What Will I Do with My Savings?
Saving $500, $1,000, or even $5,000 a month is fantastic. Every little (or big) bit helps. But if your downsizing goals are grand -- early retirement, college tuitions, a second home near the grandkids, 30 golden years of world travel, fine dining and never flying coach again -- you'll want to make the most of your monthly savings.
Basically, invest it. Smart investing of just $500 a month, according to the Forbes Investopedia, can turn into $150,000 over 15 years.
It's even worth spending the money you save on electricity on a financial advisor. It'll probably pay off in the long run.
With all of this in mind, you're ready to make an informed downsizing decision.