How will Downsizing Affect Your Children?
Downsizing is a very big step in ones life and it should not be taken without careful thought and consideration for other members of your family. If you have children, whatever their age, you should take their views on board when making your decision to downsize your life.
DownsizingDownsizing your lifestyle could be one of the biggest decisions you make in later life. If you have a partner and children you need to know their views on the subject and more importantly that they will back your final decision. If you intend to move home this will affect your children whether they have flown the nest or are still living with you.
The home you are selling will hold memories of their life and childhood and could be distressing. If the children have left home you will need to show them that wherever you live there will always be a place for them and try to be thoughtful if you need to get rid of items they have left behind.
Younger ChildrenIf you have younger children who still live at home you should make them part of every decision made as it is to affect their lives. If you have downsized your life to the extent that you will have a smaller income how will this affect their lives? Will they have to move to another school if you plan to move to another part of the country? Their education should be planned very carefully.
If, for example they are in private education how will you pay for this on a limited income? If your children hope to go onto to further education will you be able to contribute to university fees or will they have to fend for themselves? Although you are clear about your plans have you told your children how it will affect their education, home life and their future?
Weddings and GrandchildrenAt some point it is hoped that your children will marry, perhaps some of them already have. Will you be able to contribute to the wedding ceremony or if you have already paid for one child to marry can you afford to pay for your other children's big day?
Also, when grandchildren arrive will you be able to treat them as you would hope to do or will the lack of money due to your downsized life stop you from being an indulgent grandparent? All these things should be thought of when planning to downsize your life otherwise both you and your family could have a very unhappy future that could cause friction in the family.