Fund your future first over your child's college - NBC12 - WWBT - Richmond, VA News On Your Side

Fund your future first over your child's college

(Source: file photo) (Source: file photo)
RICHMOND, VA (WWBT) -

If you have kids, chances are you're either saving for their college - or worrying about the fact that you aren't.

A survey of 1000 moms and dads by Student Loan Hero found 44 percent of parents feel guilty about not saving more for college tuition. If you're in that group, you need to focus your money and energy on something else.

That same survey found 57 percent of parents are saving money for their kids' college, with the average savings clocking in at about $16,000.

Given the current cost of college, and the fact that costs rise about five percent a year, that's not going to make much of a dent - especially at a private school.

Here's the point: while your kids have plenty of financing options for college, there is no financial aid for retirement.

Your kids can spend a year or two at a community college, then transfer to a state school. Or, they could take out student loans, though we recommend they not borrow more than they can reasonably expect to earn their first year out of school.

But you're on your own, when it comes to your retirement. If you aren't saving now, or don't know where to start, get some help from a certified financial planner.

Copyright 2018 WWBT NBC12. All rights reserved.

Report an Error or Submit a Tip to NBC12

  • NBC12 InvestigatesMore>>

  • Fund your future first over your child's college

    Fund your future first over your child's college

    Monday, March 26 2018 5:41 PM EDT2018-03-26 21:41:08 GMT
    (Source: file photo)(Source: file photo)
    (Source: file photo)(Source: file photo)

    If you have kids, chances are you're either saving for their college - or worrying about the fact that you aren't. Before that, you should be saving money for someone else - yourself.

    More >>

    If you have kids, chances are you're either saving for their college - or worrying about the fact that you aren't. Before that, you should be saving money for someone else - yourself.

    More >>
  • Homebuyers losing millions of dollars to frightening scam

    Homebuyers losing millions of dollars to frightening scam

    Monday, March 19 2018 4:45 PM EDT2018-03-19 20:45:30 GMT
    (Source: File photo)(Source: File photo)
    Residents can chime in on Henrico's $1.3 billion plan. (Source: File photo)Residents can chime in on Henrico's $1.3 billion plan. (Source: File photo)

    Buyers are losing tens of thousands, even hundreds of thousands of dollars to con artists in a scam that's hitting victims across the country.

    More >>

    Buyers are losing tens of thousands, even hundreds of thousands of dollars to con artists in a scam that's hitting victims across the country.

    More >>
  • How to stop getting spam calls on your smartphone

    How to stop getting spam calls on your smartphone

    Thursday, March 8 2018 4:45 PM EST2018-03-08 21:45:38 GMT
    Source: PixabaySource: Pixabay
    Source: PixabaySource: Pixabay

    Major carriers are stepping up and offering protection plans against spam, scam and robocalls coming through on your smart phone, but how effective are these plans, and are they even worth it?

    More >>

    Major carriers are stepping up and offering protection plans against spam, scam and robocalls coming through on your smart phone, but how effective are these plans, and are they even worth it?

    More >>
Powered by Frankly