[Lisa Martin]

We are in the process of trying to figure out which we need to save for most:

1. Catholic School High School Tuiton
2. College
3. our retirement

The schools in our area aren’t the greatest and my kids attend a Catholic elementary school. My daughter is now in 7th grade and we are starting to look ahead. Would love any advice and thoughts!

[Sum180 Lead Coach]

Thanks, Lisa. I think that’s the kind of dilemma a lot of people have. Here is how we would think about it at SUM180. As a general rule, we say worry about your own retirement before your child’s education because it will help them in the future if you are secure. It’s like on an airplane, put your oxygen mask on before helping others.

Having said that, giving her the best education possible sounds like it is a big priority for you, like it is for most of us. Not knowing your full circumstances, I think it would be safe to suggest that you go 50/50 on your savings – every dollar saved would go have to your retirement and half to her education, starting first with high school and moving to college. To do it all, you may to get more aggressive with your saving but it will feel great when you are able to meet all of your goals over time. What do you think?

In any event, good luck and let us know how it is going?