Let’s call a spade a spade: life is expensive right now, and everyone is looking to save cash wherever possible. But “expensive” varies depending on where you are, and the biggest drivers are usually the overall cost of living and tax rates. If you’re really looking to save money, it may be worth moving to a better place to avoid the worst.
Here are Five Fast Facts on saving money by moving:
- 👎 Movin’ Out - States high in both taxes and cost of living – and as such also high in the number of people leaving – are California, New York, New Jersey, Illinois, Michigan. Flee or be fleeced!
- 👍 Settling In - States with the best cost of living situations – and thus lots of new residents moving in now – include North Carolina, South Carolina, Tennessee, Florida, and Idaho. Also consider Mississippi, Kansas, Alabama, and Oklahoma. They are the cheapest states to live in overall.
- 💲🚫 No Income Tax - If you make loads of money, maybe a state with no income tax is the best choice, even if it’s not necessarily the cheapest place to live. If that’s you, then check out these nine: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, or Wyoming. Everyone is welcome, especially millionaires.
- 💰 Hidden Costs - Wherever you’re moving, remember there are a LOT of hidden costs that can really bite you, both while moving and shortly after. This includes things like getting a new driver’s license and registration, insurance, setting up utilities and Internet service, a regionally appropriate wardrobe, and more. And don’t forget how much time it’ll take to get all of this sorted out! The more planning you can do ahead of time, the easier your life will be after the move. Then again, that means fewer things to distract you from unpacking all those boxes, so it’s your call.
- 💡 Tips And Tricks - There are things you can do to make a move easier and cheaper. Pay cash when possible (to avoid interest), do a pre-move declutter, use free resources (boxes, friend labor, etc.), move during off-peak times, and do lots of comparison shopping.
🔥Bottom line: Maybe the savings in a different place are worth the work or hassle of moving, or maybe they’re not. But when it comes to living situations and costs, the old real estate saying rings true: location, location, location.
What are your best moving tips and tricks?
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