Today’s post is from our regular Wednesday contributor, Erin.
Have you ever considered relocating for a new career opportunity?
It can sometimes be the best way to start earning more, especially if you’re a few years out of college and have gained a decent amount of experience.
DC has talked about moving up within a company, which is great if you have the option to do so. But what if you’re working for a small company with no room to grow? What if you’re starting from nothing? Then relocation is worth considering.
It can be a difficult decision to make – uprooting your family, packing your life away, and moving across the country can be a nightmare.
However, it’s hard to argue with the prospect of more money, moving to a lower cost of living area (and earning more), or moving to be closer to family.
We actually relocated for my fiancé’s job 6 months ago based on all three of these reasons. It was very hard to leave our family and friends behind, and while we still miss them, we have no regrets.
Today, I’m going to be sharing with you 3 reasons to consider relocating for a job based on our experience.
1) More Money and Opportunity
One of the best reasons to consider relocating for a job is for better career opportunities and more money.
Think about it. Moving to a new city can present you with more opportunities, especially if you’re coming from a small town. There are several fast-growing cities out there with job prospects galore. It can be a great option if you’ve been having trouble finding any local opportunities.
Perhaps your field of expertise isn’t big where you are, but is booming in another city. Maybe the company you really want to work for doesn’t have an office near you yet. Maybe there’s an opportunity to earn $15,000 more a year elsewhere. Maybe the economy is just plain better a few hours away.
It could be worth expanding your search for all of these reasons. If you’re reading Young Adult Money, chances are, you’re looking for ways to earn more. Besides getting a raise, relocating for another job that is offering more is a great way to do that!
In our case, relocating meant a promotion and a raise, so it was a no-brainer for us to make the move.
2) Lower Cost of Living
Property taxes were insane where we grew up (NY). Anywhere you went, someone was complaining about the price of something. When people got the chance to move, they generally took it with open arms.
We knew that it would be a hard to afford the life we wanted there, and our plan was to get out as soon as possible. Neither of us wanted to move without a job, though!
My fiancé had been job hunting early last year, and he happened to interview with a company that was big on transferring employees. They had branches all over the US, and transferring meant moving up within the company. It was the perfect opportunity, and we only had to wait a year for it to happen.
Everything worked out in the end, and we were able to relocate to NC, which is generally less expensive than NY. The biggest change in affordability has been in housing prices. Both homes and apartments are much more affordable here, which is great, considering housing can take up a large part of your budget.
Being able to earn more and spend less on living expenses was a winning combination in our eyes. It allows us to save more and put more toward our student loans. We would be a lot further behind if we hadn’t moved.
3) Family
My parents retired a year before we moved down, also to a lower cost of living area. The problem was, they were 12 hours away. Call me crazy, but family is important to me. I figured that if we were able to relocate, we might as well choose a place within driving distance to their home.
There were several job opportunities that opened up nearby around the time we were looking, and it all worked out! Being able to visit my parents on the weekend felt amazing after a year of Skyping.
Not only that, but they were able to help us move. We could not have done it without them. We left the moving truck in their driveway (we didn’t feel safe having it at the hotel), and they helped us get everything into storage. They also helped us move everything into the apartment!
The biggest bonus for others that I can see are being able to spend more time with loved ones, and possibly having a built-in babysitter so you can focus on your career.
Additional Considerations
Do your research on potential areas before applying to jobs. You want to make sure you’ll be able to afford it there! Take the chance to visit the city if you get an interview there to see if you enjoy the atmosphere.
It’s best to get an agreement up front about whether or not you will be reimbursed for moving expenses. Some companies offer relocation packages, and some don’t.
In our case, we received $1,500 based on mileage, but the truck the company booked was $1,000! We had $500 left for tolls and gas, which was eaten up fairly quickly between 2 cars and the truck.
It’s also worth it to note that moving expenses you incur can be tax deductible, so save those receipts!
Lastly, really consider your local options. Changing jobs can be a crazy experience by itself, but moving to a new city, having no support group, and having to rebuild your network can be tough!
____________
Relocating can be ideal for young adults just starting out in their career. If you’re moving as a couple, and the thought of only one of you having a job is jolting, try searching ahead of time.
My best advice would be to start saving as soon as you realize you want to make relocation a reality, and to possibly start side hustling at home to have some income stream to rely on.
Have you ever relocated for a job before? Would you consider it?
____________
Photo Credit: Erin M.
Check out some of our favorite personal finance resources:
Are you getting the best credit card rewards? Check out the top cash back credit card offers (updated daily)
Make extra money: 15 ways to make money from your computer
Get the First Chapter Free!
Join our online community and get the first chapter of the book Student Loan Solution absolutely FREE!
Moving sometimes is best solutin for family and career but moving is also stressful an dexpensive, so it needs a good plan ahead, considering pros and cons and most varibility, but you can talke it as a new beginning!!!
