As we have always contested, saving money isn’t the same thing as living a frugal or miserly lifestyle.
Being financially savvy can allow you to manage your money without having to cut back on necessities and sometimes big changes, like downsizing your property, can be just what is needed to save money.
Downsizing your house when times are tough is a standard policy for some people, but if you’re happy and settled in your home it can prove to be a difficult decision.
If you aren’t making the money you once were or your income isn’t stretching as far as it used to, then cutting back on a few expenses or selling a few items of value to balance the books may be necessary.
Despite seeming like a knee-jerk reaction at first, the implications of downsizing your home are incredibly positive and can provide the financial freedom you need to live a more comfortable and enjoyable life.
When British Prime Minister David Cameron told the elderly of Britain to ‘go back to work or downsize’, as The Telegraph reported back in 2012, the reaction was mixed. Nevertheless, the message concerning home sizes was one of sense as well as politics. Those who feel attached to their property may be trading sentimentality for practicality and nostalgia for common-sense by continuing to live in a house which far exceeds their spatial needs.
It may be nice to live in the same place with the same possessions you have done for decades, but if you are barely able to pay the bills then you are sacrificing a lot of happiness to do so. Furthermore, downsizing can be a means to raise cash for a much craved for holiday or even a good reason to move nearer relatives.
How to begin downsizing
If you think that downsizing is the right option for you then there are plenty of firms who can help. Some companies offer great advisory services alongside accommodation for those looking to downsize and can be used to explore the benefits of downsizing on daily expenditure, as well as the initial savings you stand to make.
Ask them explain the different options you have when downsizing and help you to find a suitable property, such as their dedicated retirement options, which may be more suitable than your current home.