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Use These Steps to Save Money on Moving Expenses

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While moving to a new home can be exciting, it is often surprisingly expensive. Luckily, there are a few simple and creative options that can help you reduce the cost. If you want to save on moving expenses, here’s how.

How to Save on Moving Expenses

The financial stress of relocating is typically compounded by the work involved in coordinating a move, so finding a way to save on the cost can help you remain calm during what can be a challenging time.

Get Rid of Excess Stuff

The more items you need to move, the more it costs. By getting rid of things you no longer need, you can bring your moving bill down.

Since everything needs to be packed for a move, examine each item before you pop it into a box to see if it is worth taking. Anything that you don’t need should be sold, donated, trashed, or given away. That way, you can lessen the size of the load and reduce your moving price tag.

Find Free Supplies

When you move, you usually need a lot of boxes. However, buying boxes can cost a lot. Instead of purchasing them, consider hunting some down for free. You can save boxes from deliveries, talk with friends or family to see if they have some, or even speak with area retailers and ask for boxes. Just make sure that any you use are in good shape. Old boxes may tear or bend, making them less than ideal.

For packing breakables, also look to items you may have on hand. Weekly sales flyers you receive in the mail can be great options. Similarly, using towels or clothing that you want to pack to pad breakables can be a cost-effective approach.

Consider the Mail

Most households focus on loading a truck for a move. However, in some cases, mailing at least a portion of your stuff might be more cost-effective, especially if you don’t need it immediately.

The U.S. Postal Service offers a Media Mail service for books, computer media, and certain other educational materials. The rate is far below typical package mailing costs and may be worth exploring. Just keep in mind that what can be in a Media Mail package is highly restricted, so you can only include items that meet the requirements. However, if you plan to use a moving company and the weight of your shipment affects the price, it is worth checking this service out.

There may be other instances where mailing is cheaper too, so check out what all of the major companies offer and see if it can help you save.

Compare Costs and Negotiate

If you are renting a truck or hiring a moving company, always comparison shop. Rates can vary greatly from one company to the next. Plus, once you know the various available rates, you can use that information in the negotiating process. Many moving companies are open to negotiating, though your chance for success may depend on demand and the availability of services on your preferred moving date.

Choose the Right Time

As with nearly any other sector, the moving industry experiences predictable fluctuation in demand. For example, summer is typically moving season. Similarly, weekends experience higher rates of demand than weekdays, and the start and end of the month are more popular moving dates.

If you are open to moving during the middle of the week, you may be able to get a moving company or rental truck at a lower cost. Similarly, if you can move during the off-season or in the middle of the month, you may be able to score a deal.

Reach Out to Friends and Family

If you aren’t moving far and know friends or family members with trucks, SUVs, or vans, asking for their help might help you keep the cost down. In many cases, you can possibly get their assistance for the cost of a meal and some gas.

However, this approach can have drawbacks. Since these people don’t work for a moving company, they might not be as punctual or hardworking. However, if they are reliable and in good shape, it doesn’t hurt to ask. Just don’t be insulted if they decline. Most people hate the moving process and, of course, they may be genuinely busy during that time, so don’t take a “no” personally.

Maximize the Movers

Many moving companies charge by the hour or factor time into their quote. As a result, if you can shorten the amount of time they need to spend on your move, you can reduce the cost.

For example, instead of having the company pack your boxes, do it yourself. Disassemble large furniture items in advance. Stay out of the movers’ way while they are working.

If the moving company is only taking some of your stuff and you’re handling the rest, get all of those items in a central location, preferably by the door. If you can take your stuff to the curb before they arrive, then that can expedite the process further.

Ultimately, all of the steps above can help you save money on your next move. Consider using some or all of them to make your move as affordable as possible.

Do you have any tips that can help people save on their next move? Have you ever been surprised about the costs of moving? Tell us about your experience in the comments below.

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3 Cities You Should Consider Moving to for Cheaper Housing

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Where you chose to live can play a big role in your financial well-being. For most households, housing is one of the largest line items on their budget. By choosing to live in a metro area known for lower housing costs, you can spend less of your income in this area. As a result, paying down debt, managing expenses, and planning for the future may be easier to handle. If you are open to relocating to save on housing, here are three cities with cheaper housing that should be on your list of potential destinations.

