When we sit down with Chattanooga families to talk through financial priorities, three big themes surface again and again: private education, college, and retirement. Each of these savings objectives on its own requires focus and discipline — tackling all three at once can feel downright overwhelming. Add in family trips, activities, and wanting to enjoy the fleeting years while your children are young, and it’s no wonder many parents ask: “How are we supposed to manage it all?”
The truth is, there is no single “right way” to balance these goals. Every family’s circumstances, values, and timing look different. The most important step isn’t checking every box perfectly. Rather, it’s coming up with a plan for where you are right now, identifying what matters most to your family, and creating a flexible plan that can get you where you’re trying to go.
The good news is that it is possible, regardless of where you are in the process today. We’re providing a few approaches we commonly see families take as they navigate this financial puzzle, as well as some steps you can use to create or fine-tune your plan.
Three Approaches We Commonly See
Because no two families are the same, financial planning often means finding the balance that feels best for your household. Here are three approaches we see often in Chattanooga:
1. The “All at Once” Approach
Some families are able to make steady contributions toward all three goals at once. It’s important to understand that this doesn’t necessarily mean they have unusually high incomes — more often, it means they started early, automated savings, and stayed disciplined. With a mix of savings strategies, investment accounts, and tax planning, they create consistent progress across the board.
2. The “Shifting Goals” Approach
Other families decide to concentrate on one or two goals at a time. For example, they may focus on retirement and private education during the grade school years, then redirect those dollars toward college later on. After college, they refocus fully on retirement. This approach works well when paired with regular check-ins and a willingness to shift their approach as their family’s needs evolve.
3. The “Values Deep Dive” Approach
Many families realize their financial situation won’t accommodate all three goals. In this scenario, financial decisions require a deep dive where families make tough decisions about what really matters most. Some parents decide that private education isn’t as important as college or retirement. Others are willing to extend their working years to prioritize their children’s early education. Still others prefer to emphasize family experiences, like travel, while intending for their children to handle college costs with loans or scholarships. Getting on the same page about what matters most is a great way to build confidence in your financial future.
How to Start Making Progress
No matter which approach feels right for your family, a few steps make the process easier and less stressful:
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- Know your numbers. Understanding what you’re spending, what you can save, and what upcoming costs might look like will provide clarity about what’s achievable for education and retirement.
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- Clarify your priorities. Decide what matters most to you as a family. Is it early education? Debt-free college? Retiring at a certain age? Without these answers, it can be difficult to develop an actionable plan.
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- Create buckets. Even if you can only save a little in each category, set up accounts (or sub-accounts) so you can see progress over time.
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- Work with an expert. Financial planners can help you identify tax strategies, investment options, and creative ways to stretch your dollars. They’ll help you answer questions you may not have considered and provide confidence and clarity about whichever approach you land on.
The Bottom Line
When it comes to the “Big Three” of private education, college, and retirement, there’s no universal roadmap. The right path is the one that reflects your family’s priorities and keeps you moving forward with confidence.
Start early if you can, start small if you need to, and know that progress — not perfection — is what matters most. With intention and planning, you can create a future that balances caring for your children, protecting your own retirement, and enjoying the years in between.
Zach Hurst, CFP®, is Vice President and Managing Director for the Chattanooga office of The Trust Company of Tennessee
