5 Factors Working Moms Need To Consider Before Relocating

Katie Harp / Unsplash

With the rise of remote work, some women may be considering relocating for a number of reasons, such as moving to a larger home or being closer to family. However, there are a number of factors working moms should consider before making a move. In today’s “Financially Savvy Female” column, we’re chatting with Charlotte Cowan Geletka, CFP, managing partner at Silver Penny Financial Planning, about what some of those factors are.

Keep Up With the Latest: Sign Up for The Financially Savvy Female Newsletter
Stay in the Know: Read More From the Financially Savvy Female

Relocation Costs

Don’t underestimate the cost of the actual move — this needs to be factored in when comparing the costs to live in your current home compared to your desired new location.

Related: 4 Essential Tips for Moms Re-Entering the Workforce
Read: 3 Money Moves Every Woman Must Make, According to Rachel Cruze

“You can spend thousands of dollars moving and getting set up,” Geletka said. “You’re so emotionally invested in getting the home, but you’ve got to get yourself there, plus all the setup costs — furniture, all that kind of stuff.”

Make Your Money Work Better for You

Taxes

Taxes can vary greatly from state to state and even city to city. In addition to income taxes, pay attention to estate tax, inheritance tax, sales tax and property tax.

Living Costs

“People look at housing costs and they don’t look at all the other things,” Geletka said. “Take what you’re spending now and add it all up. Itemize it out.”

Discover: $1M Is No Longer the Standard Nest Egg – Here’s How Much Most Americans Think You Actually Need To Retire
See: 21 Items That Are Always Cheaper at Costco

This includes everything from your weekly grocery bill to how much you spend on dry cleaning.

Child Care

“You have to look up the child care costs in your area because that is going to be a significant part of your costs,” Geletka said.

Find Out: What To Expect (Financially) When You’re Expecting

This can be an especially large factor if you are moving away from an affordable (or free) child care arrangement.

Breaking the Glass Ceiling: How To Land a Leadership Position

Make Your Money Work Better for You

“Say you move to the Midwest and you buy a house that costs less, but let’s say you’ve lost a cheap child care arrangement so now you have to go full price on child care,” Geletka said. Those costs can greatly up your overall living expenses so need to be considered.

Lifestyle Factors

A change in location sometimes requires a major change in how you live — which can add additional costs.

Learn: How Every Woman Can (and Should) Become a Confident Investor 

“Say you need a car because you lived in a city and you didn’t need a car,” Geletka said. “Add that cost in. Or you moved to a different climate so you need warmer clothes. It’s not just the house.”

Read: How To Handle the Financial Pressure of Being the Sole Breadwinner

GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall. Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.

More From GOBankingRates

About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.