How to balance priorities??
I am a single mom whose only child is off to college this fall (in state, but away from home). I am in my early 50s and need to increase the amount of money going to retirement (as well as figure out how to best invest it)...I wasnt able to afford the purchase of a home until 5 years ago, so still have mortgage payments (will for a long time...)and am trying to figure out how and how much to assist my child with college expenses. I don't currently have a car payment (and put money aside each month toward the purchase of the next car when needed), no debt except for a small home equity loan that I just had to take out to replace a furnace/air conditioner. How does one find a balance? I know I have read that retirement savings is more important than funding a child's college expenses, but I just hate to see all the kids that are graduating with very significant debt - I don't want to carry the whole bill, but help out as much as I am able. Any words of wisdom?