This is certainly true for me and probably the case for many other parents – Our son graduates this month and as he already has a job, he also comes off my payroll.
I have to admit that he has been perfect when it comes to living on a budget during his school years. However, the fact that I no longer have to pay for rent is a big saving of $800.00 per month for me starting this month.
During his time at university, the costs have been ~$30,000.00 per academic year ($15k for academic costs and $15k for accommodation and living expenses). As I had saved over $60,000 in a 529 plan, the 4 year academic part was paid from that plan. The accommodation and living expenses ended up being $800 per month or $10k per year, although the first year in halls of residence were more expensive.
I have the same amount saved for my daughter and I plan to pay for the rest in the same way on a monthly basis – however I have another 15 months before that time is due, so I will just start to save the additional money during that time.
Hopefully you also have a major expense that can start to drop off your monthly expenses such as car loan, student loan or as in my case a child that is becoming self sufficient.