My, how time has flown. Seems like only yesterday you were packing up for the big move to your house. Now your children are all grown, some with children of their own, and the house you have cherished for so long seems big and empty. The time has come for you to downsize.

Downsizing typically involves moving to a smaller home, which creates a number of positives. Depending upon how much you still owe on your current house, you may make enough of a profit to put down a substantial down payment on a smaller house or buy it outright. Either way, you will have more cash in your pocket for other things. With less square footage, you will have lower utility bills and make fewer purchases, allowing you to save even more money. You will also have less to care for, easing stress and freeing up time.

With downsizing also come some negatives, of course. You may not have the room for out-of-town guests, much less your possessions. Chances are everything in your home right now will not fit in your new home. If you own a lot you’re partial to, getting rid of some of it may not be easy. Ask your family and friends to help. They might even be willing to take some items off your hands. Wouldn’t you rather see your daughter using your mother’s china now than making her wait until after your death? The same goes for your phonograph. It would look lovely in your friend’s parlor, and they’re even willing to pay you what it’s worth.

When sorting through your possessions, start in the rooms you use the least to avoid having to walk through an obstacle course for days on end. Move from large pieces to small and color-code everything according to whether you want to keep it, give it to a family member or friend, donate it to charity or sell it. With heirlooms you’re handing down, write down any significant details or memories associated with them for future owners. With heirlooms you’re selling, bring in an expert to assess them and recommend the best method of sale.

Sifting through your possessions will take time. Don’t rush the process, or you could end up making decisions you regret. Go through everything, old cards, letters, papers and more, and keep what’s important to you. If you’re holding onto items for your grown kids, don’t. Let them know what you have and find out what they want you to do with it. Do not take it to your new home. You need all of the space there for your own things. Give your children a time frame to retrieve the items they want or donate them to charity.

Paring down won’t be easy, but it can be done. Be firm in what you want to keep and bequeath items only when ready. Don’t succumb to the pressure of friends and family. It’s your memories, so do with them as you wish. Just don’t go overboard, or you’ll end up feeling like a can of sardines in your new home. Remember, you’re downsizing to free up time and money and reduce stress. The more stuff you have, the less likely that is to happen.

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