It will surprise you how little expenses change when the home narrows down to two.
What do Empty Nesters spend their money on? In most cases, empty nesters spend their money on the same expenses they always have. Only now, they possibly have a college tuition to help with. That depends on what they have decided as a family to do.
When children leave the nest, the house payment and most expenses do not change. Water consumption may decrease some; however, electricity expenses usually stay the same.
Cooking for two should cost less but many Empty Nesters find that they still cook for the family. Some of these Nesters will eat left-0vers, but most will not and it results in wasted food. Eventually the amount that is cooked will decrease in most cases.
Here are 5 expenses that are called static although the amount due will often fluctuate.
- House Payment
- Medical Insurance
- Life Insurance
- Car Payments & Insurance
- Internet & Cable
There are other expenses that come up whether there are two or five in a home. Any household maintenance falls under this category.
What are some things that Empty Nesters dream of having or achieving?
It is a very common to want or need to Go back to school and then to work . Re-entering the work force comes with a set of expenses: training, wardrobe, and transportation to name a few.
Parents often dream of travel. They think that when the children are gone they will have the means to do this. Some will. However, the time to travel might be available, but the money to travel might not. Even camping requires a camper or trailer to make it comfortable as we age.
Empty Nesters may think of moving to a new home.
A home possibly closer to their child’s college, or a grown child, and grandchildren would be nice. Selling a home is a big deal and finding a home outside of your neighborhood takes time and travel. Some Nesters will achieve this and often find they can downsize in the process. This can be a win/win situation.
Can’t Empty Nesters Just Retire?
According to Senior Living, the majority of Empty Nesters right now are part of the Baby Boomer Generation and the retirement age to draw Social Security is 62 years old. At 65 Medicare will automatically start and Health Insurance becomes more manageable freeing up some income.
Retiring from work depends on quite a few factors and age is probably the number one factor. If a couple has planned ahead and invested in a retirement plan, sometimes age does not matter. The couple who has put money in a retirement plan and has not dipped into it for expenses along the way may be able to retire earlier.
In conclusion, Empty Nesters often frequently spend their money on the same expenses that existed when there were children in the home.
I know for myself I need to see everything on paper or on some type of form to keep track of it. You can use this Monthly budget sheet in many forms. It can be used online, In a digital planner, or printed. I have included 3 different worksheets in the pack as not everyone has a brain that works the same way. Download and make as many as you like.
Read through some of our other posts as most of them have a Printable of some type for you.
You can download it HERE
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