1. Huntsville, Alabama

Considered one of the most affordable metro areas in the entire country, the median household in Huntsville spends only 19.3 percent of their income on housing costs. The 2018 median home price and median monthly rent costs are $167,300 and $779, respectively, making this critical budget area easier to handle.

Plus, unemployment in Huntsville is just 2.9 percent (as of April 2019), which is lower than the national average. Couple that with a higher average annual salary ($53,600 compared to the national average of just under $47,000), and the area can be an excellent choice for relocating.

When it comes to other everyday costs – like groceries and transportation – Huntsville sits close to the national average. As a result, the lowering housing costs aren’t offset by higher prices in other areas, making the city incredibly affordable.

2. Fort Wayne, Indiana

Another metro area where living expenses come in at under 20 percent of the median household’s budget, Fort Wayne is a great option for those looking to save on housing. The median home price is below $150,000, and the median monthly rent is just $714.

Fort Wayne also has lower than average unemployment rates, coming in at just 2.6 percent compared to the national average of 3.6 percent (as of April 2019). The average annual salary is slightly under the national average, coming in at $43,590.

However, the overall cost of living is far below the national average, so even a slight decline in your income doesn’t necessarily mean you are losing out financially, depending on where you move from. Since you can save on utilities, groceries, gasoline, health care, and transportation along with housing, don’t let the lower income levels scare you away from this city.

3. Des Moines, Iowa

Households in Des Moines spend approximately 20.11 percent of their income on living costs. The median monthly rent, sitting at $857, is higher than other cities on this list, though it is still quite affordable for many professionals. The median home price is just shy of $179,000, making it competitive for a metro area.

Des Moines also has an unemployment rate far below the national average, coming in at just 2.2 percent (as of April 2019). With an average annual salary of $50,600, notably above the national average, and a lower overall cost of living, the city is incredibly affordable.

Living in downtown Des Moines is often your best bet if you want to save on housing. Once you head into the suburbs, including Ankeny and Urbandale, housing prices do go up.

These Cities Are Worth Checking Out

If you are open to relocating to help you find cheaper housing, all three of the cities above are worth checking out. Couple the lower costs of living with low unemployment and solid salaries, and each of these metro areas is a budget-friendly option for those tired of paying higher prices in other major cities across the country.

Plus, as a bonus, all of the cities above have lower than average daily commute times, coming in near the 20-minute mark. If you’d rather spend less time on the road and more time at home, these metro areas can be a way to do just that.

How expensive is housing in your area? Do you feel like it’s a good deal? Share your thoughts in the comments below.

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Is a Cash Out Refinance a Good Idea?

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Is a Cash Out Refinance a Good Idea

If you want to tap the equity in your home, cash out refinancing is one way to go about it. Essentially, you obtain a new mortgage that pays off your existing one and provides you with additional money. Then, you can use that cash to handle other things, like paying off debt, making a major purchase, or covering home improvements. While a cash-out refinance can seem like an attractive option, it isn’t without risk. Before you go forward, here’s a look at why it may or may not be a good idea.

What a Cash Out Refinance Involves

Cash-out refinancing is similar to getting a traditional mortgage. The application process is essentially the same. You contact a lender and submit an application. A lender will review your financial details – including everything from your income statements, tax returns, and credit report and scores — and they decide if you qualify for the new mortgage.

The main difference is that, instead of just requesting enough financing to cover the remainder of your mortgage, you ask for additional money. The new loan is larger than your existing mortgage. Not only does it cover what you owe on your current loan, but it also allows you to receive cash back when it is approved, processed, and closed.

What You Can Do with the Money

With a cash-out refinance mortgage, only some of the money goes to specific things. First, the new lender typically pays off your original mortgage using funds from the new loan. This ensures that the old mortgage is paid in full.

Second, depending on your financial situation, your new lender may require that some of the money goes to pay certain other debts. This is more common if your existing debt load is high (based on your income) and if you have to pay at least a portion of it down to qualify for the loan. When this occurs, the lender commonly pays those creditors directly with some of the loan, guaranteeing that it gets handled.

