4 Tips for a Smooth and Low-Stress Downsizing with Kids
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Guest Post: 4 Tips for a Smooth and Low-Stress Downsizing with Kids
Downsizing, in general, is a very emotional and time-consuming process, but going through the whole process with children is another story altogether. You may not know where to start or how to proceed. That’s okay — it’s only natural. Here are a few tips especially for parents looking to downsize into a smaller home.
Research the Market
Getting the downsizing process started begins with thinking about what you want and need in your next home. You may want to be near good schools, parks, and playgrounds and have a home with a nice backyard. For parents, a home that will let your children live and grow safely will allow your whole family to live more comfortably. Research the current housing market so you can narrow down what you can afford in areas where you want to live. It will also help you discover what sticker price you’re likely to get from your current home.
Look Into Home Loans
There are a lot of different options out there for securing funding for your next home. You can get good rates and low payments based on income, credit score, and the education you’ve had and the profession you hold. There are special loans for military members, veterans, and their families. One of the most common for parents to take advantage of — especially first-time homeowners — are Federal Housing Administration loans. With less money down and less stringent credit requirements, FHA loans can make dream homes much more affordable by giving you the option to use a down payment that fits within your budget and streamline financing to make your financial future more stable.
Get Your Household Budget in Order
Many parents live on tight budgets. From field trips to athletic uniforms, many parents have to get creative about how they maximize their finances. Making ends meet with children can be hard, but with a household budget, it can be manageable. If you don’t have a household budget, consider the 50/30/20 principle. This one is nice because it’s flexible and easy to follow; you’ll want to arrange your finances so you spend 50 percent necessities, like mortgage, cars, insurance, utilities, etc. Then you’ll want to budget 30 percent on spending and 20 percent goes into paying off debt and savings. It’s likely you are going to have to cut out some unnecessary spending that is a little disappointing; just keep in mind that financial stability is priceless.
Start the Big Purge
For parents, it can be hard to decide what stays and what goes when you are downsizing. There are sentimental items you may want to hold on to, but neither you nor your kids really have a use for them anymore. The purging process can be made a bit easier by starting with duplicate items. Do you need a toaster and a toaster oven? Downsizing is also a great way to consolidate collections that have piled up over the years. Try to pare them down to just a handful of truly sentimental ones. Also, donate all those old toys and clothes that your kids no longer need but have been clogging their closets and floors. Inspire them by letting them know that giving away their unused possessions can really make another child excited and happy.
When you have the downsizing process down, don’t forget about moving day. It’s a stressful time, especially for kids, so it’s up to parents to make sure the day goes smoothly. Help your child adjust by encouraging open communication before, during, and after the process.