Managing and maintaining a budget can be hard enough as it is. But throw a big move into the mix, and things get even trickier. Your Alabama movers will do all the heavy lifting for you, but here’s a few tips on how to manage cash flow during your move.
Agree on a budget and stick to it. Start off by coming up with a budget, or talking through it with your spouse. What extra costs will you incur? What changes do you want to make immediately in your new home? How much is realistic for you to spend during the move? $500? $2,000? Knowing this number, and holding that money back, will help you manage money and tighten up on some spending habits.
Make a spreadsheet of all move-related costs. If you have software like Quicken or Mint that helps you manage future cash flow, now is a great time to utilize them. But if you’re not so financially-inclined, a simple Excel spreadsheet can do the trick. Simply get a list from the lenders and realtors that you’re working with, of all the costs and profits that you’ll have and on what date. Then, you can set up a spreadsheet showing you how much extra money you’ll need to come up with on any given dates.
Have a back-up plan. Managing your cash flow during the big move can be really tricky. If even one bank transaction doesn’t come through on the day you need it, it can throw things out of whack. Of if you’re selling a home and the buyer asks for extra money after the inspection, it’s good to have a “Plan B.” Look into getting a line of credit either with your bank or a close family member. Use the credit card for deferring payments until after closing, to maximize your cash-on-hand. Long term, credit can be a terrible thing. But it can be wonderful for solving short-term cash flow problems.
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