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About 28 million Americans made a move in 2021, with about 5 million moving interstate. As you’re probably painfully aware, a move can cost several thousand dollars, whether you’re going across town or cross-country. Amid the chaos of purging and packing, it’s easy to forget some of the moving-related costs you might face.

The key to paying for a move without a load of stress is planning. We’ve drawn up a Moving Expenses Checklist that aims to include every little thing that needs to be accounted for in your budget, from supplies to cleaning to a new driver’s license and car registration.

Your Moving Expenses Checklist

Like a lot of things in life, moving costs aren’t entirely predictable. Much depends on how far you’re going, whether you’re crossing state lines, how much stuff you have, and so on. Our aim is to cover the basics — truck, strong movers — as well as the costs that sneak up on you midway. Keep on reading to find out what they are.

1. Moving Your Stuff

There are at least three different ways to get your stuff from one place to another: Rent a moving truck, pay professional movers, or rent and move a storage container.

Renting your own truck. Yes, this is usually the cheapest route. The downside is that you — and possibly your friends — will be putting in many hours of hard labor.

At first glance, renting a moving truck or van for an across-town move seems like a great deal. You may be familiar with companies advertising van rentals for $19.99. Except that figure doesn’t include gas, tolls, parking, damage protection, and cost per mile. Suddenly, that $20 becomes more like $100.

If you enlist friends and family to help, factor in the price of pizza, beer, or gift cards to lure them to your aid and keep them motivated. Also, long-distance moves may involve shipping some boxes, which adds up quickly.

Hiring pros. Get estimates from a few companies to make sure you’re getting a good deal. A local move is usually considered under 100 miles. A long-distance move is anything more than 100 miles. Expect to pay $800-$2,500 for a basic local move with two movers, and $2,200-$5,700 for a long-distance move.

The price of a local move is often based on an hourly rate; some companies may offer a flat rate. In some states, if you’re moving more than 50 miles, the cost may be based on the weight of the truckload instead of the hourly rate.

A packing service can add a chunk to these costs. You may also want to purchase “full value protection” insurance through your mover to protect your belongings in case of loss or damage.

Hauling a container. Moving a self-storage container, those units popularized by PODS®, is typically less expensive than using full-service movers. Three factors influence your cost: the size of your home, the distance you’re moving, and seasonality. A local container move can range from $1,100 to $1,600, including the container and transport. A 1,000 mile move costs on average $4,430 for the contents of an average-size home. Prices tend to be higher during “moving season,” typically March through August.

If you’re comparing quotes, know that each company handles costs differently. Some itemize the costs for each part of the move; others include everything in one quote.

Recommended: Get Your Personal Loan Approved

2. Transporting Yourself

Short or long move, you’ll have to get yourself there, too. That could mean a road trip, which includes gas, tolls, possibly lodging, and meals along the way. An online fuel cost calculator can help you tally how much you’ll spend on gas. Otherwise, it means the cost of a plane ticket, getting yourself to and from the airport, and possibly the price of shipping your car.

3. Moving Supplies

You probably know that you’ll need boxes. But don’t forget the oodles of tape, bubble wrap, packing peanuts, labels, and protective blankets for furniture. And you’ll need to rent or buy a dolly if you’re planning a DIY move.

You may be able to save by asking for free boxes from local grocery stores and using recycled newspaper as packing material. But the little things can still add up.

4. Costs Upon Arrival

If you’re renting, you might owe a security deposit and first month’s rent to your new landlord. You may also be responsible for a pet deposit or fees for getting utilities hooked up.

If you’re moving into a home of your own, you might need to make repairs before you settle in. Some new homeowners also invest in changing locks, putting in security alarms, or replacing smoke detectors.

You may also want to take care of renovating some areas before all your stuff is in the way, and if you have a lawn for the first time, you might need to buy a mower or hire a service.

Will you need a storage unit? Plan on $100 to $300 a month.

Recommended: Personal Loan vs Credit Card: What’s the Better Option?

5. Cleaning Costs and Supplies

You might be responsible for leaving your old place in tip-top shape. That means paying for stuff like floor cleaner, mops, brushes, and wipes. You may also need to hire a carpet cleaner or house cleaners if you’re short on time or your place needs serious attention.

On the other end, you might need supplies to clean your new apartment or house before you unpack everything.

6. Furniture and Other Items

Even if you’re bringing a lot of things with you, chances are you’ll need to buy some furniture for your new home. You might save by searching online or perusing garage sales and flea markets.

Still, if you need any substantial pieces, like a bed, couch, or table, you could be looking at a few hundred dollars. Beyond furniture, if you’ve moved far away, you might need to stock your new place with all kinds of everyday items, from groceries and pantry staples to toiletries.

