Moving to a new city? Changing jobs? Starting or ending a relationship? All of the above at once? New life changes can be exciting, but also overwhelming. The tips below can help you maintain steady money management skills when your brain is moving a million miles an hour.
Seeking a new home
It’s vital to understand the cost of living when contemplating a new location – rent and home costs can vary drastically from city to city. Utility costs and car insurance premiums can also differ, as well as state and local taxes. You may decide to rent as you get to know a new area, but be sure to note if there are extra charges for parking, having a pet, on-site storage and more. Do as much research as you can before you commit to a new home base. Don’t forget to factor in possible emotional costs of climate, access to nature and local entertainment opportunities.
A new job often means an increase in pay, but look at the big picture: Will you have better benefits or will you need to pay more for health insurance? Do you need a new wardrobe? Will you be spending more on commuting costs, whether taking public transportation or fueling your own vehicle?
If a job change means a pay cut, be sure to look for ways you can reduce spending so you aren’t overextending your finances and accumulating debt. Contact your financial institution, utility companies, student loan companies, etc., to explain your new situation and if you anticipate any financial hardship – it’s better to be proactive and honest than to avoid paying bills, which can damage your credit score.
It is important to keep track of all the little things in times of change to make sure you are staying financially stable. While Online Banking allows you to easily monitor your daily transactions, it is best to talk to a financial advisor about your overall financial options and goals to make sure you are on track with where you want to be in the future. Our financial advisors can provide you with a clear roadmap to the future of your financial situation and strategies to address any potential bumps in the road before they happen, so you can stay on track.
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Combining or separating finances
Communication is key when you are in a new relationship or ending one. Before you decide to join finances, have a thorough discussion about your money history and current financial standing, your savings goals and how you’re going to pay bills. Consider putting a plan in writing so it’s clear for you both.
If breaking up your relationship and your finances, you’ll want to communicate clearly to make separating your finances as smooth as possible. Your original written plan can also help provide clarity at this time.