Yes! I’m a huge proponent of relocating in order to advance your career. Mr. FW and I have moved 5 times in the 8 years since we graduated from undergrad. Each move was calculated to increase our salaries and our earning potential. It’s difficult and not entirely comfortable to move so frequently, but, we’ve been able to leverage each move for both of our careers.
I highly recommend moving around when you’re young and not tied down by kiddos or home ownership. Then, once you’re in a more stable financial position, you can live anywhere you want! Mr. FW and I have also enjoyed these moves as we’ve been able to experience many different parts of the country, make new friends, and learn to rely on each other heavily. Moving brought us closer together in our marriage since we often didn’t know anyone else in the city we were moving to.
I think advancing your career in terms up upward growth is the number one factor outside of family needs. Otherwise, if the opportunity is right, you have to go for (especially if it means you’ll be getting out of your comfort zone).
We moved a few towns over for Greg’s new job last year. Overall, it has been a great move!
I wouldn’t want to move out of state because it is affordable here and my family all lives nearby.
icejules2 You got that right! Moving was a lot more stressful than we anticipated, but it had been the end game for us all along, so we were able to plan pretty well.
Mrs. Frugalwoods I’m glad to see we’re not the only ones with this plan! It is difficult, but it could prove worthwhile if you want to end up in a decent position in your 30s.
Aside from saving and earning more, both of us also want to explore different parts of the country. There are so many possibilities when it comes to where we can settle down, and we want to make sure we make the right decision! I’m thinking of it as sampling a few different areas.
theFinancegirl Comfort zone is a big one. You never know what opportunities could be out there if you just expanded your search a bit more. Moving to a new city can be scary, but there’s a lot of experiences to be had associated with it.
Holly at ClubThrifty Being away from family is one of the hardest things about moving, I think. I’m glad we were able to move closer to my parents, but I dislike being away from everyone else!
I actually have relocated twice and both times it was for a bigger career opportunity for me. This last move to NY was a bigger career opportunity, but hubby and I also made a conscious decision to raise our son in NY. Even though it costs more for us and we have to work harder to give our son more, we feel that the education and cultural exposure he gets is worth it to us.
I haven’t relocated for a job, but I definitely think it’s something that people should consider. It does get tougher once you have a family though. Sometimes my wife and I talk about how much better we might be if we lived in a lower cost area…but since both of our families are here then that’s a big reason to stay (yep family is definitely important).
I haven’t moved in years but did move to Colorado because of work. I would not hesitate to move if it were an awesome opportunity.
blonde_finance It is important to consider the educational system when you have kids. There are so many different factors that play into it! Cultural exposure is great to consider as well. At least there’s a lot of great resources on schools out there if you want to research an area to move to, since it is such a big concern.
Andrew LivingRichCheaply Agreed, especially if your family is already able to babysit for you! Daycare costs a lot, and that cost might offset any savings you might experience when moving to a less expensive area.
Eyesonthedollar I think the more established in your career you get, the more awesome the opportunities have to be to make it worth it! I hope we get to that point in a few years.
I haven’t relocated for my career or my wife’s career, but I could see it happening. We both really like where we live and have family and friends in the area. Minneapolis-St. Paul has pretty much everything you could wish for besides the ocean and mild winters (avoid winter here!). With that being said, my wife could very well get her phd in another State or end up getting a job in another State. I’m not sure I would ever need to move for my career because there is such a large number of companies in the Minneapolis-St. Paul area. Lots of Fortune 500 companies and even Fortune 100.
I haven’t relocated for a job mostly because the cost of living is affordable and opportunity is immense here. I would love to move to a place that has four seasons but it would all depend on some of the factors you listed.
We moved down to Cape May, NJ, for a better job for hubby. It was a disaster. His boss was a lunatic who liked to scream in his employees faces and intimidate them. Jay can’t be intimidated and he was pretty close to punching the guy in the face. In order to avoid prosecution, he chose to quit. Then we decided to go to California, we couldn’t find jobs, and moved back to upstate New York. Fortunately, not everyone has that kind of experience!
We relocated three times. My husband had an opportunity in DC after we got married, which we took. It was a great decision but we were a bit home sick. I got a promotion and transferred to Dallas and eventually a position opened up in LA, so we moved back home. We were very fortunate that the Dallas and LA moves included a relocation page so the company pretty much covered all costs, which was really, really nice!
We just relocated from AZ to NC but it wasn’t for a job :) This is just where we want to be. We knew housing prices were lower than AZ and the economy is good here for what my husband does, so it wasn’t a totally impromptu decision. Turns out, NC is GREAT for what my husband does. He’s working for himself and his business is thriving out here. Relocating can be wonderful, whatever your reasons are! Great post – thanks!!
I relocated to Portland to be with my love and the job market here was MUCH worse than NYC. It was tough. But I did gain a lower cost of living, which is helpful now that I’m freelance and don’t need to charge local rates. You really need to consider everything when moving for a job.
I haven’t relocated for work but I would consider it. Especially if there is a lower cost of living where I’m going. Property Taxes in NJ are so high that I know once we get closer to retirement we will be out of here anyway.
