Being a parent is one of life’s greatest joys. There comes a
time, however, when the kids go off to college or otherwise start life on their
own. For many parents, that time is a major transition, and it’s also a time when
not-so-smart spending and financial behavior tend to take place. To make sure
that
Mistake #1: Refusing to Sell Your Home
Having a huge house makes sense when you have several
children running around. When it’s just you or just you and a spouse, however,
you don’t really need all of that space. Once your kids are gone, if you can
honestly say that your house is more trouble than it’s worth or if it’s
becoming a financial burden, then it may be time to think about selling and
finding something more manageable.
That’s not to say that selling your home is always the right
choice. It’s just important that you not be so set in your ways or so adamant
about keeping your home that you refuse to see any other options. Make the best
choice for yourself, but do it based on reason and facts, rather than feelings
and sentimentality.
Mistake #2: Going on a Spending Spree
Being a parent can be fun...but it can also be stressful.
When you’re a parent, you have to be selfless and always put your child first.
So, when that child is gone from the home, it becomes all too easy to go a
little “hog wild” in terms of buying things for yourself.
You can certainly indulge yourself a little more now that
it’s just you, but don’t go too crazy. Remember, you still have bills to pay
and retirement to plan for, so don’t let the excitement of being able to buy
and do for yourself cloud your better judgment.
Mistake #3: Not Planning for Retirement
People have children at all different ages, but there’s a
pretty good chance that once your children are all grown, retirement isn’t too
far into the future. Even if you still have a long way to go toward retirement,
it’s definitely something to start planning for, especially when the kids are
gone and you don’t have quite as many expenses.
Hopefully, you already have some kind of retirement plan or
fund. If so, there’s no better time than the “empty nest” time to start boosting
your contributions to it. If you don’t have one of these plans, then you can
start one!
Saying good-bye to your children isn’t easy, but don’t
worry; as you can see, you’ll still have plenty of things you have to take care
of and watch out for!
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