When it comes to saving money, it is hard to decide what you need to save for. There is college for the kids, your retirement, and what if something happens. Here are some tips to help make a decision about whether you should save for retirement or for college.
If you are still young starting out in life, it is a great opportunity to start saving for your retirement as you will have many years of saving. The sooner before kids and marriage you start saving, the more chances that there will be a bigger amount of savings.
With the high cost of medical insurance and bills, Social Security may not be around to rely on with your generation. You will not be able to have home health care or anything else major. You need a backup plan.
Make a budget and a plan to save back some money from each paycheck. Open a savings account to put money aside. Mix it up a little and look at investing an IRA or look at some stocks and bonds. See what the charts would like in twenty years on how much money you would have saved.
Do this same concept for college for the kids or even yourself. If you are lucky, you can save for both. Money saved for college can be mixed in with student aid and grants. So, do not think you would not qualify as there are plenty of programs now to help with the balance of the cost. Use loose change as a piggy bank to start the college fund. It can be fun and exciting as a family project.
Should you save for retirement or for college? If possible, both of course! Any little bit helps to fall back on as you have to rely only on you and not the government and no one else. You shape your future for your family and yourself.