Whether you’re relocating for a new job, a better lifestyle, or retirement, moving to a new home and community is a major life transition, and like any big change, it brings both excitement and uncertainty. At RTD, we’ve helped many clients navigate this shift with clarity and confidence. The key? Planning holistically, not just for the move, but for your new life.
Here are 6 keys to how to make your move not only smooth but set the foundation for long-term success in your new community.
- Start with a Financial Health Check-Up
Before you pack a single box, take a good look at your financial picture. A move can come with hidden costs. Some are short-term, such as moving expenses, deposits, and utility hookups. Others are long-term, such as property taxes, cost of living changes, and commuting costs. A financial check-up helps you:
- Reassess your budget considering new expenses
- Determine what is truly affordable, especially if you’re buying a home
- Adjust your savings and emergency fund accordingly
- Evaluate changes in insurance needs, tax brackets, and benefits
- Understand the Cost of Living, Fully
It’s not just about rent or mortgage payments. The cost of everyday items like groceries, gas, healthcare, vet care for your animals, and childcare can vary widely depending on location. Even something simple, like a cup of coffee, may cost more in one city than another.
Research the local cost-of-living to compare your current and future location. Then adjust your monthly budget using real data.
You may think costs will go down in a state that does not charge income tax but you may have higher property or sales taxes.
- Secure Your Home Wisely
Your home is often your largest financial commitment. Whether you plan to rent or buy, approach it with care.
- Renting? Review lease terms carefully. Factor in security deposits, pet fees, and renters’ insurance.
- Buying? Get pre-approved for a mortgage but avoid stretching your budget. A good rule is to keep total housing costs, including taxes and insurance, under 30% of your gross monthly income (income before taxes). Not sure who to trust for obtaining a mortgage? Ask your financial planner for a recommendation of a trusted mortgage lender.
If you’re moving from a lower-cost area to a more expensive one, be cautious about increasing your spending habits. Stay focused on your long-term financial goals.
- Build a Local Financial Support System
Thriving in a new community means more than unpacking boxes. It also means setting up the right local support network.
- Find a trusted local CPA, especially if your tax situation is changing
- Connect with your financial planner to update your plan after you move.
- Review estate planning documents. State laws can differ, and you may need to update wills, trusts, and powers of attorney
Also, make sure to update your driver’s license, voter registration, and notify your financial institutions of your new address.
- Invest in Your Community Life
Your finances should support a life that reflects your values. Consider how you want to engage with your new surroundings:
- What organizations, clubs, or volunteer opportunities interest you?
- Are there professional networks or interest groups you can join?
- What social activities help you feel connected and grounded?
Remember, true financial well-being includes emotional and social fulfillment. Make both a priority.
- Give Yourself Grace and a Timeline
Every move comes with a learning curve. Give yourself time to understand your new environment and to determine what other updates need to be made with the move. Include essentials like finding a doctor or a trusted vet, getting your bearings in local neighborhoods, and learning where to shop. A simple plan reduces stress and helps you regain a sense of control.
Final Thoughts: A Move Is More Than a Change of Address
Relocating is a unique opportunity to reset, refocus, and build the life you want. With thoughtful financial planning and meaningful connection to your new community, you can thrive in every sense of the word.
If you’re preparing for a move and want to ensure your finances are aligned with your goals, talk to your financial planning team. A little preparation now can make a big difference later.
RTD Financial Advisors, Inc (“RTD”) is a SEC registered investment adviser. Information presented is for educational purposes only intended for a broad audience. The information does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. RTD has reasonable belief that this marketing does not include any false or material misleading statements or omissions of facts regarding services, investment, or client experience. RTD has reasonable belief that the content as a whole will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. RTD has presented information in a fair and balanced manner. RTD is not giving tax, legal or accounting advice, consult a professional tax or legal representative if needed.