Perhaps this is one rumour the Spelling household shouldn’t be so quick to dispel...
The self-declared financially, erm, challenged Tori Spelling and husband Dean McDermott were reportedly seen packing up their Encino, California mansion with sights set on a new abode. Rumours began swirling that the family was, dare we say it, downsizing - which might not have been the worst financial decision for the Spelling household.
Miss Spelling has long been known for her frivolous spending habits, even while living paycheque-to-paycheque. Her autobiography Spelling It Like It indeed spells out her struggles with learning to mold her lifestyle to her budget - rather than the other way around.
As such, downsizing might have been the answer - if only it hadn’t later been learned that the family’s lease on the mansion was merely “up,” as US Magazine went on to report.
What’s so wrong about downsizing? Not as much as you may have been (mis)led to believe, a recent Retirement Move survey of 1,000 U.K. respondents suggests. Let’s take a look at some of the most common myths out there about downsizing - and capsize them right where they are. For instance…
5 myths about downsizing to drop from your thinking
- Bigger is always better
If you find you barely have the time to keep up the home now - you may want to start directing more of that time toward decluttering and preparing for a downsize. A recent America Time Use Survey found Americans spent an average of 1.8 hours a day doing housework (or 2.4 hours if you exclude the days they didn’t do any housework at all). That may be why around half of respondents to the Retirement Move survey over the age of 60 said they were struggling to maintain their current home and stay on top of the yard work. If only there were a way to reduce the amount of work to be done…
- The process of decluttering is just one more thing to keep you up at night
Though it won’t come easy, decluttering is hardly as great a burden as the financial one you place on yourself by staying in too large a home. Just one three in ten respondents said they worried about getting rid of furniture and letting go of other possessions. Meanwhile, according to AOL, further research by Lloyds Bank suggests that downsizing from a detached house to a semi-detached property could help free up an average of $245,748. Ah, yes - now we have your attention.
- No one wants to leave the place they’ve built a home
Contrarily, the majority of those polled - 62 percent, to be precise - indicated that they felt tied down by their current property, given the equity tied up in it. It might be more accurate to infer that home is where you make it.
- Downsizing should be a last resort for cleaning up one’s finances
And yet, you may later find yourself wishing you’d made it one of the firsts. An overwhelming seven in ten respondents expressed wanting to move while still young enough to enjoy their new surroundings, while a third are wanting to move closer to doctors, hospitals, and other amenities. Time is of the essence - particularly when you have less to work with.
- There is no right time to downsize
Interestingly, there is, in fact, a perfectly ideal age at which to downsize. Science has managed to pinpoint it at 64 years - which means 42-year-old Spelling still has 22 years to get it right.
Spell it out for us, Tor
Let’s hope she manages to wrap her head around the “why” before she has to start thinking about the “how” - and that both come to her long before year 64 creeps up.
Though we do have to hand it to her - girl ages well.