7. New License and Vehicle Registration

If you’re moving to a different state and have a car, you’ll need to apply for a new license and register your car with the local department of motor vehicles. This comes with a fee, of course. Vehicle registration can cost up to $225, depending on the state. A new driver’s license can cost around $30 to $60.

Preparing for Moving Costs

When making a moving-cost checklist, the worst budgeting mistake you can make is underestimate your needs because you’re not sure how you’ll pay for them. If anything, you want to pad your budget so that unexpected costs don’t make the experience harder than it has to be.

If you’ve got the cash to cover your move, great. That’s what emergency savings are for. You can also use a 0% interest credit card, crowdsource from friends and family, or consider a personal loan.

Personal loans are a form of installment debt, where you receive a lump sum that you then repay in equal monthly payments. There are different types of personal loans, so you can choose the terms that best fit your budget and circumstances.

Believe it or not, moving expenses are one of the most common uses for personal loans. And because of their relatively low fixed rates compared to high-interest credit cards, you can roll in related new-home expenses like new furniture and painting.

The Takeaway

Moving is a major financial commitment, but it doesn’t have to break the bank. When planning a move, first decide whether you’re going to DIY or hire pros. Then make a list of packing supplies, cleaning supplies and services, and the cost of moving yourself if it’s long-distance. Next, consider your costs upon arrival: security deposit, prepping your new space, replacement furniture, and new household items. If you’re moving interstate, there may be car-related expenses, such as a new license and registration. And it’s always wise to pad your budget — 10%-20% — to accommodate anything unexpected.

Planning a move and need money to help? A SoFi personal loan can be a smart way to cover your costs without adding emotional baggage. Our personal loan calculator can help you choose the terms that are right for you.

^* Same-Day Personal Loan Funding: 86% of typical SoFi Personal Loan applications, excluding Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2021 to December 1, 2021 that were signed before 7pm ET on a business day were funded the same day.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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It’s a common dilemma: Should you pay off credit cards or student loans first? The answer isn’t totally cut and dried. But if your credit card interest rates are higher than your student loan interest rates, paying down credit cards first will probably save you more money in interest.

But don’t stop there. Keep reading to learn how to calculate what’s best for your situation, and why. Along the way, you’ll learn more about how credit cards work, the complexities of student loans, and two very different strategies for paying down debt.

Prioritizing Your Debts

Experts are split over the best debt to pay off first. Some recommend you tackle the smallest balance first because of the psychological boost that comes from erasing a debt entirely.

However, from a purely financial standpoint, you’re better off paying off the debt that carries the highest interest rate first. That’s because the higher the interest rate, and the longer you hold the debt, the more you end up paying overall. This usually means tackling high-interest credit card debt first.

Keep in mind that prioritizing one debt over another does not mean that you stop paying the less urgent bill. It’s important to stay on top of all debts, making at least minimum monthly payment on each.

Failing to make bill payments can hurt your credit score, which can have all sorts of effects down the road. For example, a poor credit score can make it difficult to secure new loans at low rates when you want to buy a new car or home, or to take out a business loan.

You might consider setting up automatic payments on your loans. Automatic payments can make it easier to pay bills on time and juggle multiple payments.

If you’re having trouble making your monthly payments, consider strategies to make your payments more manageable, such as refinancing.

Student Loan vs Credit Card Debt

Before we get into if it’s better to pay off credit cards or student loans first, let’s look at how each debt is structured.

Student Loan Debt

A student loan is a type of installment loan used to pay for tuition and related schooling expenses for undergraduate or postgraduate study. Borrowers receive a lump sum, which they agree to pay back with interest in regular installments, usually monthly, over a predetermined period of time. In this way, student loans are similar to other installment loans such as mortgages, car loans, and personal loans.

At a high level, there are two types of student loans: federal and private. The U.S. government is the single largest source of student loans. Federal student loans have low fixed interest rates: Current rates are 4.99% for undergrad loans, and 7.44% for graduate and professional loans. These loans come with protections like income-driven repayment plans, deferment and forbearance, and loan forgiveness.

Private student loans are managed by banks, credit unions, and online lenders. They may have a fixed or variable interest rate, which is tied to the borrower’s credit score and income. Average interest rates range from 3.22% to 13.95% for a fixed rate, and from 1.29% to 12.99% for variable.

Private student loans don’t come with the same protections as federal student loans. For instance, they are not eligible for President Biden’s loan forgiveness plan.

