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[quote=Anonymous]It's a personal choice that only you can make - so don't worry about what other people think/do.  The one generally accepted belief is that you have to be sure your retirement savings is being/will be funded properly above all else... the whole "you can't borrow money to pay for retirement, but you can borrow money to pay for college argument."  Which makes sense of course.  So if you can't afford to do both you should be prioritizing saving for your retirement.

If you can afford to do both and want to give your children a financial leg up in life, then you should decide how much you can afford to save for their college.  My wife and I are fortunate enough to have had our college paid for by our parents and we want to do the same for our kids, so we are saving for both our own retirement and kids college savings.  Our goal is to be able to cover the FULL cost of an in-state college (Va), maybe more depending on what happens with the stock market in the next 6 years.  The rest goes towards our own retirement.

I don't know anyone who is choosing summer camps and vacations over college savings - so I can only assume those families have limited financial capacity to do it all. In the end there are many kids that have to pay for college - so its not the end of the world if you can't swing it all.  But only you can decide how much to spend on camps and vacations IF it means you cannot help your kids with college as a result.  It's probably not a black and white, all or nothing, decision.   [/quote]

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