Moving your family is a big decision, one that comes with financial, emotional, and physical costs. After all, someone has to pack everything and move your life to a new home, all while supporting your kids through an enormous transition.
Spoiler alert: that person is mom.
With so much on the line, you don’t want to pull up stakes needlessly. So, when is a move worth your time and money? Let’s look at three situations when you might want to set down roots in a new neighbourhood.
1. Your Bills
Housing costs are one of the biggest motivations for families thinking about a move. Your current house could simply be too expensive for you right now.
Everyone is feeling the crunch these days, even those who are pulling six-figure paycheques. But does that mean everyone should move? It depends.
Do you spend so much of your income on housing costs that you save very little or not at all? Living without savings puts your family in a tough position. Eventually, you’ll have to cover an unexpected expense, like replacing your furnace, hiring a plumber, or fixing your car.
What then? Many moms like you have a line of credit to pitch in these emergencies. A line of credit can be a helpful backup when your savings fall short. But the online loan experts at Fora can’t recommend them as a permanent substitute for your savings.
You can see if you qualify for a line of credit from Fora when your emergency fund doesn’t stretch far enough. But if you can never fill your emergency fund to begin with, a line of credit won’t solve your family’s financial problems — only delay them.
Downsizing to a more affordable neighbourhood can help you reduce your housing costs, so you can start saving again. Building an emergency fund can make it easier to handle the unexpected without dipping into credit.
2. Your Job
If downsizing can reduce your housing costs, a new job can clinch a higher income capable of handling your bills. Wage gain is a significant point in moving’s favour, especially if you can secure a job offer before you make the move.
Before you relocate for a job, you can always use this opportunity as leverage while negotiating a raise with your current employer. Depending on your field, they might be willing to match the offer to keep you on staff.
Hiring experts recommend you should causally look for job opportunities, even if you like your current position. This is a great way to ensure you’re getting fair compensation for your labour.
3. Your Child’s Education
What are the schools like in your neck of the woods? Is your neighbourhood safe for your children to walk to school? Can you trust transit to get them to class if you can’t give them a ride?
These are all big questions you must ask. Some school districts, and even specific schools, perform poorly on standardized tests, but this might not be enough to warrant a move. A school can have amazing teachers who serve a population that has greater academic needs than others.
You must determine if your children’s current school supports their ability to learn and succeed in life. If your school board has recently lost funding and support staff, you may want to move somewhere your children will get more attention.
You don’t need a reason to move; you can simply want a fresh start in a different town. But you stand to gain the most if you move for the three reasons discussed here today.
If a move sounds right, check out these tips to keep your relocation on budget.