College for the kids or retirement for you? Which goal has the highest importance? Or can you possibly save for both? These are a couple of the most frequently asked questions of financial planners.

First off, don’t be too hard on yourself about your money management. It is very difficult to accomplish either one of these goals, let alone both. The purchasing power, the company pension plans, the increase of education and starting families earlier play a huge part in such difficulties.

Your retirement should have a priority in your own life. Let your children go to a high-priced four-year private school if you wish, and give them the gift of learning to use their money wisely by paying for it themselves. Look at it this way, if you spend your money on college, then a few years of your retirement savings will be gone. Your social security may not be enough to make ends meet.

Just ask my 90-year-old great aunt how far her $638 Social Security check stretches each month!

The best thing to do for your family is to stay financially strong, and put your retirement first. It may sound selfish, but it is truly the best strategy for your family overall.

If you want to try to save for both, here’s some advice. Start while your children are young, and set up a bank account for them. Many financial planners recommend that children set aside 25% of their earnings into this bank account. This could be money earned from chores, good grades or even holiday gifts. When the child reaches high school age, then they can start a part-time job and supply that percentage through their earnings. This will not only help save money for college, but it will help teach your children important economic lessons.

So again, pay attention to your future first and your children will appreciate it in the long run. Your children will need you throughout their life far more than your money. The protection of your finances will ensure an independent retirement and leave no burden on future generations.