in the wrong hands. Experts recommend notifying the post office at least 2 weeks prior to your move to prevent your mail from being delivered to your old address.

Keep Track of Moving Costs: It’s possible to deduct some moving expenses if you are moving for work. Rules dictate that you must be moving at least 50 miles from your old home and that you work full time for at least 39 weeks. Expenses that can be deducted include shipping costs of your goods, moving truck costs, and even hotel costs if you have to stop for the night. Keep all receipts and shipping documents so you have the proper documentation when tax time rolls around.

Update Automatic Payments: Many of us have monthly bills and services set up as an automatic payment. Everything from Netflix to utility bills can be paid automatically. Be sure to update your mailing address with these companies as your payment may be rejected if the billing address does not match the billing address on the credit card you are using to pay.

Clean Out the Filing Cabinet: Regardless of whether you store your financial documents in a filing cabinet or just an old cardboard box, now is a great time to clean out old documents. Shred any personal or financial documents that you no longer need to have on hand. Experts recommend using a cross cut shredder that will ensure your data is properly destroyed.

Now you are ready to move so load up your stuff and enjoy your new home.


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