Moving to Las Vegas: How much money should I save before I move?

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This is a very common question that I get from people thinking about moving to Las Vegas. It is an important one to ask because you want to give yourself some financial cushion when you move to a new place. This is especially true if you do not have employment lined up before you move.

The answer to this question will be different for everyone because people that are moving to Las Vegas come here under many different circumstances. A single person who just completed college will likely need to save a different amount of money in their savings account compared to someone who is 37 years old, married, has three small children that need daycare and is looking to purchase a home in a family friendly neighborhood. Before you make the move, the best way to ask this question is “How many months of expenses do I need to have saved in my account?” This way you can devise a monthly budget that is unique to you.

When I began living in Las Vegas I had enough in my banking account to cover a few months of expenses. I had already paid the deposit and the first month of rent at my place. I also already had a job lined up before I moved to Las Vegas. Even if you have employment in place, I would suggest having several months expenses saved in your budget. If you are going to be moving to Las Vegas without a job in place, then I would suggest saving even more. Six months or more would be preferable.

Just keep in mind that this will depend on each individual scenario and each person’s risk tolerance. If you are young, single, without very many financial obligations, financially responsible and you are willing to take whatever work you can just to get your footing out here, then you can probably take on a higher risk by not having as much money saved. If you have a family you are supporting then your scenario is going to be different.

Write out a monthly budget for where you live now. Then go online and compare the cost of living in Las Vegas to the cost of living to where you live now. Look at apartment rents in Vegas, gas prices, food prices, etc. to see it compares to where you live now. Do you best to estimate how much money you would need to budget each month to cover your monthly costs out here. Work to save at least a few months or more of expenses, and be sure to give yourself some cushion by aiming to save more than you think you will need.

Moving to Las Vegas: How much money should I save before I move?
https://www.youtube.com/watch?v=1biVojlhqEk
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Moving to Las Vegas: Steps I took before moving to Las Vegas
https://www.youtube.com/watch?v=qGvGsS_AgXQ
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