Kids Left Home? Time to Refresh your Finances

1. You can throw the two minute noodles away!

Once the kids leave home, you’ll see a change in the amount of money you have, now you’re not paying to feed hungry young adults, who eat several meals a day. When you do the weekly shop, you only need to think of yourself; so you can throw out the two minute noodles!

It’s now worth making a strict shopping list before you go to do the weekly shop. It’s not a bad idea to go through the cupboards in your kitchen to find out what you actually need now the kids are gone. You’ll be surprised!

2. Power up your finances

So… you’ve done your shop for the week. Now is a better time than any to go through those unwanted direct debit payments; like the Netflix subscription. If there are any magazine subscriptions as well, now is the moment to decide how much you actually read that monthly magazine that always end up in the recycling.

If you have a mortgage on a property, you might be in a position to make additional payments so you can start thinking about owning your own home sooner. Those that own their own home could think about topping up their super, so you’ve got more cash on the lead up to retirement.

3. ‘Look at all this extra space!’

It’s great to have a large house, but really how many of those 4 bedrooms are going to be used now the kids have moved out? Now is a very good time to consider downsizing. If you are renting your property, this is even more important to consider.

Likewise if you have a large car, you could be in a position to exchange it for something smaller, that’s more fuel efficient.

4. Set new goals

Now you don’t need to give the kids that extra $60 every week to fill up their cars, you can start to take stock of your finances and think about what your financial goals are for the future.

This could include just saving some extra cash up, so the family has more funds at its disposal, or making plans for retirement. It’s always important to set financial goals for the future, to ensure your family is in the best financial position, whatever might happen.

5. Go on that cruise you always wanted

Even though saving and setting fresh financial goals are important, now the children have left home, you will also want to prioritise a few of those dreams and plans you had before you started to raise a family.

Why not put some money aside for that Mediterranean cruise you always wanted to go on, or even take some time out to learn a new skill.

In the long run, doing this will help you begin the next chapter of your life, whilst allowing you to mould a new lifestyle during a time in your life when you have less responsibilities and more time on your hands.