For those of us with children, being able to help out with their higher education costs is a wonderful privilege that should not be taken for granted. It is not selfish at all to make sure we are taking care of our retirement first, because some day this will come, but whether our children go to college or not may not come. College is simply not for everyone, yet we should encourage them to get some type of higher education to prepare them for their careers, as well as help them be as financially successful as they can be.
Another reason why retirement is a priority over college savings is because our children should chip in on this very important, and often expensive, endeavor. As I mentioned yesterday, we all give more value to anything when we have been saving for it ourselves for quite some time. Instead of waiting until it is time for college, and then getting those pricey student loans that saddle our children for years after graduation, we must save as much as we can while teaching our kids to do likewise. This should be a partnership. And this will help them begin to think beyond their immediate desires to their future needs.
If it is time to go to college and the funds are not completely saved yet, there are many things they can do to lower, and sometimes eliminate, their tuitions. Of course, there are more scholarship funds out there than are claimed every year, but also things like working for the college in the mess hall or as a residential advisor can lower the bill. My son interned at a lab during several semesters, which not only gave him college credits but then he got tuition reimbursement for them too. Also a simple way to cut costs is to have your child attend a community college their first couple of years. They are only getting the requirements out of the way anyway, and if you are concerned about pedigree, people only look at where they graduated from, not those first years.
A higher education does NOT have to leave your children, or us their parents, with a higher debt level! Planning ahead and making sure your children are involved, and responsible, to pay for their college education will help us, and them, have, and maintain, financial freedom.
<>< Peace, Diane
