For most people, investing in mutual funds is pretty straight forward. You’ve got specific goals that need to be met. You and your partner are approaching mutual fund investing with your eyes open and you’re both over the same page. Granted, she may want that pretty cottage down by lake while you want that new speedboat, but both your goals involve water, and that’s close enough for you. But what if you’re in a very completely different boat? What if you realize you need to invest, but you have two equally important goals pulling you two different ways? This is the truth with a large number of parents who see the importance to save for retirement but also would like to save for kids’ college education. How can one does both simultaneously? Here are several tips.

One of biggest factors in the college vs. retirement battle is the fact that people are putting off having kids until later in life these days. Fifty years ago, this wasn’t the case, and saving for both college and retirement usually happened during two distinctly different phases in one’s life. Nowadays, ever since we realize that saving for retirement is something which should be started when you’re 18, not 48, the two overlap more than ever.

The gut instinct of most parents is to put the kids’ future ahead of their own and cut back on retirement savings in favour of college. While this can be a popular choice, it really only need to be a last resort. A technique which is becoming increasingly popular with parents who face saving for both at once is offering your prospective college student the chance to get matching funds from you. This can be simply the idea that for every dollar they pay for, you’ll match it. If your not sure how junior will pay for half, remember, there are many ways for teenagers to save for college themselves. Almost everyone qualifies for student education loans, there are scholarships for good grades as well as an after school and summertime job. Most students work while they’re attending classes, as well.

While walking the tightrope of saving for two goals at once can be stressful, a logical and determined approach to the problem is really the only way to go. Choosing retirement over your kids’ education isn’t a “wrong” choice, and neither is choosing college over retirement. Everyone’s situation is different and you need to make the right choice for your situation.