3 Money-Saving Tips for New Empty-Nesters | St. Johns Bank
It’s that time of year when high school and college students graduate and fly the coop. This bittersweet occasion is exciting and nerve-wracking for both parties, especially when no more kids are in the house.
But with this big life change comes many opportunities and often a financial shift in the home. Imagine the possibilities if you are able to manage your money better with fewer people to provide for! Maybe retire early, travel more or finally make time for yourself.
If you find yourself an empty-nester this year, here are three easy ways to better manage money now and even saving for the future:
1. Cut the subscriptions. Media subscriptions and streaming services can pile up quickly, often without noticing, especially if you have multiple people signing up for things left and right. It is surprising how much can be saved each month simply by auditing your subscriptions and canceling what’s not being used. And there might be a lot less being used if you’re now an empty-nester.
2. Notice your savings. By this, we mean to make a note each month on whether you’re able to save and how much you save on groceries, utilities or other bills to see if having fewer people in the house makes a difference. If it does, great! But don’t get too excited. Make an effort each month to move the excess to savings—or even better, consider how to invest it.
3. Downsize your home. The last, but possibly the most financially impactful, change would be to downsize your home. Whether you rent or own, if it’s now you or you and a partner sharing a larger home, you could save money by living in a smaller place with less maintenance and possibly fewer taxes. Plus, minimalistic and simple living is all the rage right now—and could even help you retire earlier!
These are fairly straightforward ways to better your finances as an empty-nester—and if done right, they will definitely put you in a better financial position.
Congratulations, and good luck to all the empty-nesters out there! Try these tips, and contact us today to get started on your next financial journey.