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More From Less: The Benefits of Downsizing

  • Broadcast in Business



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As a retiree, I'm always looking for ways to cut expenses without degrading my lifestyle. I illustrated this in my Retirement Spending Plan essay a while ago. It's a good plan, and it's working. But it wasn't feasible until two years ago, when Tricia and I downsized.

A bigger house, of course, costs more money to buy. But that's just the beginning. You'll pay more in property tax. It also costs more to maintain, heat, cool, and furnish.
Most of us develop some sort of an emotional attachment to our homes. For some, that attachment runs quite deep. I'm not particularly sentimental. So the emotional part of downsizing was not a big issue for me. But it was for Tricia. It took her several years after the children were gone to even entertain the notion of moving.

Moving is a real pain in the butt. I'd forgotten because I hadn't moved in such a long time. And the last time I moved, I didn't have anything close to the stuff I have now. Look around your house. If you've been in it for any length of time, chances are you've accumulated enough possessions to make the prospect of moving more than a little daunting.

People who should listen to this show are people living above their means or have older parents who can't take care of the home the live in