Your First 90 Days: Resetting Your Budget in a New City

Moving to a new city is exciting, but it can also feel overwhelming. Whether you’re stepping into retirement or starting an executive role, there’s a lot to juggle in those first few months. Beyond unpacking boxes and finding your favorite new restaurants, it’s also the perfect time to hit reset on your budget and make sure your financial plan fits your new lifestyle.

At Wiser Wealth Management, we walk alongside families and professionals making these kinds of transitions every day. Here are some things to keep in mind as you settle in:

Rebuilding Your Budget

Every city has its own cost of living causing expenses to change in unexpected ways.  You may notice differences in property taxes, insurance premiums, utilities, or simply how much it costs to enjoy an evening out.

Retirees sometimes find they spend more at first because they’re eager to explore new restaurants and activities. While executives may face higher living expenses tied to professional obligations or longer commutes. On top of that, there are often “hidden costs” during a move, like new furniture or frequent trips back to your old city to tie up loose ends. Taking time in those first 90 days to reset your budget helps you build new spending habits as you transition to your new lifestyle.

Maintaining Two Properties

Another common challenge is managing two homes at once in different cities. Many people hang on to their old property for different reasons. Sometimes you need flexibility to travel back to your old city or maybe it wasn’t an optimal time to sell your old place. 

This can create a financial strain if you’re suddenly carrying two mortgage payments, property taxes, and utility bills. There are also insurance considerations: an unoccupied property can present risks if it isn’t insured correctly. Think strategically about how long you’ll keep both homes. Does renting out one of them makes sense? It could go a long way toward keeping cash flow steady during the transition.

Building Your New Financial Team

Relocating isn’t just about unpacking boxes; it’s also about rebuilding your professional relationships. In a new city, you may need to find trusted advisors who can support your financial well-being. This often begins with choosing the right financial advisor, a fiduciary partner who can help you integrate investments, retirement income, and lifestyle goals into one comprehensive plan. 

A local CPA can also be valuable, especially if you have income or property in multiple states, since tax rules can differ significantly. Healthcare providers are another important piece of the puzzle, especially if you’re retiring and need to review Medicare supplemental plans or, for executives, coordinating employer-based coverage. 

Finally, relocating is a great time to review your insurance. From homeowners and auto policies to umbrella insurance and long-term care, your needs may look different in your new city than they did before.

Keeping Cash Flow Flexible

The first few months in a new city almost always bring unexpected expenses. Maybe it’s a renovation project, traveling back and forth to visit family, or higher day-to-day costs than you expected. That’s why liquidity is so important during a transition. 

Retirees need to think carefully about how pensions, Social Security, and investment withdrawals will line up with their new cost of living. Executives may have relocation benefits, signing bonuses, or stock options to coordinate with higher living costs or the need for a larger cash reserve. Taking a thoughtful approach to cash flow allows you to enjoy your new city without financial stress hanging over your head.

Planning Beyond the First 90 Days

Once you’ve settled in, it’s important to consider the long-term impact of your move. If you find yourself moving to a new state, estate planning documents such as wills, trusts, and powers of attorney may need to be updated. Retirement planning might look different depending on the tax structure in another state, and this can directly affect your withdrawal strategy. 

Many clients also find that getting involved in charitable giving within their new community is a rewarding way to give back and build new connections. These longer-term steps make sure that your financial plan is aligned with the life you’re building in your new home.

Why Choose a Fiduciary Partner

During times of transition, it’s easy to get pitched products you don’t need. That’s why working with a fiduciary makes such a difference. At Wiser Wealth Management, our focus is on building relationships and providing advice that puts your goals first. We also coordinate with your CPA, attorney, insurance providers, and healthcare team. To keep all aspects of your financial life moving in the same direction. Our aim is to give you peace of mind, knowing you have a partner who understands both the financial side of the move and the personal side of settling into a new chapter of life.

Grace Kennedy
Financial Planning Associate, Wiser Wealth Management