Payback timelines vary widely. As with other loans, the longer your repayment timeline, the lower your monthly payment will be — but you’ll pay more in interest over the life of the loan. The shorter your repayment period, the larger your monthly payment, and the less interest you’ll pay.

Recommended: Types of Federal Student Loans

Credit Card Debt

Credit cards offer a type of revolving credit, where account holders can borrow money as needed up to a set maximum. You can either pay off the balance in full or make minimum monthly payments on the account. Any remaining balance accrues interest.

Credit cards usually come with higher interest rates than installment loans. The average credit card interest rate in September 2022 was 21.59%. But an individual credit card holder’s rate depends on their credit score. People with Excellent credit will pay an average of 18.04%, while those with Bad credit will pay closer to 25.14%.

Depending how the account is managed, credit card debt can be either very expensive or essentially free. If you always pay off credit cards in full each month, no interest usually accrues. However, if you make only minimum payments, your debt can spiral upward.

Recommended: Taking Out a Personal Loan to Pay Off Credit Card Debt

Should I Pay Off Credit Card or Student Loan First?

When it comes to student loan vs credit card debt, there’s no universal answer that fits everyone in every situation. A number of factors can tip the scales one way or another, especially the interest rates on your loan and credit card.

We’ll explore two scenarios: one in which paying off credit cards is the best move, and another where student loans get priority.

The Case for Paying Down Credit Cards First

If you are carrying high-interest credit card debt, you’ll likely want to focus on paying off credit cards first. As you saw above, the average credit card interest rate (21.59%) is significantly higher than the maximum student loan interest rate (13.95%). Even if your credit card interest rate is lower than average, it’s unlikely to be much lower than your student loan’s rate.

Credit card debt can add up quickly, and the higher the interest rate, the faster your debt can accumulate. Making minimum payments still means you’re accruing interest on your balance. And as that interest compounds (as you pay interest on your interest), your balance can get more difficult to pay off.

A high balance can also hurt your credit score, which is partially determined by how much outstanding debt you owe.

Paying Off Credit Card Debt

Once you decide to focus on paying off credit cards first, start by finding extra funds to send to the cause. Look for places in your budget where you can cut costs, and direct any savings to paying down your cards. Also consider earmarking bonuses, tax refunds, and gifts of cash for your credit card payment.

Next, make a list of your credit card balances in order of highest interest rate to lowest. The Debt Avalanche method refers to paying off the credit card with the highest interest rate first, then taking on the credit card with the next highest rate.

It bears repeating that focusing on one debt doesn’t mean you put off the others. Don’t forget to make minimum payments on your other cards while you put extra effort into one individual card.

You may also choose to use a Debt Snowball strategy. When using this method, order your credit cards from smallest to largest balance. Pay off the card with the smallest balance first. Once you do, move on to the card with the next smallest balance, adding the payment from the card you paid off to the payment you’re already making on that card.

The idea here is that, like a snowball rolling down a hill gets bigger and faster as it rolls, the momentum of paying off debt in this way can help you stay motivated and pay it off quicker.

Managing Your Student Loans

Meanwhile, it’s important that you continue making regular student loan payments while you’re prioritizing your credit card debt. For one thing, you shouldn’t just stop paying your student loans. If you do, federal student loans go into default after 270 days (about 9 months). From there, your loans can go to a collections agency, which may charge you fees for recouping your debt. The government can also garnish your wages or your tax return.

You can, however, typically adjust your student loan repayment plan to make monthly payments more manageable. If you have federal loans, consider an income-driven repayment plan, which bases your monthly payment on your discretionary income.

While this may reduce your monthly student loan payments, it extends your loan term to 20 to 25 years. That can end up costing you more in interest. So make sure the extra interest payments don’t outweigh the benefits of paying down your credit card debt first.

Refinancing Your Student Loans

It can also be a smart idea to refinance student loans. When you refinance a loan or multiple loans, a lender pays off your current loans and provides you with a new one, ideally at a lower rate.

You can use refinancing to serve a couple of purposes. One option is to lower your monthly payment by lengthening the loan term. This can free up some room in your budget, making it easier to stay on top of your monthly payments and redirect money to credit card payments. Just remember that lengthening the loan term can result in you paying more interest over the course of your loan.

Or you can shorten your loan term instead. This can be a good way to kick your student loan repayment into overdrive. Your payments will increase, but you’ll reduce the cost of interest over the life of the loan. In other words, you’re giving equal weight to paying off your student loans and your credit card debt.

When you refinance with SoFi, there are no origination or application fees.

To see how refinancing with SoFi can help you tackle your student loan debt, take advantage of our student loan refinancing calculator.

