Bills You Never Have To Pay When Your Kids Move Out
Written by
Gina Hagler
Edited by
Cory Dudak
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With the kids finally out of the house and establishing their financial independence, it’s time to look at your expenses and what you can reduce or remove from your budget.
This reallocation of funds means that not only do you have more for your future, but when they visit, you’ll be able to treat them stress-free.
Entertainment
It’s likely your kids were making use of music and movie streaming services, fast internet, and cell phones. With them out of the house, you can cut back on these. Sure, you probably like to watch TV too, but you might no longer need the expensive plan designed for several concurrent viewers.
You might be able to eliminate a few of the streaming services and even reduce your internet speed. And if you plan for restaurant meals, that’s cheaper for just one or two than a family with children.
Downsizing
With the kids moving out, you might be able to move into a smaller home with lower maintenance and upkeep costs, not to mention lower mortgages and property taxes. You might also consider selling items your kids were using and no longer want now that they’re on their own.
Another expense you might be able to downsize is cars. If you were paying for (and insuring) your kids, you can consider selling the extra cars and removing them from your policy, reducing your premiums. Take a look at everything you’re financing and find all the ways you can downsize.
Debt and Other Expenses
Now that they’re out of the house, there’s a good chance you’re better equipped to deal with credit card and other debt. If your debt has gotten out of control, consider debt consolidation to simplify your payments.
You might also want to consult with a tax professional or financial advisor to see what kinds of tax deductions you might be eligible for with them out of the house. For instance, if you decide to rent out a room in your home, you might be able to take advantage of tax benefits.
You might also want to review your life insurance policies to see if you still need the coverage you did when your kids were young.
Traveling and Hobbies
Now that you’re not footing the bill for travel sports or music lessons, you might find you have extra income for your own interests like traveling, or a new hobby or activity. While it’s a good idea to put some of these savings towards retirement, it’s also a good idea to treat yourself to traveling or other hobbies.
To offset the cost of things like airfare or hotels, consider using a cash-back rewards card or save on vacation expenses for hotels and flights with travel rewards. Ultimately, it is a balancing act, but the idea is to maximize and take advantage of additional income while not going overboard and struggling with retirement or wedding funds.
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