Financial Advisor Insights

Pay Yourself First: Save for Retirement, Then College for the Kids

This article was originally published by U.S. News and written by Kristin McFarland, CFP®, Wealth Advisor at Darrow Wealth Management

Even when finances are tight, there are several strategies to make the most out of your income. 

Most parents want to provide as much as possible for their kids. But between summer camps, private schools and college, parents sometimes overextend themselves, putting their retirement savings on the back burner. Juggling multiple financial goals can be difficult.
 
A baby born in 2013 will cost middle-income parents roughly $300,000
until age 17, accounting for inflation.
 
For many families, there's a gap between covering the required basic monthly expenses and the additional income needed to fulfill other financial goals – such as retirement contributions or a college fund. As a financial advisor, we often stress to clients the importance of paying yourself first.

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Saving for College with a 529 Plan 

 

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