A Guide to Saving Money for Empty Nesters

For empty nesters who have recently retired or sent their last child off to college, figuring out the best way to manage money is one of the most important things to tackle when entering into this new life stage. Surprisingly, a 2010 study by Boston College's Center for Retirement Research found that some empty nesters spend over 50 percent more than they did when their children were at home. Having a good handle on your monthly budget and making savvy spending decisions a top priority will be crucial to maintaining your quality of life during the golden years.

To help empty nesters financially prepare, here are eight budgeting tips to make the most out of your retirement:

1. Create a new monthly budget. Your post-retirement finances will likely change quite a bit once the kids are out of the house, and that means your budget should change with it. Developing a new monthly budget that includes both ongoing and one-time expenses -- vacations, taxes, etc. -- is critical to managing your finances effectively. In the beginning, keeping a personal finance journal in which you note daily expenses can be a great way to get a solid sense of your monthly expenses. Other tools like free budgeting apps (try Mint, LearnVest and Budget Ease) can also help you track your finances quickly and easily whether you're at home or on-the-go.

2. Pay off debts. Whether you've recently retired or are a few years away from the work-free life, eradicating old debts will make your golden years much easier. Paying these debts off will cut down your monthly expenses, leaving more financial wiggle room for the things you really want to do. Whether you work with a financial advisor to put together a payment plan or use online tools like the debt calculator from Credit Karma, creating a game plan for paying off previous debts will give you the peace of mind you need to truly enjoy retirement.

3. Downsize your home. Retirement is the perfect time to think about downsizing to a smaller place. In fact, many older homeowners often decide to make the switch from a large house to a more comfortably sized apartment. In a 2014 Rent.com survey, 50 percent of managers representing about 250,000 properties noticed an increase in former homeowners seeking apartment rentals over the last year. Moving from a home to an apartment may make more sense for empty nesters who would like to save money and rid themselves of the responsibilities of owning a home, including maintenance, landscaping and property taxes.

4. Keep track of your 401(k). At age 50, you can begin storing an extra $6,000 in your 401(k) as well as an extra $1,000 in your individual retirement account each year. By doing so, those on the horizon of retirement can set aside thousands of dollars in additional funds to enjoy once they say goodbye to the workplace. Be sure to discuss these and other savings options with your human resources department or financial advisor to see what else you can do to be extra prepared for retirement.

5. Discuss your next few years in the workplace. If you haven't yet retired, now is the time to take a serious look at your final years in your current job. If you're unsure how to properly map and plan out how to conclude your current career and head into retirement, you may want to consider meeting with a financial advisor for insight and advice. A financial advisor can go over your finance plans and outline how much more you need to save to cover your retirement. Depending on your lifestyle and financial history, you should plan to save a minimum of 10 to 15 percent of your income per year toward retirement. Use U.S. News' Retirement Calculator to determine if you'll have enough to retire and how many years it may take you to save up your desired amount.

6. Consider a second career. If you've always had a knack for crafts or a love for writing, now may be the time to think about embarking on a new journey with a second career. What you may have thought was a creative outlet or way to express yourself could end up becoming an additional income stream, providing a fun financial cushion during retirement.

7. Re-evaluate your hobbies. Empty nesters may find themselves trying to fill up their free time with lavish vacations or newly developed shopping habits, which can eat through a big chunk of their retirement nest egg. When looking to pick up a new hobby or take that cruise to Jamaica, make sure to evaluate your long-term and short-term finances so these activities won't hinder your quality of life.

8. Figure out your children's financial support levels. Just because the kids are out of the house, it doesn't mean you will no longer be supporting them financially. In some cases, parents find themselves spending more money than anticipated once their kids have left home. Sit down with your children, and set realistic expectations for the amount of money you'll lend as you head into retirement.

Niccole Schreck is the rental experience expert for Rent.com, a free rental site that helps you find an affordable apartment and provides tips on how to move.