NerdWallet's Smart Money Podcast
Cross-Country Moving Tips and What a CFPB Shutdown Could Mean for You
Thu, 13 Feb 2025
Learn what a CFBP shutdown could mean for consumers, plus how to financially manage a cross-country move — including whether to rent or sell your home. What happens if the CFPB is shut down? Should you sell or rent out your home when moving to a new city? Hosts Sean Pyles and Elizabeth Ayoola discuss the financial decisions involved in relocating, including managing moving expenses and deciding whether to keep or sell a home. But first, NerdWallet Senior News Writer Anna Helhoski joins Sean and Elizabeth to discuss the potential shutdown of the Consumer Financial Protection Bureau and its impact on consumer rights. Anna interviews Chuck Bell, the program director for advocacy at Consumer Reports, about the CFPB’s role in protecting consumers and what its potential closure could mean for financial regulations and consumer rights. Then, NerdWallet writer Lisa Green joins Sean and Elizabeth to talk to David, a listener with questions around the financial and logistical challenges of a cross-country move. They discuss key considerations for renting versus selling a home, the financial implications of becoming a long-distance landlord, and strategies for covering a down payment on a new home. The Nerds also share insights on budgeting for moving costs, including how to decide between hiring professional movers, using a service like PODS, or selling furniture before relocating. Learn about down payments and calculate how much to put down on a house: https://www.nerdwallet.com/article/mortgages/down-payment-calculator In their conversation, the Nerds discuss: cross-country move, sell or rent your home, moving costs, budget for moving, moving expenses, renting out your home, financial planning for moving, real estate investments, property management, home equity loans, HELOC, down payment options, mortgage planning, financial decisions, house rental income, home selling process, cost of moving, moving truck vs movers, PODS vs U-Haul, rental property management, tax implications of renting, home value appreciation, moving to a new state, moving savings tips, renting vs owning, budgeting for relocation, moving with kids, tax write-offs for landlords, credit score for mortgage, home selling costs, home loan options, financial impact of moving, travel expenses, best way to move furniture, and moving insurance. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend.
What financial considerations should be made for a cross-country move?
Hey, Sean. Hi, David.
So David, before we get into the conversation, I want to remind you that everything we're about to discuss is just for educational and entertainment purposes. We are not here to give you specific financial or investing advice, but instead provide you with information so that you can make your own smarter financial decisions. Sound good? Sounds great. Perfect.
Let's start by digging into your financial life generally. How do you and your wife manage your household finances? How are you feeling about things financially?
Yeah, we manage a lot of things in a unique way. I do feel like that's something different about us is that we've never merged our finances. I take care of the mortgage, she takes care of utilities. And we both kind of have our own separate accounts, which I do feel like might complicate the cross country move logistics.
Do you end up Venmoing each other or finding some way to send cash back and forth when you're covering expenses?
I'm proud that we do not Venmo or Zelle each other. I know there are some couples that do, but no, we're not at that level. But we've kind of just always had the you take care of this, I take care of that. We both in general feel that that's a fair way to do it.
And what about your income levels? Because I know with some couples, if one person is earning more than another, they might cover certain things and the person who's earning less might cover less. How does that break down for you guys?
I think we're both making about the same amount. I might make maybe 10 or 20 percent more. But again, we've always done it the way that we do it. And I've not felt the need to bring up or cause a major problem. change as we prepare for what could be a cross country move.
Right. Yeah. And we'll get into that in just a second here. But I'm wondering also, how do you feel like you're doing financially? Do you think things are going well? Do you think there are areas where things could be better?
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