Moving is the perfect time to say good bye to the old and get rid of the clutter in your closets and take advantage of making a few bucks in the process. Moving is not always about paying for moving expenses in fact I actually made enough money from my move from the United States to Europe to lower my moving cost by almost 70% of my total cost. You can do it to, it’s easy and I will tell you how in three simple steps you can lower your moving cost making next long distance move very affordable.
Those of you doing a long distance move will find your biggest savings in packing light and taking only the bare necessities. If you have to save every plastic cup and piece of broken furniture this isn’t going to work. You need to get rid of anything that is not going to be a bare necessity and this means sometimes making hard choices like getting rid of things such as your rusted tricycle you had as a child sitting broken in the corner of your garage that you only discovered as you began to pack. If it wasn’t a part of your daily life now it won’t be in the future either. Keep your sentimental belongings you don’t use to one or two medium size boxes.
Tip 1 Sell as much as you can
Start out by getting your moving cost together first. Get your estimates and quotes in order so you know what your moving budget is. Since you are going to make money from your old stuff and start over, you need to have in mind how much money you need to raise in order to open your eyes the value of old property in the garage. Believe me it helps when someone says to you, “I’ll give you $200 for the electric train set.” You will make you realize a lot quicker if you need that train or if that $200 just helped you pay off your shipping bill.
Here is what I did that had really good results and earned me some pretty good money. Sell your stuff on Ebay and the local swap meet. I used both and to be honest I cashed in at the swap meet. It cost me $175 to rent a good piece of real estate at the swap meet for both Saturday and Sunday. I picked a spot that had good traffic and I spent another $69 to rent a truck. I sold most of the contents of a 1 bedroom apartment such as stereos, appliances, electronics, TVs, books misc stuff. In two afternoons I walked away with $5,800 in cash. Ebay resulted in a lot of shipping and about $400 bucks. Ebay and Craig’s List are great tools for selling off your unwanted items. The results are always different for everyone so play around with what sells off your goods at the best prices and invest your attention in that method.
Tip 2 Self Pack
If you don’t know what a self-pack is ask your moving company or your freight provider about it. You basically pack all your goods and prepare everything for transport rather than having the movers pack it for you. To get more information on “how to pack a pallet” check out the details in this link. You can even save further money by delivering your own pallets to the port where the goods will depart if you are moving international. On the other side you are even allowed to pick up your own pallets at the port of arrival where you will be moving to. These kinds of self-move self-pack options will skinny down any big move. I chose a self-pack and shaved $400 off my shipping fees.
Tip 3 Take a Tax Deduction
That’s right there is still money to recover if you are moving more than 50 miles away from your work place. It’s common these days for people to make longer commutes or move overseas for a job. If you are 50 miles away from your work or former job you can claim a tax deduction if you have worked at least 39 weeks after the 12 month period you moved. It does not have to be immediate, just as long as it was within a 12 month period after you moved. And better yet this is an above the line deduction that means it reduces your adjusted gross income before tax and can be claimed even if you don’t itemize your deduction. You can check out the IRS publication 54 for details.
Here is a short list of what you can claim
- Cost for packing and transport
- Travel cost between shipping destinations and residence. For example: going back and forth between storage or a new home.
- Cost for breaking a lease or signing a new lease agreement
- Discovery cost, expenses that were necessary to view or find a new home, job or school at your new residence
- You can even claim losses for closing memberships in clubs or subscriptions due to your move
- Get your security deposit covered if it was lost due to your move.
Always consult a tax adviser before taking deductions to be sure you qualify and to be sure you cover everything you are entitled to.