How much to move
July 20, 2006 6:50 PM Subscribe
I am interviewing for a new job shortly. I am trying to come up with a dollar figure for how much I should ask for. I will be changing cities, working a fairly similar job to the one I am in now, and moving to a city where the housing costs are slightly higher. How do I figure out how much I need to make the move? Is a calculator available to help with this decision? I am looking for raw numbers here, I will factor in social costs later.
I own a small house, and my brother has agreed to assume the mortgage or rent the place. I would likely buy a house worth about 10K more than the one I live in now. I expect to incur some expenses in the transfer here but I expect worse case scenario is 2K.
My moving expenses would be fairly small. I don't own much. Two half-tonne loads going about 225KM should cover those expenses. Let's say maximum $500.
I earn right now somewhere around 33K-35K which is factoring in some profit sharing money, overtime and a bit of stock. I pay for most of my own benefits. I can usually expect a 3% raise every year. The stock I hold is the only retirement plan, and it has lost money recently and as far as I know has never paid a dividend. The profit sharing doesn't happen if the company loses money.
The new organization will pay more at least 37K a year, and I will probably seek 40-42K. The workweek is a half an hour a week shorter on average - I get every second Friday off. The benefit plan is cheaper and less comprehensive - which is fine because I don't use it much (knock on wood) except for glasses and drugs to deal with minor ailments from time to time (this year about $60 to me). I live in Canada so basic medical care is socialized. The pension plan is exceptional - if I stay there 20 years I probably retire a millionaire, and the workplace is unionized. Raises tend to come with every collective agreement. 3% is probably average. The Union dues are pretty stiff but tax deductible.
Taxes, auto insurance etc should all be the same.