Our biggest monthly expense is our rent. We pay almost $2900 per month and we know we can do better. The great thing about renting, is that we do have the flexibility to change our environment in the short-term, live in a new neighborhood, reduce our costs, etc.
We began looking for a new place about a month ago. Our current lease ends at the end of March. The goals of the new lease would be:
- Lower monthly rent expense
- This will also help to bring down utility costs
- Move states to reduce state income taxes
The great thing about where we live and accomplishing goal 3 above is that our job locations allow us the choice of multiple states. I believe we have found the ideal new rental and it will save us in rent alone $400 per month. We expect moving costs to be between $600 and $800 so after 2 months in the new lease we will begin to reap the benefits of the move. This is only considering rent decrease as we would likely benefit sooner when we count utility and income tax savings. I am so excited to build this extra money into our plan!