Four Financial Tips every Empty Nester Should Know
Becoming an empty nester wasn’t easy. At the same time my children were leaving the nest…my husband and I separated. Finding myself in this situation once again could have been financially taxing on me, but it hasn’t been. I contribute this to a few different things.
First, I worked on my mindset to embrace being an empty nester. Before, I was the mom that loved having all of my kids friends at my home and loved having people around me often. So, I prepared by taking some time to be alone and writing out my dreams and goals in this different stage of my life, to give me something to look forward to. I did have some lonely times, however those were the times I sat in silence and asked myself questions to really dig deep to realize the thoughts and feelings around the emotions I was having.
I also realized that change can only come from the things I could control. I poured myself into things that I “didn’t have time for” when I had my kids around me all of the time. I have been reading, working out, eating super healthy and realizing that I don’t have any excuse anymore to get to where I have always wanted to be, in all areas of my life.
Just like with every other new phase of life, becoming an empty nester is the perfect time to reassess all of your goals, but especially what your goals are financially, here are four financial epiphanies that I uncovered during my empty nesting phase.
Consider Downsizing
First, let’s tackle the most obvious, yet sometimes the most difficult one - downsizing your house. Take an honest look at the location, layout, and size of your home. Is the place you’re living your forever home? Is it set up to be suitable for your aging body or young grandchildren running around in the future? Are you in a location that makes sense? Maybe you need something a little closer to family that you have been in the past. And with fewer family members at home, is the size of your home overkill? Downsizing not only reduces your monthly housing costs but also provides an opportunity to cash in on your home's equity.
Declutter Everything
Now that your children have moved out, your home is likely filled with belongings accumulated over the years. Go room by room and determine if the things you’re holding on to are actually necessary or if they are just taking up space. When I’m decluttering, I like to pull everything out (one room at a time so I’m not working in total chaos) and sort everything into three piles: keep, sell or donate. If in the process you come across items that your kids have left behind, make an additional pile to ask them if it’s something they want to hold on to - and if so, encourage them to make space in their home to store it.
Stock Away Savings
In this phase of life, saving money is more important than ever. Now is the time where your biggest priority is you. With reduced expenses from kids flying the nest, take that extra money and begin cushioning your savings and investment accounts to prepare for the future. Are there vacations you’ve been wanting to take? A car you’ve always dreamed of owning? Start stocking away extra funds from those items you’ve been decluttering, or find a way to pump some extra income into the budget..which leads me to my #1 tip.
Start a Side Hustle
With an empty nest often comes newfound free time, think about the things you're passionate about (outside of parenting) and look for ways to leverage your passions, skills, and experience to generate additional revenue. Not only does it contribute to your financial stability, but it can also be personally fulfilling. I’ve worked with so many men and women who after reaching the empty nester phase of life felt like there was something missing, like they needed something of their own to pour their energy into and a way to build additional income.
There are tons of options on what you can do to build an additional stream of income: like freelancing, consulting, part time employment, or rental properties, but my favorite is network marketing. I’ve helped hundreds of women (and men) build an additional source of income and create financial freedom by sharing their passion for health, wellness, and community through the Zallevo business opportunity. If you’ve been feeling the prompting on your heart to invest your passion into another source of income, are passionate about serving others, or are seeking a community of like minded individuals committed to living out their purpose – this is it!
In case this is the first time we’re connecting, I’m Jill, an entrepreneur, speaker, author, and leader inspiring other women to live out their God given purpose by helping them overcome physical, mental, and financial hardships. If you liked this blog post and want more where that came from, here are a few ways we can work together:
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