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Good morning everyone. I have got a dilemma here. What is the average or "norm" one should expect when you are given a moving stipend from your employer? Mine allowed $5000, but I am finding that this is really not enough considering all the things that have to be taken into consideration with a move. My home is still not sold and I am going to Houston with a monthly rent of $1000, and the biggest thing, Robert going down there with no job. He will get one quickly, but it is still a burden on me to be without that extra paycheck with more money going out. Would it be unprofessional for me to ask for a buffer to put in the bank until my home sells and then pay them back with interest? I have some CDs I can cash in, but I would have to pay a hefty penalty if I sold them now. I have worked so hard to keep my credit cards down and I hate the thought of going into debt simply because I got a promotion and had to move 250 miles away. A promotion should be just that...a promotion...more money and less financial worries. Right now I am feeling kind of depressed because it feels like I am going down there in "the red". Any helpful suggestions or ideas would be so appreciated. I think a lot of my apprehension is due to sentimental reasons, too. I have loved my home. I love my job and I KNOW I am going to love my job with the promotion, but it has been traumatic for me.
In our experience we've found each and every company to be very different when it comes to relocation packages and their sentiments towards helping out relocating employees.
It certainly would not hurt to talk to your HR person and ask about a "loan". Perhaps they'd be willing to give you an advance on your salary or to give you a lump sum for vacation time right now. Another thought is a home equity loan, but in this current financial climate, I'm not sure if that's affordable or do-able now.
I fully understand the trauma and stress. Keep trying to think positively - I know, I know, sounds pretty lame.
Good morning everyone. I have got a dilemma here. What is the average or "norm" one should expect when you are given a moving stipend from your employer? Mine allowed $5000, but I am finding that this is really not enough considering all the things that have to be taken into consideration with a move. My home is still not sold and I am going to Houston with a monthly rent of $1000, and the biggest thing, Robert going down there with no job. He will get one quickly, but it is still a burden on me to be without that extra paycheck with more money going out. Would it be unprofessional for me to ask for a buffer to put in the bank until my home sells and then pay them back with interest? I have some CDs I can cash in, but I would have to pay a hefty penalty if I sold them now. I have worked so hard to keep my credit cards down and I hate the thought of going into debt simply because I got a promotion and had to move 250 miles away. A promotion should be just that...a promotion...more money and less financial worries. Right now I am feeling kind of depressed because it feels like I am going down there in "the red". Any helpful suggestions or ideas would be so appreciated. I think a lot of my apprehension is due to sentimental reasons, too. I have loved my home. I love my job and I KNOW I am going to love my job with the promotion, but it has been traumatic for me.
What else are you getting with the $5000? my dh received about the same plus the company paid all of our closing costs (and inspections) on the buy side and they are paying for the moving company. we went through the same sentimental things your feeling right now. it was VERY difficult emotionally the first month but it definitely got/is getting easier at least for us. it certainly got easier when we had to incur unexpected maintanence issues on our home that's currently for sale. After that happened the two of us both said good ridence to this house (of course we haven't SOLD it yet so who knows how we'll feel when we actually sell it). good luck to you.
Companies are all different in what they will give you for relocation. If you got a promotion and are with the same company, I would explain to them how much it is costing you and see if you can get more. For example, they may be willing to cover your rent until your house sells. You might point out that you cannot afford the "promotion". If they can't increase your stipend due to company policy, etc. they may be able to help out in some other way, such as a bonus or company car.
Really, a $5000 stipend is something to be grateful for. Consider yourself lucky to get any stipend with a move.
Most people looking to improve their life by moving to a city with better potentials and opportunities, have to fund everything out of their own pocket, or with the help of family. Plus, consider that by staying with the same company, you did not have the costs of interviewing... which can go on for months if you don't get the first jobs you apply for.
Keep your situation in perspective. Even if you have to cash out a CD, you still have a well paying, long-term job that will get you back to where you were financially, within a matter of a few years.
I know its hard to realize how much you'll have to invest in yourself to make the move... take good care of yourself emotionally and I hope you easily connect with new friends and great people in your new location. I sincerely wish you the best. But... think about how many qualified and educated people don't get the kind of help you are getting from your company. Educators, public servants, business owners, recent high school or college grads, etc. do not have a corporation backing them or helping them get to the next step in their career.
It's very expensive. Just be prepared to cash in those CD's. You are trading up for an opportunity to be more successful in the long run.
Look into the whole relo package. Will your company buy your house if it doesn't sell in a reasonable time? And at what price? I'd be MUCH more worried about that. Will they pay some of your fees etc on selling your house? And what about buying a new house?
Cut corners where you can on the move. If you haven't used it in a while, get rid of it. Pack yourself and do everything you can.
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I think a lot of my apprehension is due to sentimental reasons, too. I have loved my home. I love my job and I KNOW I am going to love my job with the promotion, but it has been traumatic for me.
