Smart Money Moves

Save Money on your Indianapolis Move!

To make your move as budget-conscious as possible, look over this list of tips and reminders on how to save time and money throughout your move.

Deposits

  • Check with all your utility providers on the return of your deposits.
  • If you have been prompt on payment, ask your utility companies to give you a “good customer” letter to take with you. This may allow you to ask for deposits to be waived at your new home.
  • If you rented, be sure to check on having your security deposit refunded to you. Also ask if you are entitled to interest on that money. Many communities require landlords to place security deposits in a bank where it is held earning interest. This may or may not apply in your case, but you certainly should ask.
  • Also, if you paid a pet deposit when you moved in, you may deserve to have that refunded as long as the premises are left in satisfactory condition.

Use coupons whenever possible

Look for coupon books often sold or distributed by local groups for various goods and services. Those coupons can be valuable if you need to eat meals out, stay at hotels, etc. Entertainment Publications distributes coupon books in over 130 cities and areas nationwide. You can contact them at 800-445-4137 to see how you can obtain a book for yourself.
When you get to your new place, check your mail carefully. There may be valuable coupons sent to you by local supermarkets, furniture stores, etc.

Have a Moving Sale!

This is hardly a new idea, but always a good one. Now is the ideal time to get rid of all those things you’ve been meaning to clear out of your house. You could end up throwing money away if you don’t give someone else the chance to buy it first! Also, the fewer things you have to move, the lower your moving expenses may be. But avoid the temptation to sell too much. You don’t want to arrive at your new home and be short on furniture or other items. Also, be careful not to sell anything that may be more valuable than you think. We’ve all heard those stories about masterpieces being picked up at a yard sale for next to nothing. Any doubts? Check it out.

Ask for discounts

Don’t be embarrassed to ask for breaks or discounts in your new area. Many banks for example offer some form of discount in their newcomer kits. You’ll be the new kids in town, so take advantage of any “first-timer” or “new member” offers that may be extended to you.

Insurance

When it comes to insurance, you may want to review your current coverage. Making a move is a good time to re-examine those types of things. You may be able to acquire equal or greater coverage with another carrier. Or the same carrier may have variables in your new area that could possibly lower your premium. It’s certainly worth a phone call.

Receipts

Keep track of your moving expenses, they may be tax deductible. The non-reimbursed cost of moving household goods and personal effects to a new residence is permitted as a deduction in determining federal adjusted gross income.

Including…

  • The actual cost of transportation (rental trucks, gas, etc.)
  • The cost of packing, crating and unpacking
  • The cost of storage-in-transit (limited to 30 consecutive days)
  • Valuation (limited to 30 consecutive days)
  • The cost of shipping your automobile
  • Transporting your household pets
  • Lodging during the trip, but not meals
  • Moving your personal belongings from a place other than your old residence, summer home, relative’s home, etc. may be deducted to the extent that it does not exceed what it would have cost to move them from your old residence.
  • You may not deduct expenses in excess of a reasonable amount.

There are some restrictions that apply as far as who qualifies:

You must be moving to a new principal residence to work as an employee or as a self-employed individual at a new principal place of work. Your new job location must be at least 50 miles farther from your former residence than your old job location.

You must be employed full-time in the general vicinity of the new job location for 39 weeks during the 12-month period following the move.

Also, if you donate items to charity, remember to ask for receipts. They too are often tax deductible.

To become completely informed on what is deductible, call the IRS Problem Solving Line at 800-829-1040 or refer to IRS Publication 521 Moving Expenses.