Here’s how you can make the most of being an empty nester 

No more childcare arrangements. No more soccer practice carpools. No more summer camp sign ups. These are among the many burdens lifted when you reach the stage of an empty nester. Defined as a parent whose children have grown up and left the home, empty nesters often find themselves with a notable amount of extra time, money, and space on their hands. 

If you’re an empty nester, or soon to be, this can be both an opportunity and a challenge when it comes to money management. Below are some top considerations for empty nesters to keep in mind during this life stage.

Prioritize retirement

For perhaps multiple decades, you’ve put your children first. From childcare to saving for college and everything in between, you might have been limited in what you’ve been able to set aside for your future. With the major expenses of raising children behind you, now is the time to look at how much you’re putting into your retirement accounts and consider adding to it. Retirement may still be a ways away, but it’s never too early to put as much money aside for those years as possible.  

Re-evaluate your space

With your children out of the house, it’s likely you have more space than you need, or know what to do with. Many parents in this situation consider downsizing to a smaller - and sometimes nicer - home. If downsizing isn’t the route you want to go, it’s still a good time to consider how your home can be better utilized without your children around. This could involve transitioning a backyard playground into a garden or turning an unused bedroom into a home office space.  

Take an inventory

From toys to video games to online subscriptions, you’ve likely accumulated many goods and services of value that you likely don’t need anymore. Consider selling, donating, or giving away any unused toys or games. This not only ensures these items are put to good use by someone else, but it also clears up space in your home. And don’t forget any streaming or gaming services that your children subscribed to over the years, as these accumulate costs and can be easy to forget about. 

Be intentional about financial independence

While your children are likely happy to be out of their childhood home, they might be less excited about being dropped from the family phone plan or paying rent for the first time. In the best interest of both you and your children, it’s important to be on the same page about the specific ways - and for how long - in which you’re still able and willing to help financially. 

Create a new budget

As many major expenses are now behind you, now is an ideal time to understand how these changes impact your budget. Having a clear picture of how much money you’re saving can inform key decisions around saving for retirement or investing in a new home.

Making the most of being an empty nester

Seeing your children leave home is one of the more bittersweet moments parents experience. Becoming an empty nester can be a time filled with opportunities that previously weren’t possible, making this an exciting time. But without careful planning and attention to the financial implications of becoming an empty nester, it may be hard to take advantage of the opportunities in front of you. 

Regardless of which stage of your financial journey you’re at, Westfield Bank is here to guide you. From mortgages to retirement savings and daily budgeting and much more, our team has the tools and resources you need to achieve your goals - get in touch with us today.