Whether children are setting out to start university, to travel and see the world, or begin their careers and seek their fortune, when children leave home, parents feel mixed emotions.
While you’ll be happy for them as they head off on an exciting new venture, you might also feel a deep sense of sadness when they leave the family home.
If you’re preparing to wave a child off as they begin university next month, you could be worried that you’ll feel bereft and even a little heartbroken that your child has grown and no longer needs you in quite the same way.
Read on to find out how having an empty nest might affect you, plus ways to cope with the emotional and financial change.
Be prepared for how empty nest syndrome could affect you
Empty nest syndrome is different for everyone. Most people feel unease, sadness, and loss after a child moves out. Thoughts and feelings you might experience include:
- Worrying excessively about your child’s safety now they are living away from the family home
- Feeling as though something is missing from your life
- Intense loneliness
- Struggling to accept your child as an adult and grieving their childhood
- Your home feeling quieter and emptier than usual
- Feeling flat or depressed.
For parents with younger children still at home, this won’t automatically make you immune to these feelings.
5 practical tips for coping with the emotional and financial change of an empty nest
- Relax, let go, and let your child grow
A portion of your social life is likely to have revolved around your kids and their activities. While you may feel a sense of sadness over the change of pace, focus on the positive and take some time to think about you and what you want from life.
While it’s natural to feel bereft when your child leaves home, don’t let it consume you. Take the opportunity to make new friends, maybe join a club, or spend time on a hobby you haven’t previously had time for.
This is a great opportunity to spend some quality child-free time with your spouse or partner, too. So, why not set aside a regular time for a date night for dinner, trips to the theatre, or get active and go for a walk, bike ride, or join a gym together?
- Review your budget
With fewer people living at home, you’ll probably notice a change in your household expenditure.
Now that you aren’t feeding constantly ravenous teens, funding their sports activities, or handing out cash for nights out, you may find you have more money in your household pot.
Maybe you’ve already found ways to spend the extra as you enjoy more meals out, or weekend breaks.
As you adjust to the changes in your spending pattern, remember that your kids may still turn to you for financial support – especially in light of the current cost of living crisis.
- Consider whether your home is still the right size
Your empty nest could leave you rattling around a space that suddenly feels too large.
When children leave home, some people make plans to move. If this has crossed your mind, be sure to wait a beat before making any drastic changes.
Rather than reacting to the emotional turmoil you might be feeling right now, think ahead and consider where you plan to live for the next 5, 10, or even 20 years.
You may want to keep your current home for family gatherings or move into something smaller and closer to services and amenities.
If you’re planning to travel a lot, perhaps you only need a small space to call home; somewhere to store for your possessions and a convenient crash pad between various adventures abroad.
Alternatively, if you want to stay in the family home, you may wish to renovate and change the space to better suit your needs as you age.
- Plan a visit
If you experience empty nest syndrome this autumn, the solution might be as simple as planning a visit to see your child in their new home and explore the city where they are now living.
Seeing them settled in their new environment, may help to satisfy your need to know that they are doing okay.
Knowing that they are only a phone call, train ticket, or drive away may also help to ease your anxiety.
- Chat to your financial planner
When you experience a lifestyle change or shift in spending, it’s always a good idea to chat with your financial planner.
If you’re suffering with empty nest syndrome and feeling unsettled, you may be vulnerable to making a costly financial mistake.
Also, now you have an empty nest, your financial goals need to move in line with the change.
We understand that life comes with its challenges, and when you’re going through a major life event, it can be hard to look to the future in terms of your finances. We’re here to support you throughout this time and help you on your journey forward.
Where appropriate, we’ll revisit your savings and investments and ensure your portfolio still reflects your financial goals and objectives. Alternatively, we can simply act as a friendly ear and a neutral sounding board, so you avoid making rash decisions when your emotions are off-kilter.
Get in touch
Whether you’d like a friendly chat or want to review your finances in light of your children flying the coop, please get in touch. Email us at contactme@kbafinancial.com or call us on 01942 889 883.
