Local Economy Dead? 3 Tips For Moving To A Prosperous New Area Without Spending A Lot Of Cash
If you recently graduated from college only to realize that there are few local job openings in your field or only ones that pay very little, then you may wish you could make a move across the country or at least to a new city or state. Moving to find employment doesn't have to be as expensive as you may think, and when you follow these tips, you may realize that you can afford to make a move to an area where you can put your degree to good use and earn a better income.
1. Consider Moving to an Area That Pays You to Relocate
It may sound strange at first, but there are cities and states in the United States that currently offer monetary or other rewards to people who opt to become local residents. One current city that offers new residents a monetary incentive is Detroit, Michigan. The only catch is that you must land a job with one of five designated companies before you relocate. If you move to downtown Detroit after being hired, you will be paid $2,500 to cover your first year's rent, and $1,000 toward your rent the second year in the city. However, even though you may think that you are not in the financial position to buy a home right now, new residents who opt to purchase a home in downtown Detroit instead of renting get a full $20,000 toward the purchase.
With the down payment of a new home or your first year's rent covered, you can then put your savings toward the move. Don't forget that when moving to a new location for a job, you can also deduct all moving expenses on your tax return, so you can look forward to having much of the cost of your move coming right back to you the next time you file your taxes.
2. Defer Your Student Loan Payments Until After Your Move
If you aren't interested in moving to any of the areas that pay you to move there, then there are other ways to help make ends meet until you get settled and find a job in a new area. One way is to defer your student loans if they are eating into your savings account. During deferment, you won't have to make any payments on your loans, and most loans won't even accrue interest during this time period that can last up to three years. You have to apply for deferment, but if you are unemployed or experiencing financial hardship due to a low-paying job, you qualify for the period of payment forgiveness.
Of course, you do want to pay those loans off as soon as you can, but it makes sense to defer them if paying them right now is getting in the way of your ability to relocate and find a better-paying job. Once you move and land that job, you can begin making those payments again.
3. Lighten Your Load if Your Moving Quote is Just out of Your Budget
If you are close to being able to afford that move, but the quote you get from the long distance moving company is a bit over your budget, then there are ways to get the price down to what you can afford. First, consider if you will need your vehicle after your move. If you live in a city with a lack of a good public transportation system, then you may not realize that the city you have your eye on has a great one that you overlooked. Shipping that car may be one of the most costly parts of your move, and driving it across the country means paying for gasoline and several nights at hotels for breaks from the road. But once you sell your car, you'll likely have not only plenty of cash for a bus or plane ticket to get you to your new home, but also extra to help fund the rest of your move or your living expenses until you land a new job. You also won't have to worry about car insurance, upkeep, and registration fees.
If you don't have a vehicle, then look into what else you have that is taking your moving quote to the next level. Moving companies often base their quotes on an equation that considers both the number of miles your belongings are being driven and the weight of everything in pounds, so selling that large sectional sofa or living room set that you aren't even sure will fit into your new apartment can help you get the rate down. Also, if you are hanging onto the last decade's worth of clothing, you may be surprised how much they weigh all together. List that old clothing on an online auction site or take it to the local thrift shop, and you can then get rid of the excess weight while even earning a few bucks.
If you want to relocate to an area of the country where your degree will help you fetch a much higher salary, but don't think you can afford the move, then realize that with a bit of hard thinking, you can likely find ways to reduce your financial burden during the transition and help fund that move. Years from now, you may look back on the time as a little bit of a financial hardship, but one of the best decisions you made in your life.
For more information and tips, contact a local moving company or visit websites like http://www.wheatonworldwide.com.