Once your kids are living on their own, you’ve reached the stage in life we call the “empty nest.” It’s a time of big changes. For starters, you have the family home all to yourself. You may also find you have more time and more money. What will you do with it?
Top five changes for empty nesters:
- You may have more free time. Even if you’re still working, you may have time to take up a new hobby or activity.
- You may spend less in some ways. For example, you will run fewer loads of laundry and wash fewer dishes, so your water and hydro bills will drop. You will also spend less on groceries and gas. You may buy a smaller car and save money on gas, insurance, and even maintenance. If you have two cars, you may be able to sell one and really save.
- You may spend more in other ways. You may eat out more and spend more on entertainment and travel. There could also be new costs if you have aging parents to care for, or grandchildren who need your support.
- You may change the way you live. You may shop less or go to different stores. Many empty nesters like to make over their kids’ bedrooms for other uses, such as a home office or a fitness room.
- You may decide to move to a new home. You may want a smaller home that’s easier to take care of. Or, you may simply want to move to a new area.
Remember: After the kids leave home, life will change in many ways.
It's a good time to look over your financial plans. You may want to set new goals for your money and your free time.