Would you move to save $250 a month?

[red92s]

I'm considering moving out of my apartment and into the next town over to save some money each month. I can afford my current place, but the heat gets expensive in the winter and is never actually even warm inside. I also pay a bit of a premium to live in a cool, hip area, walking distance to nifty eateries and drinkeries . . .but I work so much I never actually take advantage of the location.

I'd be moving about 5 miles. Rent drops from $850 to $700. Power bills drop from ~$150 on average to around $50 (electric heat now, heat included at new place). Laundry costs get cut from $30 to $15. Commuting costs drop $20 a month as I'd be closer to work.

I'd be able to downsize some furniture in the process. Both apartments are month-to-month rentals, so no change in lease terms.

The location isn't quite as nice, but it's still an easy walk to local food and drink establishments in a nice little New England town.

Take home pay after EF, 401(K), and HSA contributions is $3k. Currently have $0 in debt (car/credit/loans). EF is currently at $9k and growing (3 months income, 6 months expenses). I'm not scraping by as-is, but I'd like to start saving more aggressively for a house. There is certainly a "cost" to packing/moving, but it's only 5 miles, I don't own much stuff, and I have a friend that owes me $100 I could tap for some help with large items.

[Joan.of.the.Arch]

It doesn't sound like there are any big reasons not to move. You could save 8% of your income this way. That sounds good.

[kork13]

I'm actually looking ahead to a similar situation... My current roommates will likely be moving in August sometime, while I won't be leaving for my next assignment until probably November or December. Our apartment's rent is ~$1100, which is easily afforded between the three of us, but a bit of a strain to take on myself. I have considered moving to a smaller, cheaper apartment when they move (would save me probably $300-$350/mo). However, given that it's only for 4-5 months, I think I'll just be staying where I am. I have a fair bit of large furniture pieces, and the hassle of moving is dissuading to me. If it were any term longer than 6-9 months, I think I would move, however. My income and savings are adequate to cover the added cost for a short period, but not for too long.

As for my recommendation to you, it seems that you don't have plans to leave the area anytime soon. I'd call it worth moving, particularly if you think that you could do so without significant trouble, and can get help moving from a couple friends.

[red92s]

Originally Posted by kork13

it seems that you don't have plans to leave the area anytime soon.

I plane to head back down south around this time next year, contingent upon the right job opportunities being available. This is why a month to month appeals to me . . . I dont want to be bound to anything long term. I'd likely sell a lot of what I own at that time, so downsizing a bit right now is not necessarily a bad thing.

I'd only be dipping into savings to cover the deposit on the new place ($700). I didn't put down a deposit on my current place, so I can't just roll it into the new apartment. Not necessarily a true "cost" to move, since it would eventually be returned, but something I'd have to pay up front. There is also a slight "double rent" scenario since I paid my last months rent for the current place up front (which would be June) and would start paying rent in June on the new place. It's not quite as bad as it sounds, as I paid that money up front and I'll end up eating that cost eventually when I move . . .it's just a question of when.

[nancy2584]

In my opinion,i don't want to move for only 250$ a month

[disneysteve]

I don't see why you'd even be questioning this. It sounds like a no-brainer to me. Good luck with the move.

[Helena_Handbasket]

I'd move in a heartbeat and wish I would have done the same thing when saving for a home in my 20s. I could have saved more money and bought my first home earlier.

[creditcardfree]

I'd do it. Good luck.

[minnie1928]

FWIW, I'd do it.

[nanamom]

I'd move in a second. The chance to save more while losing very few privledges. No contest. Move!

[tomer]

I does not sound like you care a lot about the move, so you'd better move

[unsecuredmoneygroup]

Yeah I'd move too, seems pretty simple.

[myrdale]

Assuming it is a quality place you are moving to, it is a no brainer.

[cantretire]

Sounds good to me. Also consider; moving costs - that could cost a lot unless friends can help; how long will you live there? A year may not be worth the hassle and cost, but if you plan to stay in the area a few years, the savings will certainly build up a nice emergency fund.

[red92s]

Looks like things are going to go forward with the move.

I live in a studio currently, so I don't own that much stuff needing to be moved, and I have only lived in my current place 8 months so it's not like packing up will be some enormous hassle. I'd wager two or three trips with my station wagon would handle everything by my bed and sofa . . . and there is a Home Depot nearby that rents big pickups by the hour for that

for reference . . .this is about all that has to get moved, plus a flat screen TV and kitchen stuff. The large room divider is already listed on craigslist. No WAY I want to move that thing. I should actually offer it to the landlord since it breaks up the space so well.

[wincrasher]

Red - there is word for what you have right now - it's "freedom".

Enjoy it while it lasts! Good luck in your new place.

[DebbieL]

I would do the move. I can see no reason not to. I would certainly do it if it were me.

[tripods68]

I go with the move too.

[red92s]

Signing the new lease and picking up the keys thursday.

[Joan.of.the.Arch]

Originally Posted by red92s

Signing the new lease and picking up the keys thursday.

Cool!