How Much $ Should Be Saved Up If A Job Is Already Secured? (Anchorage: fit in)

[ohthechiasmus]

If we already have a job secured and we fly (which for our family will cost with luggage and all, around 1,200-1,300 $) how much money should we save up?

[Dakster]

There was a thread about a person that moved up and had a job for several years. All of a sudden it ended and that person was stuck in AK. Since that person never saved anything up, they were in for some potential bad times ahead. I never followed up to see what happened or at least I don't remember the outcome.

This is the time for my life advice - it really doesn't matter whether you are moving to AK or not. Yes, AK probably isn't the best place to be homeless in, but neither is the Central to Northern US. (Really, it stinks to be homeless anywhere)

In life, whether in AK or not, you should always try to have some sort of savings account for emergencies and one that grows. Even if you put away a small amount per paycheck, over time it adds up. Personal example, I put in $100 a bi-week check into a 401k account and have done so for the past 15 years. (It only costs me $80, because it is pre-tax) It's got over $70k in it now. I have put $39k of my own money in and the interest is the rest. ( effective $2600 a year X 15 years)

Having said that, you asked what should have socked away to do the move. Since I am contemplating doing the same thing you are. Here is my answer on what is enough. I would want enough to get a plane ticket out and be able to get back into someplace to live from where you left. Only you know those answers. For example, let's say your current rent (where you currently are) is $1500/month and you need first, last, security to move in ($4500), plus airplane fare ($1500-round up), plus some living expenses ($1000/ food and new supplies), Utility Deposits (?) until you get a job back in the lower 48 - you can see how that could easily be $8k-$10k. And that assumes you can almost walk right into a job. The longer you know it will take to get employed again, the more you need saved up. If you are in a $600/month place and live frugally that $8k-$10k could go a long way. I have a family of 4, my food expenses are high, our medical bills are high (even with insurance), so our situation is dramatically different and much more expensive. Plus, we would want to move our stuff out and drive - not fly.

Finally, if you don't have all of the nest egg saved up, - you just gotta make an effort to build it up. You have a job in hand - which is great and more than 1/2 the battle. And many people have moved up and done fine with "just the shirt on their back" and no job, but those days seem to be long gone when any able bodied person can show up and make good money (or so I have been told).

Take whatever you have and add to it each paycheck. You might even find that you don't "need" it and that get out of AK account can become a nice retirement account for later on...

Just my .02.

[AKStafford]

The more the better... But. Here's the math I would do:
You'll need money to get into an apartment. Most places want first, last & security. Rent in Anchorage runs $1,500 to $2,000. So that's about $6,000.
Even if you start for the day you get here, you won't get your first pay check for a while... At least 3 weeks and maybe even a month. So you'll need a month of food money & gas & other expenses money. And you'll need money to get utilities hooked up. I have no idea what that'll cost.
Transportation: I'm assuming a car won't fit in your check in luggage... So you'll need cash for a car.
If you come in the winter, you'll need to get outfitted with winter gear.
I'm sure there's stuff I'm forgetting, but hopefully this will give an idea of the cost. Plus, as mentioned you might want to have the cash available to get out of here if things don't work out.
And keep in mind the cost of living in Alaska is higher than most places in the nation. So be careful to no underestimate your costs.

[ohthechiasmus]

Awesome thanks guys I'm going to itemize a list and add it all up and see what we get. Want to make sure we are uber prepared!

[Dakster]

I was just going over what you needed to get back, not what you needed to get there. Basically double the math as AKstafford pointed out.

I don't remember reading where you are coming from, regardless you should certainly check out what your expenses for your lifestyle will be. It may be lower or more likely higher. I know for me the first year will be high because we have no cold weather clothes or items. Not even a $5 ice scraper.