When your children move out

With your children moved out, there should be more space in your home. There’s the bedroom for a start, but there also shouldn’t be as much of their stuff cluttering up the rest of the house either. This can make it easier to find things you no longer need, so why not take this opportunity to go through what you have?

If there’s anything you don’t want, you can raise a bit of money by selling it. You could try a boot fair for low-value items and look at experts, or auction houses, for those that are worth a bit more. You can also sell online through all sorts of platforms, such as eBay or Shpock.

Decorating could also be easier now you have more space to move around, so if you’ve been putting it off, this could be the time to take the plunge. Whether you redo the house or just put some paint on the walls, it could help it feel brighter and more up-to-date.

A spare room in the house could allow you to create space for your hobbies or interests. If you’ve been thinking about setting up your own business, you may now have a room where you can get started. Having a dedicated space really can make a difference to your work, particularly in the early days.

Alternatively, you could think about using the room to raise money directly by renting it out. The Government’s rent a room scheme allows you to earn up to £7,500 tax free by taking in a lodger¹. Of course, this would mean a significant change to your life, as you’ll have someone in your home who isn’t part of your family – but if you get on with them, it could also mean the house isn’t as quiet.

¹ Source: www.moneyadviceservice.org.uk, as at January 2019

Before you do anything like this, make sure the room is actually free, particularly when it comes to university. Many students would hope to come home in the summer for a start. And even if they have plans that mean they won’t need somewhere to stay while they’re studying, it’s worth thinking about what happens when they’re done.

It’s becoming increasingly common for graduates to move back in to their parental home, at least while they find their feet, and that can be difficult to do if the room now has someone else in – or is full of office equipment.

With more spare time, you could try more things. If you’re working, your days are likely to be spoken for already, but you could have more evenings to start new hobbies or interests – or take the ones you have more seriously.

Similarly, there’s more time to plan for the future. You could start by thinking about your goals – anything from a holiday or new car to making sure you can enjoy retirement when it comes. We have lots of useful information on our site to help you plan for retirement. You could start by working out how much you need to save.

You could then take this opportunity to see if your pensions are on track and if you have several, you could think about making them easier to manage by bringing them together.

Finally, check that you’re using your money tax-efficiently, such as making the most of your annual £20,000 ISA allowance. 

You may find that you have more money left over every month. You’ll probably be spending less on food and drink, for example, and laundry costs should be lower too. If you drove your children around, or paid for their petrol, that cost might be gone as well. There could be many more.

This is almost like getting a pay rise, so aim to use at least some of the money sensibly for your own future – and your children’s, if you want.

We’ll finish by saying that no matter what you do, it will take some time to adjust. You could find that you cook too much every night for a week or two – and this will remind you of what’s not there anymore. A change in routine is always difficult, and this one is harder than many. But if you see it as an opportunity, as well as a challenge, it could give you the chance to change your life for the better.