Finally, any remaining funds are sent to you. Usually, the new lender sends the cash to your bank account as a direct deposit or issues you a check that you can take to your bank. You can use this money on essentially anything you want.

How a Cash Out Refinance Impacts Your Credit

As with any new loan, a cash-out refinance does impact your credit. A hard inquiry against your credit report is part of the process which does affect your score whether you are approved or not. Additionally, you will have a larger mortgage loan on your credit report after it goes through. Finally, since your existing loan is older, the average age of your accounts will change once the new mortgage is reported.

However, how you use the money you receive can also impact your credit score. For example, if you use the additional funds to pay off certain debts, like credit cards or other loans, your credit score will change because of that as well. Your score may go up or down depending on the choices you make.

Is a Cash Out Refinance a Good Idea?

In most cases, a cash-out refinance is only a good idea if you will come out financially ahead in the end. If you use the money for home improvements, the investment could increase the value of your house. Many consider this a solid financial move in the long run. However, it only works out in your favor if the improvements are desirable in the eyes of potential buyers, as that determines the end value of the work.

Using the additional cash to pay off other debts can also be a wise financial decision. You may be able to decrease your monthly bills, improve your credit score, or both. Ideally, you only want to use the money to pay down debts if the interest rate on your new mortgage is lower than the ones associated with the other debts. That allows you to experience the greatest financial benefit, so focusing on high-interest credit cards or loans is the best approach in many cases. However, paying off debts to make your monthly budget easier to manage could still make it worthwhile.

Potential Uses of the Money

There are also other potential uses for the additional money that might be smart, depending on your circumstances. Using the cash to fund further education can be wise if you are reasonably sure that it will boost your income enough to justify the expense. However, there are alternatives for paying for education that could be better financial options.

Similarly, using the money to fund a business venture may or may not be a great idea. Starting a business is always risky, and many fail, so you need to make sure you can still repay the mortgage even if things don’t go to plan.

Using the cash to fund a vacation or large purchase also may or may not be a smart move. That depends on how sound your financial situation is otherwise, such as whether you have a healthy emergency fund in place, are actively saving for retirement already, and don’t have any high-interest debts.

Ultimately, a cash-out refinance can be a good idea, but only if you use the money wisely. If not, then you could be making your financial situation more precarious, and that could lead to hardship down the road.

Have you ever done a cash out refinance? Why did you think it was the right move for you? Share your thoughts in the comments below.

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Property Tax Bill Too High? Here’s How to Appeal

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Many homeowners have seen the value of their homes rise dramatically over recent years. As a result, property taxes are generally trending upward too. You can’t always avoid a tax increase based on the higher value. However, if your new property tax bill is unreasonable in comparison to appreciation in your region, you might have grounds for an appeal. If your appeal is justified and determined to be sound, your property tax bill may go down. If you believe your property tax bill is too high, here’s what you need to know about appealing.

When You Can Appeal Your Property Tax Bill

Once you receive your new property tax bill, you only have a limited amount of time to appeal. Exactly how much time you get depends on your jurisdiction, so it can vary from one state or county to the next.

In most cases, you have 90 days to appeal after you receive the new assessment. However, some locations only give you 30 days, so it is best to act quickly.

If the appeals window closes, you will have to pay the amount on your property tax bill. Failing to do so comes with consequences. First, you’ll have penalties and fines for missing your payment. The government can also put a tax lien on your home. In the worst-case scenario, a tax lien can lead to a foreclosure.

Thoroughly Read Your Assessment Letter

Before you initiate an appeal, read your property tax bill carefully. Make sure the details about your property are accurate and take a look at the value assigned to your home and land. If there is an error in the property description, such as an incorrect lot size, the wrong number of bedrooms, or similar error, then that could lead to a high bill that is fairly easy to appeal.

Then, if you don’t spot a blatant error, look over the calculations that determined your property tax bill. How a jurisdiction assigns value for tax assessments differs from determining fair market value for home sales. In most cases, the math itself will be sound. However, it is always wise to learn how the numbers are calculated before you appeal.

