You must pay 11% more than the national average to live in New Jersey. Seems a lot? It is. However, you can afford moving there if you plan wisely. This post tips you on how to financially prepare for moving to New Jersey.
How to Financially Prepare for Moving to New Jersey
You can financially prepare for moving to New Jersey by comparing the cost of living to your current location. Moreover, researching the average expenses for housing, utilities, transportation, etc. can help estimate your monthly budget.
Also, don’t forget to budget for unexpected expenses. This can help you handle any last-minute changes without financial strain. Another thing to remember is to inform your credit card issuer of the move and verify your credit history.
Update Your Credit Cards and History
A good credit status can get you better rental agreements and utility setups. Landlords often check credit history before approving tenants.
Credit maintenance includes choosing or upgrading credit cards that help you accumulate rewards for making purchases. It increases your affordability. You can consult the guide to Capital One credit cards to find a suitable option.
Budget for These Expenses
When moving to NJ, consider various gross expenses. These include housing, daily living, utilities, taxes, and transportation.
Housing
Urban areas like Jersey City may have higher rents, while suburban areas offer more affordable options. Renters should also budget for security deposits and application fees.
If you are going for homeownership, factor in property taxes, home insurance, and maintenance expenses.
Daily Living
- Groceries: Expect to spend around $400 per month on groceries.
- Dining Out: Even if it happens once a week, you may have to try a few places for a mix of affordability and taste.
- Healthcare: Insurance premiums and co-pays vary. You must take your time to find the best policy according to your needs.
Utilities and Services
You can estimate $113 approximately for utilities. However, research more before relocating instead of waiting until you reach NJ. You will need:
- Electricity/Gas
- Water/Sewer
- Internet
- Waste Management
Taxes
New Jersey has some of the highest taxes in the U.S. Besides income tax, you may have to pay:
- Sales tax
- Property tax
- Local taxes like medical or vehicle tax
Transportation
Transportation costs vary throughout the NJ state. You can anticipate paying for:
- Public Transit
- Driving Costs
- Tolls and Parking
- Vehicle Maintenance and Insurance
Creating a Moving Budget
Setting a moving budget helps in managing finances and avoiding surprises. You must:
- Contact multiple moving companies for quotes. Compare costs for different services such as full-service, self-service, and truck rentals.
- Plan for gas, tolls, and lodging if the drive is long. Consider the cost of flying if road travel is not an option.
- Include the cost of boxes, tape, bubble wrap, and markers. Consider purchasing from bulk retailers to save money.
- Budget for temporary accommodation if your new home isn’t immediately available.
- Allocate funds for storage units if there’s a gap between moving out and moving in.
Related Questions
How Much Would it Cost to Move to New Jersey?
The cost of moving to New Jersey usually ranges from $1,200 to $4,000. This includes hiring movers, renting a moving truck, packing materials, and potential storage fees.
Is Life Expensive in New Jersey?
Yes, life in New Jersey is expensive. You pay a median rent of around $2,500 for housing there. Other expenses such as utilities and healthcare are also higher compared to the national average.
What Is a Comfortable Salary in NJ?
You can live comfortably in NJ with an hourly income between $14.00 to $20.00. It should cover housing and other necessities while allowing for miscellaneous spending.
Conclusion
You must research the average cost of housing, utilities, transportation, etc. in New Jersey and compare to your current cost of living before planning to move. Also, you can upgrade or get new credit cards if it helps you live comfortably in NJ.
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.