Practical tips for no longer having children at home

How to let go as you let your child grows 

Although your social life may have been built around your kids and their activities, you've entered a new phase of life. It's now time to focus on the positive in your life and try to: 

• Recognise that it's alright to grieve the departure of your last child. Try to stay positive and focus on the future of your family. 

• Look inward for self-acknowledgement. You may no longer feel the need to find your own self-esteem through the accomplishments of your children. 

• Combat loneliness by making new friends, joining a book group, helping out others in need, or trying your hand at a new side job (for fun or profit—or both). 

• Schedule a date night with your partner. 

• Remind yourself that your parenting duties are far from finished. You still have a long time ahead to love and teach your kids. They still need you. 

Reflect on what's next for you  

Your retirement may be coming up, so it's not too soon to think about what your life will be like after you stop working for pay. Some questions to consider: 

• How much longer do I want to continue working? 

• Should I time my retirement to that of my partner? 

• How will I fill the days and find fulfillment once I finally retire? 

• What kind of volunteering options in my community can I participate in? 

• Is it too early to start exploring a second act or last career? 

After you've taken the time for personal reflection, revisit your financial situation and explore these steps to make the most of not having children at home. 

Review your budget 

You may find that your household finances look a lot different once your kids have left the house. Your monthly grocery and utility bills may go down, and you finally may be able to reduce the number of entertainment subscriptions services. Go through your budget and make changes that better reflect your current situation. 

Remember that not all of your expenses will go down: You may find yourself eating out more or spending more on travel, so make sure to factor those costs into your budget. Your kids also may still rely on you for some financial assistance. Try to set limits on that help—both for their sake and yours. 

Pay off debt 

Your budgeting work may leave you with extra cash. Consider how to make the most of that extra money. For example, it could be by using it to pay down any outstanding debt. Eliminating these debts will give you much more flexibility as you approach retirement. 

Here are some suggestions on how to focus your debt reduction efforts: It might be smart to start by tackling high-interest debt such as credit cards; next, target student or consumer loans. While you're paying off these higher rate loans, make sure to pay the minimum on other debts such as car loans or credit cards with low interest rates. With or without debt fully in check, plan to keep 3 to 6 months in emergency / rainy day savings—you never know when you might need it. 

Focus on retirement 

Embrace your newfound financial flexibility and if you are able, consider allocating more money toward retirement savings and benefit from putting extra money in your retirement at this stage in life. In many countries, extra contributions are allowed in a tax-efficient manner when you are closer to retirement.  

Think about right-sizing your home 

Some people are excited to downsize from a large home and move to a smaller residence, perhaps in a city. Others use their home as a family destination for holiday gatherings as well as a home base for extensive travel. 

We encourage you to think about where you plan to live 5, 10, even 20 years from now. Instead of downsizing, we talk about 'right-sizing' your residence every 5-10 years. Decisions often are based on things like access to medical facilities and shopping, walkability, weather, property taxes, and the amount of travel that you expect to do in retirement. 

Another option might be to add features to your current home to make you more comfortable as your gracefully age in place. 

Review your estate plan 

Like most parents, you probably drew up your estate plan when you started having kids. And like most parents, you probably haven't reviewed the details of that plan since your kids were young. But, your life is different today, and your estate plan should reflect that. 

For instance, instead of your estate plan addressing who would get guardianship of your children, you may want to focus on how to divide your family's assets among your children. In fact, you may even want to put one of your children in charge of your will, name them as a successor beneficiary on investment accounts, or give them power of attorney in the event you're unable to make decisions. While these can be difficult conversations to have with loved ones, they're also important. 

The transition to this new stage of life can be difficult and exciting all at once, so take time to reflect on how you're feeling. Lastly, working with your financial advisor to revisit savings, spending, and retirement planning strategies can help you validate that these life changes have a positive long-term impact on your life and those you love.