Can My Stimulus Check Cover All of My Moving Costs?

On March 10th, Congress passed a 1.9T Covid-19 bill, otherwise known as the “American Rescue Plan”. It’s designed to offer financial relief in the face of the pandemic to all Americans over a multitude of different fronts.

Some of the provisions include $350 billion to state, local and tribal governments, expansion on unemployment benefits extended through Sept. 6 at $300 a week, and more. Yet the most direct and talked about part of the bill involves another round of stimulus checks, this time for as much as $1,400 for single-file taxpayers.

Who is getting a stimulus check?

The majority of Americans will receive a check, but you may not fall within the sliding scale that previously determined eligibility for the most recent stimulus checks. Americans will receive:

• $1,400 for a single taxpayer, or $2,800 for a married couple, plus $1,400 per dependent 
• People making up to $75,000 will get the total amount, as will married couples with incomes up to $150,000
• The check diminishes for those with slightly higher incomes, stopping at $80,000 for individuals and $160,000 for married couples.

Since the median household income was $68,703 in 2019 according to the US Census Bureau, most Americans will be getting the corresponding total amount. There are also updates to the current child tax credit.

When am I getting my stimulus check?

Soon. The checks and direct deposits will start going out in March, some as early as the second weekend of the month. The government has announced a website for people to check on the status of their stimulus checks, which they say will begin tracking the location of your benefits, set to go into operation in mid-March.

I need to move! How much of this check should I put aside?

The timing of this bill is not a moment too soon for many of us seeking relief from the state of things. But for those of us with a change of residence on the horizon, you may be wondering how far the stimulus checks can realistically stretch towards all potential moving costs. Will you be able to save some of the money? Will it cover your whole move?

Well, the short answer is: It depends on a lot of factors, but the biggest one is the distance of the move. 

According to HireAHelper’s move data, Americans that move entirely by themselves spend an average of $660 on a move.

• $273 if it’s a local move
• $576 if it’s a medium-distance move
• $1,921 if it’s a long-distance move

Here’s the good news: the vast majority of moves are local. So no matter how you move in this scenario, you’re statistically more likely to spend less on moving costs.

But here’s the thing, even if you just have all your friends come jam your ’97 Impala with all your stuff, you’re still going to be spending at least some of that money on your move. Whether it’s through packing supplies, junk removal, gas, or even just feeding your friends, you’ll have to reserve at least a portion of any extra money you potentially get. No matter your moving option, $500 is a good ballpark.

How can I cut down costs of a local move?

There are a few key ways.

Quickly look for deals on rental trucks if you need one, and do it fast! Now may not be the best time to get a good deal on a rental, since your local U-Haul store is probably looking really attractive to all the month-to-month leasers out there with extra cash on hand. Still, some truck rental discounts come standard. Call ahead as soon as you can.

If you need a hand with your heavy stuff, or you’re truly doing a last-minute move thanks to that extra cash, a reputable mover marketplace like Yelp or HireAHelper can get you professional labor by the hour, which is typically cheaper than the big semi-truck treatment. To save even more money on top of that, you can also only hire for the loading half, which is traditionally the harder part of the process.

If you can’t lock down a rental truck in your area at the moment, local movers often have their own vehicle for a little higher cost than the labor-only rates, but even going that route, you’re still likely to still save a decent amount of your check by the end.

But if you need the help, check up on your local movers fast, because all local movers are likely to get booked fast during a stimulus month, especially towards the end of the month when rent is up.

Will my stimulus check cover the cost of a long distance move?

Maybe. It’ll at least cover an appreciable portion of it.

Before you start collecting quotes from around the internet, you should create an overview of what you need to move, including how many rooms you’ll be transporting, and specifically how many large pieces of furniture (wardrobes, dining tables, or large appliances) you have. 

Once you have a ballpark inventory in place, getting a decent quote will be a lot easier and more accurate. 

If you’re looking to get the most out of your check, finding a long-distance moving service that gives you the option of doing your own packing while leaving all the loading, unloading and driving to the movers can save big chunks of money compared to traditional interstate movers.

The average cost of a long-distance move through HireAHelper is $3,200, which may come in lower than other moving service providers, depending on distance (you can calculate your own move here). It includes:

• Loading and unloading
• Transportation company + container
• Customer service, moving insurance, and more

A single tax-payer check may not cover that, but if you’re a married couple with two kids, your stimulus checks would likely be around $5,600. If you’re keeping things at an average, then your stimulus will most likely cover for the costs of even a four-person family. However, if you need to rent things like moving containers, that price will most likely go up some, and you will have to put in more towards your move. Your best bet is definitely to go do some comparison shopping.

There you have it! In most cases, the stimulus is likely to cover the entirety of your move, and in all cases, you can still stretch it pretty far… especially if you look online where movers are competing to list the best prices and offerings.