Empty Nest, Full Retirement: 10 Ways to Boost Your Savings When the Kids Leave Home

When the kids leave home, it marks the start of a whole new chapter—a quieter house, less laundry, and the freedom to make plans without working around school schedules or extracurricular activities. 

Beyond the emotional shift, this change also brings a financial opportunity: without the daily costs of raising children, you can redirect your spending toward building a more robust savings plan for the years ahead. According to a 2022 report by the U.S. Department of Agriculture, the average cost of raising a child to age 18 is over $310,000. For empty nesters, this means a significant portion of the family budget can now be reinvested in personal goals, retirement, and even some new adventures.

This newfound financial flexibility makes it an ideal time to focus on boosting your savings. Whether it’s by cutting down on now unnecessary expenses, taking advantage of tax benefits, or reassessing your insurance needs, there are plenty of ways to increase your savings without drastically altering your lifestyle. Here are ten practical strategies to help you maximize this phase of life, empowering you to build security and financial freedom for the years ahead.

Reassess and Adjust Your Monthly Budget

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Cut Unnecessary Subscriptions and Expenses

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Downsize Your Home to Fit Your New Lifestyle

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If You Don’t Want To Downside, Monetize Your Empty Nest Space

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Reassess Your Insurance Needs

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Assess and Eliminate Debt (Where Possible)

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Automate Your Savings

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Max Out Your Retirement Contributions

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Take Advantage of Tax Benefits

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Explore Investment Opportunities

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Hetti Misenti, a seasoned writer for FamilyProof.com, brings her unique perspective on family finances and lifestyle to our readership. ... More about Hetti Misenti
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