Where to Find Money to Finance Relocation Costs

A better job opportunity. A more affordable living arrangement. A quick home sale. The flexibility of working remotely. There are a number of reasons why so many people are leaving their current homes and relocating to new towns and states. But moving can be quite expensive and finding help with moving expenses can be a challenge, especially if you’re working with a tight budget.

How to get money for moving expenses

From common moving expenses like van rentals and packing supplies to those unexpected moving costs that pop up out of the blue, everything on your moving checklist costs money. The average relocation cost is about $1,400, and that figure more than doubles if you’re moving out of state.¹ So how do you finance relocation? Unless you’ve been saving for emergencies, it’s likely you’re going to need help.

Here’s how to get money to move and find help with moving expenses:

1. Ask friends and family
   Approaching your family and friends about borrowing money can be awkward, uncomfortable and downright hard. But those closest to you can be your biggest allies when you need to get something done. If you need money to move, financial help from your parents and friends could help bridge the gap between how much you have and how much you need to pull off the big move.
   
   Just remember that borrowing money can sometimes put a strain on a relationship. It’s important to be clear about whether the money is a gift that doesn’t need to be repaid or a loan that does. If it’s a loan, it helps both of you to put the details of the moving loan or relocation loan in writing including how much you’re borrowing, how you plan to pay it back and when.
   
   Outside of financial help, asking your friends to pitch in with packing, lifting, hauling and other logistics of moving can really help save time and money.

2. Research government grants and programs
   The U.S. Department of Housing and Urban Development offers various relocation programs for households that can meet specific requirements for their move.² There are also state and local programs that give grants for moving expenses, rent and other costs like utilities.³ And if you’re a veteran of the U.S. military, there are even more resources available to help.

3. Talk to local charitable programs
   There are several civic, volunteer and religious organizations that offer moving assistance to community members who meet certain income and household criteria. Call 211 or visit 211.org to connect with the resources available in your town.

4. Take out a personal loan
   For help getting money fast, a personal loan could be the answer. If you apply for a OneMain moving loan, you’ll get fixed payments, a fixed rate and a fixed payoff schedule. This can help with moving expenses now and allow you to pay the money back over time.

5.Use credit cards
If you have room on your credit cards, you might consider using them to finance your move. Just make sure you don’t max them out in the process. If you use credit cards to finance your relocation, be ready with a plan to pay them off or pay more than the minimum payment due each month. Otherwise, you could find yourself paying off your move longer than you wanted.

6. Talk to your employer
   If you’re relocating for work, speak to your new employer about any relocation assistance they may have available. Many companies have a standard relocation assistance policy that explains what they’ll offer and how it works. If your company doesn’t have a relocation program, still consider asking if they could help with moving expenses. If they think of you as a valuable asset to the company, they should at least help with a portion of the costs associated with joining their team.

It’s your move

When it comes to getting help with moving expenses, the key is to examine all options available to find the solution that works within your timeframe and budget. As you plan your move, be sure to consider all common moving expenses, and keep in mind that you’re likely to need extra money to cover unexpected moving costs as well. The good thing is there are many resources out there to help. It just takes a little planning on your part to come up with a way to get it all done.

1. https://www.forbes.com/advisor/home-improvement/movers-and-packers-cost/
2,3. https://www.mymove.com/moving/costs-and-finances/low-income-moving-assistance/

This article has been updated from a previous posting on September 8, 2020.