Get the Lowdown on Neighboring Properties

You never want to appeal your property tax bill without having a reasonable case showing that it is too high. While appealing without just-cause won’t necessarily lead to a penalty, it does mean you could waste valuable time on a fruitless venture.

Often, the easiest way to make sure you have a decent case is to explore comparable nearby properties, or “comps,” as realtors call them. Research your neighborhood and identify nearby homes. Look for houses with similar features to yours, including the overall size, style, condition, and the number of rooms. Additionally, make sure you compare lot sizes as well, as differences in the amount of land can lead to dramatically different tax assessments.

Once you find a few comps, you need to look up the tax assessments on those properties. Usually, local governments maintain publicly accessible databases, making the information relatively easy to track down. Head to your local Tax Assessor’s Office or Land Records Office website to see if the database is available. If not, you may need to speak with a real estate agent or those neighbors to see if they will share the details.

If you discover that your property tax bill is higher than the comps, you may have a good case. However, even if theirs are similar, if you can demonstrate that those properties are better than yours, you may also be able to get your tax bill lowered.

Present Your Case to the Local Assessor

Once you have built your case, you’ll need to contact your local assessor. Usually, your property tax bill will have instructions on how to proceed with an appeal. However, if you need additional guidance, contact the assessor’s office to discuss the next steps.

Most appeals processes are incredibly formal. You need to follow them precisely if you want your appeal to move forward. Typically, you’ll need to complete a form and submit your evidence. Once complete, the review period can take several months. When they have rendered a decision, you’ll usually receive notification in writing.

Appealing the Decision

If the initial appeal didn’t go your way, you could opt to appeal that review. Usually, you’ll have to pay a small filing fee and submit a request to the appeals board. Then, you can challenge the decision and hope for a better outcome.

Appealing the review can be a lengthy process, especially in larger jurisdictions. In some cases, it may take a year to get a decision.

Risks of Appealing Your Property Tax Bill

Appealing your tax bill can come with risks. While the chance is fairly small, the assessor or appeals board could determine that your property assessment was too low, leaving you with an even higher tax bill.

At times, even if your bill is lowered, the amount is so small that it may not be worth the effort. Similarly, if the change is slight, you may come out financially behind if you paid more than your bill was lowered when you filed for an appeal.

Finally, if you intend to sell your home soon, a drop in the assessed value of your home could hurt you. You may get stuck with a lower sales price since the assessor or board reduced the value.

Have you ever had to appeal your property tax bill? Share your experience in the comments below.

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How to Declutter If You Hate Marie Kondo

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Marie Kondo offers what is known as the Konmari method of decluttering your house, which seems to polarize people. She’s a best-selling author—evidence that many, many people love her decluttering methods. Ever since Netflix came out with her television show Tidying Up, though, articles seem to crop up everywhere with complaints about her methods. Her approach doesn’t work for everyone, but that’s okay. There are many different ways of decluttering your home. You don’t have to take her approach.

Understanding the Konmari Method

Personally, I like a lot of what Marie Kondo has to say. (I’m not a fan of the TV show, but I like her books.) I think that even if you don’t appreciate everything about her or want to use her method entirely, there are some great lessons she has to offer. In fact, I think that sometimes when people say they don’t like her method, they actually just haven’t dug into it well enough to understand it.

For example, Project Runway mentor Tim Gunn was recently quoted widely as being anti-Kondo. Marie Kondo is famous for saying that you should only keep objects that “spark joy.” Gunn was cited in numerous articles as saying something akin to, “Roget’s Thesaurus doesn’t spark joy, but I want to keep it.” I think this sweeping statement misses the point. I think at some level, if he’s using that thesaurus and he relates to in terms of how it improves his writing or reading, then it does spark joy.

What I Took Away From Marie Kondo’s Method

In any case, before we dig into alternatives to Marie Kondo, I’d like to say that these are the things I personally find useful in her method:

  • She practices gratitude. She appreciates each item, even if she doesn’t want to keep it. I think this is a good practice.
  • It’s helpful for me to take all like items out and look at them together. This doesn’t work for everyone. Some people find it overwhelming. However, I like to see exactly what I’m dealing with all in one spot.
  • I like the “spark joy” concept. It doesn’t always work for me. My medications don’t spark joy, but they’re a necessity. So I think it’s too simplified. But it’s a helpful method for deciding about things I’m unsure about keeping.
  • Some of Marie Kondo’s very specific organizing tips are helpful. She has cute methods for folding and storing clothing that I really like.

