Posted by Lea Nabipour on 12/25/2017

A lot changes when you move into a new home. For the first few weeks youíll most likely be focused on getting everything arranged and put away in their proper locations. Youíll be adjusting to your new work commute, meeting the neighbors, finding out where to shop, and so on.

Itís easy to forget about updating your budget during the first couple of months in your new home. However, if you want to be mindful of your spending and gauge the true cost of living in your new home, itís essential to start tracking expenses and creating your budget as soon as possible.

In this article, weíre going to show you how to make a new budget for your new home so that you can start accurately planning your long term finances. That way, you and your family can rest assured that you arenít living above your means in your new home and can stop stressing about spending.

Cost of living changes

When most of us move we think about the change of our mortgage payments, property taxes, and home insurance. However, there are several smaller changes that will occur in your day-to-day spending habits that you might not think to update in your budget.

First off, make a note of how much youíre spending on transportation (whether itís train fare or gas for your car) in your new home and adjust this on your budget. This is hard to predict before you move since you canít be sure of the traffic patterns until your first trip to the office.

Next, make a list of your monthly services, including utilities. Weíre talking about internet, cable, trash and recycling, heating and electricity, and so on. At the end of the first month, add each of those to your budget and decide if you want to spend less on any of them.

One surprise expense that many people have when they move is the cost of internet. Your old plan at your former residence might not cut it if you move to an area with different coverage.

Furnishing your new home

Even if youíre moving with most of your furniture and appliances, there will likely still be expenses that youíll need to plan for in your new home.

It might be tempting to make all of these purchases at once so that you can feel like your move is ďcomplete.Ē However, the best course of action is to include these items into your monthly budget so that you are prepared for emergency expenses.

Decide which items you need the most in your new home, and prioritize purchasing those on the first month. Youíll likely realize after just the first couple of nights in your new house which items you need now and which can wait.

Budgeting apps and tools

Everyone has their own preferred method of record-keeping. Some people keep their budget in a notebook or planner, whereas others like to use an app that they can access on their phone or laptop.

There are dedicated budgeting apps and web applications that link to your bank account and tell you how much left you can spend that month and if there is an issue with your budget. Several such apps are available for free in both Android and Apple app stores.

For a simpler budget, you can simply use the spreadsheet application of your choice (Excel, Numbers, and Google Sheets are all sufficient).

Regardless of what tool you use, make sure you check in on your budget frequently to ensure youíre sticking to it and making adjustments as needed.

Tags: budgeting   moving   budget  
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