As children begin to graduate from high school and leave home, the family unit gradually grows smaller. Parents find that they no longer need a large house, or extra properties. They can finally begin to declutter, and no longer have to store microwaveable snacks in the freezer. While this is a somber time for most parents, it is both freeing and invigorating as the parents discover the benefits of an empty nest.
Downsizing the Home
Once the children move out, most parents find that there is no reason to maintain a 3, 4, or 5 bedroom home. Not only is most of the living space unused; it is far more expensive to heat, cool, and clean such a large home. Downsizing a home also means that a nicer, smaller home could be purchased in cash when the bigger home sells. There is also the possibility of obtaining more land, which can be used for gardening, recreation, livestock, or simply for privacy.
Eliminating Costly Properties
If a location is being rented for extra storage or work space, it's time to declutter, bring the office home, and eliminate the expensive rental fees. A timeshare is another large investment which might be unnecessary when family trips become rare. Find out how to get rid of timeshare legally so that there are no repercussions to finances or credit in the future. It's important to make a clean cut with timeshare responsibility.
Building Emergency Funds
Emergency funds are very important to build for both parents and children. By the time graduation comes, most parents have a decent emergency fund saved. However, it's a great idea to supply each child with his or her own one-time emergency fund. This could help keep their future families safe in the case of tragedy, natural disaster, or extreme illness.
As the children leave, a lot of financial burdens can be released. With a smaller home, fewer financial responsibilities, and a cozy savings, parents can enjoy their golden years and do the things that they've always dreamed of.
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