How To Handle Your Finances When Moving To Florida
If you’ve committed to moving to Florida, congrats! You’ll soon be rewarded with everything great the Sunshine State has to offer, from beaches and warm waters to vast employment opportunities.
But a big part of moving to Florida, or anywhere for that matter, is taking a good look at your finances and figuring out a plan for this new venture in your life. Here are a few of the most important financial considerations to make as you get ready to move.
Before Moving To Florida Consider This About Your Finances
Make A New Budget
Moving to Florida is a good time to revamp your monthly budget and make some adjustments. Try to estimate your expected monthly expenses and new forms of income.
For the first few months, budget for any expenses you expect to make directly related to your move, for example, new furniture, paying a moving company, a security deposit for an apartment, or making a down payment on a home.
The average cost of moving to a new state is around $3,000 (and that’s without paying for movers). Create a budget just for your move, outlining everything from the cost of storage and boxes to gas and food.
In addition, make room in your budget for possible cost increases compared to where you currently live. Restaurants, daycare, gas, and more may be more expensive than what you’re used to.
Compare Housing Costs
Many people are moving to Florida because of new job offers or to settle into retirement. Housing costs vary wildly from state to state, and Florida is no exception.
While you may have a good idea of what you want to spend and what you can afford in your new home, take a hard look at all of the options, including single-family homes, apartments, and condominiums. Compare property taxes and other possible insurance costs (such as flood or natural disaster protection).
Explore housing options just outside of the city you want to live in for alternatives that may be cheaper.
Determine Transportation Costs
Moving to Florida may mean more options for getting around — or it could lock you into one form of transportation, depending on where you settle down.
Think about how long your commute will be and if you may now have access to reliable public transportation. Will you need to buy a new vehicle and pay for insurance and car registrations? Will you need to pay for parking?
Explore Your New Normal For Taxes
Florida probably has different tax rules compared to your current residence, so take some time to learn the ins and outs of taxes before moving to Florida.
For example, Florida does not have a personal income tax (though you’ll still pay federal taxes), so if you’re moving from a state with a high-income tax, such as California, Hawaii, Oregon, and Minnesota, that will make a big difference in your budget.
Finish Your Financial Business In Your State
If you have outstanding payments in your state, take care of them before moving to Florida. This could mean paying school tuition, finishing utility payments, and wrapping up home insurance.
More likely, you’ll need to set up your move to Florida by either closing a bank account or transferring funds to a new bank. Credit card companies and other lenders will want to know your new address, and you may have to prepare for paying more on home and auto insurance depending on where you live.
Gather Your Financial Documents
There’s a lot to do when moving to Florida but make collecting your financial paperwork and documents a priority. Essential items include trusts and wills, property deeds, social security and bank cards, car titles, and medical records.
Don’t forget to bring along anything related to financial accounts, such as credit card information and checks.
Look Into A Florida Payday Advance
Moving to Florida is an exciting change, but any move can be stressful — especially in the first year. If you encounter a financial obstacle while making your big move, a Florida payday advance may help.
Specifically designed to assist those facing an unexpected financial emergency, payday loans offer a small amount of cash that’s typically paid back when you get your next paycheck. You may qualify for a Florida payday advance of up to $1,000 in as little as a half-hour through Fast Payday Loans, Inc. of Florida.
An easy way to get started is by filling out the payday loan information form on our homepage. Once it is submitted, we’ll give you a quick call to discuss the Florida payday advance process and guide you through the rest, which can usually be completed either over the phone or in person at a location near you.
Once approved, you get the payday advance cash you need as soon as the same day.
Get Started Today
Moving to Florida is just the beginning of an exciting new life journey. To help things go smoothly, consider a Florida payday advance if you encounter a financial emergency. Start online, give us a call, or visit us at Fast Payday Loans, Inc. of Florida today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.