Take control of your debt by refinancing your student loans. You can get a quote from SoFi in as little as two minutes.

FAQ

Should you pay off your student loans or your credit cards first?

The answer depends on a number of factors, especially the interest rates on your loans and credit cards. But if your credit cards carry high interest rates, you’ll likely save more money in interest by paying off your credit cards before your student loans.

What is the best debt to pay off first?

From a purely financial perspective, it’s best to pay off your highest interest-rate debt first. This is called the Debt Avalanche method. Paying off the most expensive debt (usually credit cards) first will save you the most money in interest.

Is it smart to pay off credit card debt with student loans?

This is probably not a good idea. First of all, paying off credit cards with student loans may violate your student loan agreement, which limits the use of funds to tuition and related expenses. If you use a credit card exclusively for educational expenses like textbooks and computers, you might be able to use loan funds to pay it off. However, you should check your loan agreement carefully to make sure this is allowed.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

Ethereum is the second-largest cryptocurrency by market cap after Bitcoin, and it was the first to introduce blockchain-based smart contract technology. In part thanks to Ethereum’s many innovations, the value of ETH has been relatively high over the last seven or eight years — with a historic low of about 42 cents and an all-time high of about $4,800 in November of 2021.

The concept for the Ethereum platform was first proposed in a white paper by Vitalik Buterin in 2013. In 2014, he and a team of developers raised about $18 million to establish the nonprofit Ethereum Foundation and fund its development. The Ethereum platform launched in 2015.

From the beginning, the vision for Ethereum was distinct from Bitcoin or any other cryptocurrency at the time. The larger idea for Ethereum was to create a programmable blockchain that would enable a sort of free market environment, where developers could create applications and programs without any control or interference from a third party.

Ethereum Price History

The innovative spirit of the Ethereum blockchain has sustained its value over the years.

Many blockchain-based projects have been built on the Ethereum network, including countless decentralized finance (DeFi) apps, non-fungible tokens (NFT), and a long list of utility tokens that serve various use cases.

The Ethereum Virtual Machine (EVM) powers these automated agreements.

When it was launched in 2015, the price of 1 ETH was under a dollar – starting at $0.74. In 2016, the cryptocurrency was listed on Coinbase and was trading between $7 – $10. By 2017, a volatile year, the price skyrocketed as high as $1,600 before falling by about 95%, to $80.

Over the next few years, ETH would eventually see another bull market, taking its price to a new all-time high of $4,815 in November 2021. Since then, the price has fallen again, and was trading around $1,124, as of November 9, 2022.

Ethereum Price in 2015: Starting Price

Price of Ethereum in 2015: $0.42 to $1.39

In 2015, the year that Ethereum first launched, the price started at around $0.74 and the lowest closing price for ETH was $0.42.

The year 2015 was the only time when Ethereum was worth one dollar or less, with the exception of January 2016.

There weren’t many significant events for the Ethereum price history in 2015. The network had only just been launched and the ETH token had little value.

Ethereum Price in 2016: First Hard Fork

Price of Ethereum in 2016: $0.93 to $21.25

Early 2016 was the last time that Ethereum was worth less than a dollar. The lowest price for ETH was in January, around $0.93. ETH climbed as high as $21.25 in June before falling back to $6 in December.

There were several significant Ethereum-related events that happened in 2016. Ethereum saw what was at the time the largest crowdfunding in history with its Decentralized Autonomous Organization (or DAO). The DAO was then hacked when attackers exploited an aspect of the crowdfunding mechanism inside a smart contract that allowed them to withdraw ETH from the fund.

As a result of this attack, Ethereum developers decided to hard fork the network. This allowed them to roll back the blockchain to a time when the DAO hack had never happened.

The original chain then became Ethereum Classic (ETC), and the new chain became Ethereum (ETH). This event is sometimes referred to as the ETC/ETH split.

In other important crypto news, ETH became the second-ever crypto to be listed on Coinbase in July of 2016. Up until that time, Coinbase users could only buy and sell Bitcoin. This helped set the stage for Ethereum’s massive bull run over the next few years.

Ethereum Price in 2017: Becoming Mainstream

Price of Ethereum in 2017: $7.98 to $881.94

In 2017, awareness of Ethereum began to grow, and the ETH price started to soar. The lowest price for ETH that year was just under $8, where it began in January. The ETH price then rose as high as $881.94 by December.

In 2017, the crypto asset class as a whole started going mainstream. Bitcoin rose from about $1,000 in early 2017 to as high as $19,000 by December 2017. Ethereum and many other altcoins came along for the ride, seeing even more dramatic price increases. During this time, ETH would solidify its place as the second-largest cryptocurrency by market cap, where it still sits today.

