Financial Freedom When Junior Goes to College

September 23rd, 2007 | Stacey | Financial Independence, Financial Freedom Opportunities, Financial Freedom

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Is financial freedom possible after Junior goes to college? For many parents, the empty nest syndrome is their first thought after the children go away to school. Many parents dutifully save money every year in preparation for sending their children to college.

On the other hand, there are families still struggling to make ends meet when it comes to financing college. For families who were unable to attain financial freedom and plan for children going to school, community college is a viable option. Junior can commute to school and stay at home while attending the first two years of college. During that time, families can work together to save money for the next two years of school.

For parents who have saved for their children to go away to college, there are other considerations. Does the family still need a large home or can Junior’s parents move into a smaller home that is less expensive and cash in on paying for their larger home all those years? Once your children are established in higher education, it is time for their parents to plan a comfortable retirement situation.

Although an empty nest can be tough to face, hope prevails and financial freedom is redefined by retirement. Planning ahead is your greatest ally toward finding the financial freedom you need, although there are still alternatives if you have not been able to plan such as selling a large home to move into a smaller one or taking advantage of the equity in your current home to meet college expenses.