4 Other Helpful Approaches to Decluttering

Marie Kondo is the name on everyone’s lips right now. However, there are many different methods of decluttering. Some of them have names. Others are just tried-and-true methods. I think it’s worth it to review many different options to find what works for you. You don’t have to use one method singularly and in its entirety. You can pick and choose what works best for you. Here are four different approaches to consider:

1. Your House is a Container

Dana K. White is the author of the book Decluttering at the Speed of Life: Winning Your Never-Ending Battle with Stuff. My favorite takeaway from this book is the idea that every space in your home is a container. Each container can only hold what it holds. Every similar item should go in one container. You should start filling the container with the things you most want to keep.

For example, your bookcase is a container. It can only hold X amount of books. Every single book in the house should fit in this container. In other words, you shouldn’t have extra books on nightstands, in boxes, etc. Take all of the books out and start placing them in the container. You should put the ones you most want to keep in there first. If the container is full, and you want to add a book, then you need to remove one you like less.

Your container may be bigger or smaller. For example, if you have a whole library in your house, then it may contain multiple bookcases. The library is the container. In contrast, the container might be just one shelf. For example, all children’s books might go on on only that shelf. Each room is a container, each space in the room is a container, and that container might have smaller containers such as shelves or drawers.

2. The ClutterBug Organizing Style

Blogger and author Cassandra Aarssen has identified four different types of “ClutterBugs.” When you know your type, you gain a better understanding of the different things that matter to you in terms of organizing. Organizing and decluttering aren’t quite the same thing, but they go hand in hand. The four types of ClutterBugs, briefly, are:

  • Bee: Believes in a perfect organizing system and wants their items in sight.
  • Butterfly: Likes simple, quick organizing tools and wants their items in sight.
  • Cricket: Loves detailed organizing systems with very little clutter in sight.
  • Ladybug: Likes simple, quick organizing tools but wants items out of sight.

So, for example, it’s helpful for me to know that I like really simple organizing systems. If a system requires too much work or effort, I won’t bother. That means I’m either a butterfly or a ladybug. Since I like my items out of sight, I’m a ladybug. Therefore, decluttering is easier for me when I have simple systems for out-of-sight but accessible storage (such as bins inside closets).

3. Love It? Use It? Need It?

I’m not sure if this system has a name or if there’s a person attached to it. It’s something I heard about years and years ago and have always turned to when making decisions. Basically, for each item in the house, you ask yourself if you love, use, or need it? If it’s none of those three, then you get rid of it. It’s similar, in a sense, to Marie Kondo’s concept of “sparking joy,” but it has more leeway for other items. For example, Roget’s Thesaurus might not spark joy for Tim Gunn, but if he uses it, then he can still keep it. Likewise, I need my meds, so I keep them.

I find this helpful when decluttering non-physical items as well. For example, when I’m cleaning up my finances, I can turn to these questions. I need electricity. I use my Hulu account. As for “love,” well, I love certain magazine subscriptions but could get rid of others to save money.

4. Swedish Death Cleaning Method

Like the Marie Kondo method, the Swedish Death Cleaning method has grabbed attention in recent years. There’s a popular book about it by author Margareta Magnusson. The idea is that you approach decluttering with awareness that if you died, someone you love would have to deal with all of this stuff. Ultimately, it’s a minimalistic approach; you keep what is most meaningful and let go of the rest.

Admittedly, I haven’t tried this one, yet. However, I think it might work particularly well for my collection of writings and journals. If I die, someone will have to go through this. As a writer, I want more control over what’s kept, where it goes, etc. Therefore, I should start uncluttering that stuff now. It’s also a good reminder to properly store passwords, important financial information, etc.

Why Declutter At All?

