Energy costs and living costs are currently rising rapidly, putting many households at risk of being unable to meet the financial demands, especially with the increasing costs of fuel. Even families that have a sufficient retirement that can meet the rising costs, simple pleasures such as dinners out or travel may have to be cut out of the budget in order to meet the rising costs of maintaining your family home.
Regardless of your financial situation, it is fair to say that nobody likes to pay more for things you don’t even need or use. If you are an empty-nester who still resides in the home you raised your children in, you probably know exactly what this means:
- Heating a large empty home
- Cleaning rooms that are rarely used
- Spending money to heat empty rooms
Since the children have moved out and the household expenses are increasing, it is time to consider the best home options for your budget. Here are some tips to reduce waste and unnecessary expenses in your empty nest.
Insulation can be a game-changer
The majority of American homes do not have adequate insulation. According to experts, 9 in 10 U.S. homes were underinsulated in 2015. With the rising costs of heating and cooling, if your home has ineffective insulation, chances are you will see an ever-increasing cost in your utilities. Indeed, insulation doesn’t only let the cold air in winter. It also turns your home into a furnace in summer.
Improving your insulation by focusing on the under-roof and basement areas can make a huge difference, saving several hundred dollars on your annual energy bill. If you have rooms you are not using you can turn off the heating and cooling to those rooms and seal the windows and doors. there is no need to heat or cool empty unsued rooms. This option can be a great plan if you wish to continue to live in your large family home.
Consider renting out some rooms
It might sound counterproductive to invest in your home if you wish to save money. But hear us out. You could choose to improve your property by creating an apartment in the basement of your home. If your current home does not have a basement you could also consider subdividing your home into a duplex. You could add a partition and all the necessary facilities — kitchen and bathroom — with the help of a professional contractor. It can be a fantastic project that allows you to rent out some rooms on your property without losing your independence and peace.
If you prefer not to have long-term tenants, you can focus on redecorating the empty bedrooms, adding an extra bathroom, and renting the space short-term to holiday travelers.
What about downsizing?
Not everyone is comfortable with the thought of downsizing and leaving the precious memories of their family behind. However, household moving downsizing for a smaller home can be a fantastic option to save money and free yourself from all the maintenance that a larger home requires. You could downsize to a condo at the beach or a small little house in the country.
It is not an uncommon choice for older adults to move closer to their children and grandchildren. If your family lives far away, downsizing could help bridge the distance while reducing costs. Besides, you could see your loved ones more often!
As you get closer to retirement and your children all move out, how are you preparing for these rising costs? Being more economical, pinching pennies, and cutting out all the fun things is not going to make a big difference in the cost of living. However, it can make a difference in the quality of your life. Do you want to live out your retirement looking after a big empty house or do you want to focus on the things that make you happy? It is time to focus on strategic choices that will immediately impact your wallet and your life for the better.
So what’s your plan? Let me know in the comments.