It's graduation time at colleges across the country. If you have children graduating from college, you're probably excited about the opportunities that lie ahead for them. But once your last child leaves home, and you become an "empty nester," you also may find some good opportunities for yourself -- opportunities to improve your financial situation.

In fact, your empty nester status may help you make progress toward what are likely some key financial goals at this stage of your life: Getting rid of debt and accelerating your savings for retirement.

What steps should you consider? For starters, you could downsize your home by moving into a smaller, less expensive one. If you make a profit on the sale of your home, you could use it to invest for retirement and clear up debts. Of course, you may be emotionally attached to your home and neighborhood, but downsizing may be a good financial option to consider at some point.

Here are a few other suggestions for taking advantage of your empty nest:

As an empty nester, you will miss your children, but you'll also find that you have greater freedom to pursue your hobbies or other interests. And by taking the steps described above, you can help yourself move closer to reaching your financial objectives as well.