Save money: Bills in a small space will be tremendously lower than in a large home, so you will naturally begin to save money after downsizing. If the overall lower cost of living in a smaller space isn’t appealing enough for you, downsizing will save you money in other ways as well. Since downsizing means you’ll have less space to fill with stuff, you’ll find yourself shopping less, and you’ll fill your space solely with practical items that fit with your new style of organization.
More free time: Many people who move into an apartment or community after owning a home find themselves with more free time. Since you no longer have an overwhelming list of chores to take care of — the gardening, landscaping, and endless cleaning are drastically reduced — you’ll have time to do things that you really love and take up the old hobbies you’ve been neglecting as a homeowner.
A new sense of what matters: As you adjust to your new place, you might begin to feel a refreshed sense of what is really important in your life. By reducing the amount of clutter (which will undoubtedly be necessary when you move), you will be better able to separate the things that have meaning from the ones that don’t. With a bigger budget and more free time, the money you do end up spending will likely go toward experiences, rather than frivolous purchases.