Ethereum Price in 2018: Breaking $1K

Price of Ethereum in 2018: $82.83 to $1,119.37

In 2018, Ethereum reached $1,119.37, the highest price it had ever been at the time. But by December, the lowest price for ETH was $82.83, as the infamous “crypto winter” set in, and many cryptocurrencies saw their values plummet by 90% or more.

While there weren’t many significant events pertaining to Ethereum specifically in 2018, there was a lot of FUD (fear, uncertainty, doubt) surrounding crypto in general at this time. Many media reports declared that Bitcoin and cryptocurrency were “dead” after the market shed hundreds of billions of dollars off its total market cap.

Just two years earlier, in 2016, the entire cryptocurrency market cap had been under $10 billion. At the peak in 2018, it topped out at $820 billion, representing a rise of more than 80x in just a few years as traders piled into a speculative mania that would go down in history as one of the biggest asset bubbles ever.

Ethereum Price in 2019: The Uneventful

Price of Ethereum in 2019: $102.93 to $361:40

The lowest price for Ethereum in 2019 was $102.93, more than 90% down from $1,432, the highest price Ethereum had ever been at that point in time.

There weren’t many significant events regarding the Ethereum price history in 2019. It wasn’t a very eventful year in crypto.

Ethereum Price in 2020: The Coronavirus Effect

Price of Ethereum in 2020: $95.18 to $533.00

Ethereum began 2020 at about $127, a price not far above where it began the previous year. Times were tough, owing to the pandemic. But ETH was able to find its footing toward the end of the year.

In Q1 2020, the coronavirus pandemic and associated lockdowns led to a worldwide sell-off across all asset classes. Crypto was no exception. Ethereum fell below $100 in March 2020 before climbing higher in the second half of that year. This set the stage for the epic bull run of 2021.

Ethereum Price in 2021: Epic Bull Run

Price of Ethereum in 2021: $718.11 to $4,780.73

The lowest price for ETH in 2021 was $718. This year saw the highest price Ethereum has ever been, at $4,815.00. This smashed the previous record high of over $1,400.

2021 saw a bull market in most asset classes, including stocks, bonds, real estate, and crypto. The total crypto market cap crossed $3 trillion for the first time that year. Ethereum was supposed to undergo an upgrade (called the Merge) in 2021, but it was pushed to September of 2022.

Ethereum Price in 2022

Price of Ethereum in 2022: $896 to $1,965

The lowest price for Ethereum in 2022 so far has been $896, while the high has been $1,965. The price is currently hovering around the $1,100 level, as of Nov. 9, 2022.

Owing in part to the economic crisis brewing in early 2022, thanks to inflation and rising interest rates, crypto valuations have plummeted in value this year. The stablecoin crisis in early Q2 didn’t help, as Terra and its linked crypto LUNA, crashed. As of Q4 of 2022, the crypto markets had lost billions in value, and 2022 has been dubbed the next crypto winter.

Even Ethereum’s successful migration from a proof-of-work system to a proof-of-stake network in September has not yet delivered additional price momentum — but at least it’s not as low as some of its competitors. The merge marks the end of traditional crypto mining as a way to generate new Ethereum tokens.

💡 Recommended: What Is Ethereum 2.0? How Will It Be Different?

Considerations When Investing in Ethereum

Cryptocurrencies are volatile, and many altcoins, including ETH, can be even more volatile than Bitcoin. This increases the chances for outsized gains as well as steep losses. When investing in ETH, it’s important to consider a project’s past and future. The DAO hack of 2016 resulted in the ETC/ETH split, something that interested investors may want to consider researching further.

Another important factor to consider is Ethereum’s “merge,” or upgrade from a proof-of-work consensus mechanism to a proof-of-stake one. While this evolution hasn’t yielded big gains, it’s possible that the greater energy efficiency across the Ethereum network could still yield unforeseen benefits.

The Takeaway

Ethereum is one of the oldest and most successful crypto networks. It has made the DeFi revolution possible, thanks to its development of smart contracts and other innovative uses of blockchain technology.

Still, there’s no getting around the fact that crypto prices are volatile. Ethereum price history is one of ups and downs, ground lost — and ground regained. Ethereum launched with a value of about 1 dollar in 2015 and early 2016, but since then the price has soared way beyond those levels.

A correction of almost 95% happened after Ethereum’s 2018 high of over $1,400, and a correction of over 80% occurred after the more recent 2021 high of over $4,800, the highest price Ethereum has ever been.

Photo credit: iStock/PeopleImages

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