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When I moved from the UK to Canada, I had to save quickly. Here are the tips I used for saving for a big move that I would use again.
When my ex-husband and I made the decision to move to Canada, we did it with just three months. Our lease was coming up, we didn’t want to wait another year (as we’d end up trapped in another 12-month lease), and it was the perfect timing for the ages of our children. Plus, the timing of the move was perfect—in the summer to give them time to settle before the eldest started full-time school.
We needed money, though. An international move cost us thousands. We didn’t move furniture across and opted to buy new, but it still cost thousands for plane tickets, getting everything set up in the new location, and making sure the old place was ready for the rental agency.
That meant money was needed. We had just three months to save, but if you can, please take longer. Here are the tips we followed for saving for a big move. Well, they’re the ones I followed as my ex-husband was a terrible spender so I had to do all the hard work on the finances.
Create a strict budget when saving for a big move
We had to look at our expenditures and cut back as much as possible. We made the choice to cancel some direct debits that we didn’t really need and reduce our spending in certain areas. We’d already consolidated our debts the year before, which was a big help. I’m not sure what we would have done with the individual debts, too, except just funnel the spare cash into savings as much as possible.
This strict budget really does limit our luxury spending but it will be worth it in a couple of months. It’s just sticking to it. Not everyone will be willing to curb their spending completely. Not everyone will want to completely cut back. It turned out my ex-husband wasn’t happy with it, but it was either stick to it or don’t move and be stuck in the dead-end job he was in.
You need to if you want any chance in saving as much as possible.
We also knew that when we moved, we had to live on just one income. It made him unhappier until he was able to get his visa to work again. He doesn’t do well with budgeting, which should be a reason he’s an ex, but there’s a lot more that went on there.
Put disposable income in the savings account
This can help you stick to a budget. On payday, I always look at the amount in the bank. I move as much as I dare into a savings account. I’ll overestimate the amount I can move, knowing I can always move it back if I need to.
When I move money into the savings account, I’m less likely to spend it. It’s earning interest and I don’t like seeing that account balance drop. All my income used to go straight in because we didn’t need it for the basics at the time. Now, I have to be a little more strategic to figure out what remains in the checking account.
Cut back on unnecessary energy usage
Our bills are often the most volatile of spending. I can’t estimate it and I’ve tried. Just the last two months we’ve spent more than I thought we would in food and electricity.
It’s time to cut back on all unnecessary energy usage. At the time of the move, the weather was nicer, and it made things a little easier. We could walk a lot more so I didn’t need fuel for the car, and I could turn the heating completely off and only put it on for an hour in the day if it is really necessary (we’d had a very cold spring).
I also turn off all the electronics when they’re not in use. I do this anyway as it helps the environment and I grew up following that rule. In line with these efforts, Houston insulation removal made easy and affordable can further contribute to our energy-saving endeavors.
I would end up with a strict budget for food. That was where I ended up spending a lot of extra money because I would go for the convenient store instead of the cheaper options in the local area.
When it comes to electricity (or hydro as we call it in Canada), it’s a little easier to budget for now. I’ve found that things are a little more stable in Canada than they were in the UK. I’ve also found ways to cut down costs on food despite inflation.
Use cashback apps when saving for a big move
We got a lot through cashback in the past. I would have apps to scan my food shopping and sites for buying things online. It helped us get a little bit of extra money.
Depending on what we were buying, we could end up with £20-£50 per week in cashback. Every little bit adds up. I don’t do it as much in Canada, but I do make sure I get all the points I can at Loblaws stores. I end up with a basically free Thanksgiving, Christmas, and New Year because of the points I save throughout the year.
Save your benefits
If you get benefits, it’s time to cut back on your spending to save them. We got child benefits and in-work benefits because our incomes were so low. It turns out that we didn’t exactly need them. They paid for their nursery fees and then cover the cost of nappies and wipes.
The extra money could have just been spent, but I took to saving as much of it as possible.
It’s harder now in Canada. I don’t get as much in benefits and what I do get needs to be spent on day-to-day things. The child benefit I get is put straight into things for my children. But I do find a way to save my own income throughout the month so it balances out. I need to have an emergency fund at all times.
When saving for a big move, you can end up living on very little. If you’re doing it for a short period of time, like I did, it probably isn’t going to feel too bad. It’s important to have a timeline, so you don’t feel like you’re constantly not enjoying your life.
MORE: Why your emergency fund is one of the most important parts of your budget
What tips did you follow when saving for a big move? What budget needs do you have? Share in the comments below.
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