I happen to love decluttering. When my space is cluttered, my mind feels cluttered. (Conversely, when I’m mentally cluttered, my space gets that way as well.) I find that my health is better when I declutter. However, not everyone feels that way. Some people love having a lot more stuff than I prefer. That’s okay. Find what works for you. With that in mind, though, there are some good reasons to declutter. It’s worth considering them and seeing if they hold true for you. For example:

  • If your home is so cluttered that you can’t find things, then you might spend money on duplicate items.
  • When clutter starts to make you feel smothered, it’s time to find a different way of doing things.
  • Physical clutter often shows up as disorganization in other areas of life, including finances and mental health.
  • You might have an urge to declutter but ignore it because it’s overwhelming.

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Is Putting a 20% Down Payment on a House Realistic?

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I understand the argument behind the advice of putting at least a 20% down payment on a house purchase. No one wants to pay private mortgage insurance and the idea of getting two different loans to avoid it isn’t that great either. I imagine if you are a previous homeowner and have some equity from a previous house to put down on a new one, a 20% down payment is very feasible, but what about first time home buyers?

Saving Up The 20% Down Payment has Huge Opportunity Costs

In the area that I currently live, the average home price is about $175,000 for a decent starter home. That’s actually a pretty low price compared to where I grew up across the state, where you can’t get a decent starter home for under $275,000. Let’s say someone wanted to buy a home for the first time. A 20% down payment for an average house in each area would be $35,000 and $50,000 respectively (and that doesn’t even include closing costs) Who has that kind of cash readily available? Not many people. So the advice many are given is to save up and wait.

Let’s look at what that would look like. Say you are able to save $500 a month towards your down payment. You are able to knock down your costs and pull aside that much every month. It would take you almost 6 years of saving $500 a month in order to afford the 20% down payment in the less expensive city and over 9 years to afford the one in the pricier area.

What if you were able to save $1,000 a month? Then it would take you 3 years and 4.5 years respectively. But saving $1,000 a month is quite difficult when you are trying to fund a retirement account and live day to day. Especially for up to 9 years. Most first home buyers are younger – probably in their 20s. In the best case scenario, you need to save for 3 years – in the worst case, it would be 9 years (this is assuming you already have a sizable emergency fund to take care of unexpected expenses).

It is even harder when you start looking at this from a market standpoint. House prices will rise. I don’t care what the housing market looks like now – eventually, the values will rise again. Let’s say values rise at a conservative 1% per year. In 3 years, each “average” house will cost at least $5,500 and $8,500 more, respectively. In 9 years, each house will cost at least $16,000 and $25,000 more, respectively.

Everyone who finally reached their 20% down payment goal will now need more money than originally thought for the down payment of a home that is now more expensive. Not to mention the money lost on throwing away rent rather than building equity (however small that amount may be in the first few years). Add to that the tax deductions missed and the missed opportunity to profit from the market’s increasing values. Ouch! Those numbers aren’t pretty. You have to spend money on housing either way – why not get some benefits from it?

Chances are, if you are saving a huge chunk of money each month for a large house down payment, you aren’t contributing the max to your retirement account. Your early investing years are the most critical for your future because of the wonderful concept called compounding interest. You could lose some very valuable interest time by waiting to invest (or increase your investment amount).

It Is Perfectly Reasonable To Buy A Home For Less Than 20% Down

Perhaps there are some people for which putting a 20% down payment on a house is not only possible but also a perfect fit for them. I personally don’t know any of those people and am not one of them. We chose to buy our house with no money down and use our monthly extra to invest more, stock up our retirement fund, fund our emergency savings, and make improvements to our house that will increase the value when we go to sell.

The funny thing is that our mortgage is not outrageous, we are not struggling to keep up with our payments and we are not in jeopardy of defaulting on our loan. The fact of the matter is that there are people who are a high risk to mortgage companies who will likely default on their loan if they get into a house with no money down. But there are also responsible people who will pay their mortgage on time every month who just want to have a choice of what to do with their extra money and how to best use it.

Can You Get A Mortgage For Less Than 20%?

Yes. You can get a mortgage for less than 20% down. The best way to find out if you can do this is to start making calls. You’ll want to talk with a mortgage broker. Probably you’ll want to talk with several. A good starting place might be USAA (they have great customer service) as well as your local credit union. Stay away from the bigger banks, they sometimes have incentives that are perverse (for example, by pushing low money down loans or adjustable rate mortgages).