11 Expected (and Unexpected) Ways You'll Save Money as an Empty Nester

Parents of a child born in 2015 could spend $233,610 for food, shelter and other necessities to raise a child through age 17, according to the U.S. Department of Agriculture. But what does that figure not include? You guessed it — the cost of college.

Up to 29 percent of the money streams toward housing costs. Food takes second place at 18 percent and child care and education pops into third at 16 percent of the $233,610 amount. Day care may be a distant memory (if you used it at all) because now your child is at college and you’re an empty nester.

Maybe you’ve been an empty nester at least since college started in September — or longer. Have you ever stopped to think about how many pocketfuls of money you’re saving now that the kids are out of the house? Here are a few ways empty nesting can play out in your favor.  

1. Groceries

Your grocery bill is one savings area that’s obvious — of course you’ll save money when your hulking son goes off to college (is it any wonder his eyes lit up the minute he saw the university’s buffet-style cafeteria on his college visit?).The average household spends anywhere between $286 a month (in Dallas) to nearly $500 a month (in Seattle) on groceries, according to Business Insider. Let’s say you knock at least $40 off that bill per week. You could save $160 per month if you live in Seattle. That’s almost $2,000 per year!

2. Toiletries

The average household spent $768 in 2018 on personal care products and services, according to the Bureau of Labor Statistics (BLS). That’s approximately $64 per month. How much do you want to bet your shopping cart was perpetually loaded with deodorant, shampoo and soap for your high schooler? Probably a good chunk of it. 

3. Gas

$2,109: It’s the amount the average household spent on gasoline, other fuels and motor oil in 2018, says the BLS. Think about how much of that figure was spent toting yourself to kids' games and high school activities. Now that you’re spending quiet nights in on a nightly basis, cozying up with a good book is way cheaper.

4. Entertainment

The average family spent $3,405 on entertainment in 2018 — thanks again to the BLS for providing the data. Your kid might have a penchant for video games or movie outings and he might’ve even let you tag along every once in a while (did you know the average movie ticket costs $9.11?). You’ll save some money if you reign in those expenses — it’s possible to save $1,000 or more.

5. High school sports fees

U.S. parents spend $671 per child annually on high school sports, according to Ohio University. So, what does that amount cover? Registration fees, uniforms, lessons and coaching. Two out of 10 parents spend over $1,000 annually on school sports. Whew. Thank goodness you’ve ditched that expense.

6. Clothes

The average family spent $1,866 on clothes in 2018, according to the BLS. Your son may have wheedled money out of you for clothes on occasion, but you can make a firm decision that he’s gotta buy his Air Jordans on his own now that he’s making money in college. And since you haven’t bought new clothes since about 2015, you could save a few hundred dollars per year. 

7. Car insurance

Your kiddo may be required to park two miles away from his university campus — and hike uphill in the winter snow to get there. In the process, he’d lose his highly-coveted ($800!!!) parking space. He reasons (to your relief) that he’ll just take the bus. Sell the car, pocket the cash and cancel his car insurance — the average cost of car insurance in America is $1,502 per year, according to The Zebra. Hurray! 

8. Occupied space

For years, your teen has made the whole basement his (smelly) nest. And the entire time, you’ve been thinking that he’s been costing you money, because it would be a great rental space — to the tune of $500 or more a month. Now you can officially explore being a landlord.

9. Wear and tear on your home and car

Sometimes, unless your daughter’s a dancer, teenagers are like bulls in China shops. You’ll save the costs of your kid backing into the garage door with your car (“Oops, sorry, Mom!”) or knocking your prized giant family photo off the wall. There’s no real way to put a figure on this, because every kid does different things to bash, scratch, smear and dent your stuff.

10. Supplies

Those last-minute history projects where your high school sophomore needs poster board and glitter — right now! — is all over. You won’t need to spend $100 a month on various school supplies and other necessities. Tuck that $1,200 into a savings fund or go on vacation to Florida. You deserve it — you survived your child’s high school years!

11. Lessons

Those years of piano lessons paid off because your daughter’s majoring in music performance at Juilliard. She’s off to the big stage, and that means you no longer have to pay for piano lessons which can cost, on average, between $30 and $60 per hour, according to Angie’s List. A $60 per hour piano lesson once a week ratchets your expenses up to $2,880. Tuck that money away for a rainy day instead. Or again, go on vacation!

Ways to Save Even More

You might save a bundle of money when your kids leave home for college but you might transfer all that savings toward college tuition! 

Don’t think you can hack the full cost of college each year for four — or even five! — years? Consider working with your son or daughter to pay for some college through work-study, a part-time job or through student loans.

Look for tax benefits, too. Talk to your accountant for ways you can save, whether through student loans, the American Opportunity Tax Credit and more.