DC @ Young Adult Money I hope your wife is able to get a job in the area, as it sounds like you’re in the perfect spot. We were a train ride away from NYC, so arguably, we had lots of opportunities there as well, but we didn’t want that lifestyle. Charlotte has been a good fit so far!
manneredmoney That’s definitely an awesome combination, Jessica! Ahh, the four seasons. I’ve struggled to adapt to the weather here, but we are lucky to still experience fall and spring, even if they are a bit delayed!
kay at frugalvoices Oh no, Kay! That is awful. =( It is such a gamble when you don’t know what your boss or coworkers will be like; unfortunately that’s any job, but it’s made worse when you’ve relocated and have no network. I love upstate NY and wouldn’t mind moving there at some point! I at least have some family there.
ShannonRyan Oh that is awesome everything was covered! I was a bit shocked at how little we got; it was fine for two, but I think they offer the same amount regardless of family size, and we got a pretty small truck. I hear you on being home sick, too.
Sarah Brooks That’s the beauty of being self-employed, isn’t it? I’d love for my fiance to become location independent, but he thinks working at home is boring, so that’s not likely to happen. I’d love to pick up and move based on where we want to explore. I’m glad your husband’s business is doing so well!
deardebt I can’t blame you for moving for love. =) I’d probably do the same. You make it work, and you have! We were close to NYC back home, but neither of us are city people, so we didn’t really look into opportunities there.
Practical Cents That was one of the reasons we left NY – I knew how much my parents had struggled to afford it there, and I didn’t want to end up in the same position. Property taxes are really rough up there!
I would absolutely consider it if it was good pay and a lower cost of living, but it it’s also very important to me there are certain lifestyle factors that would need to be in place, specifically things like the weather. Basically, I would never in a million years move back to Detroit because of a good job and lower cost of living. I mean it would really have to be the ULTIMATE job. I consider those things just as important. What’s a good job if you hate the location where you live? :)
Beachbudget Definitely true! I researched the heck out of all the cities we were considering to make sure they sounded (and looked) like a good fit. Weather is a big factor for me as well; I hate storms, and would never move to an area where tornados occur frequently. I’m too used to the weather on the east coast.
As you know, I moved to NYC to be with DH. US contracts in my line of work are more plentiful and pay well above than the going rates in Canada which was no surprise to me. The hardest part, which still remains, is being away from my family and friends but with work, I get to visit a few times per year and we all make it a point to stay connected.
I haven’t relocated for a position. I would do it of the right opportunity came up though.
Kassandra @ More Than Just Money It’s nice that you’re able to go back and visit while working, even though I know that can be hard to balance! I plan on trying to acquire some rewards points to make multiple trips home next year.
Jason @ The Butler Journal Being open to the idea is always good!
pftwins It’s good to outline what you’re looking for when moving. Sometimes there can be too many choices, and it’s a little overwhelming!
Erin @ Journey to Saving DC @ Young Adult Money Good to hear about your experience with Charlotte! I should say that if my wife gets her phd I am 100% prepared (or will be) to move anywhere in the United States. If you want to be a professor, you kind of have to move where you can get a job. But yes, Minneapolis-St. Paul is ideal for us and I’m not sure what job I’d have to be offered to move because of my career.
I relocated from the south to Seattle last year to accept a job. The job and salary is great, so is the city, but the cost of living is through the roof. I actually put in a request to transfer back to a southern city next summer as they are going to be opening a new office. I miss my family and friends and feel too out of the loop. It has been a good learning experience and got me out of my comfort zone, but I don’t know if I would do it again!
believeinabudget That’s awesome you at least gave it a chance, though! That’s more than a lot of people would do. I’m glad that you have the opportunity to transfer back with the new office opening, too. Sounds like that worked out pretty well!
This topic hits home and at a very convenient time for my family and I. My wife and I have been kicking around the idea of packing up and moving to a smaller town. We’ve been fortunate enough to have solid careers since graduating from college (10 years ago) and a lot of that has to do with living in a major US City. The dilemma we’re facing is moving to much smaller city, which will have a cheaper cost of living but also a smaller job market. We’ve weighed out pros/cons and everyone on here has valid points but at the end of the day there’s no way of knowing until you make the move and go for it. We’re using Jan 1 as our ‘jump-off’ day, either start making the moves to relocate or bunker down where we are now… It’s scary and exciting!
GrubbMan That’s awesome, and I’m excited for you! Just a thought, from my own experience – we lived pretty close to NYC, and moved to Charlotte, NC. The latter is certainly smaller, but there are still plenty of opportunities, and it’s much more affordable here. Perhaps you can find a happy medium without sacrificing job prospects? Better yet, if your careers allow, find an opportunity to work remotely!
Erin @ Journey to Saving Unfortunately remote work won’t be an option given my skill set. The town we’re looking at is Charlottesville (so even smaller than Charlotte) – we’ll see!