If you have young children and a house, you may have faced the dilemma of whether to pay off more money on your mortgage or start putting money towards a college tuition fund for your children. So, what’s the right answer? Well, every answer is different given someone’s situation. Here are some things to consider:

• First off, evaluate how many kids your going to be putting through college and how much time you have to build up cash for college. If you’ve got teenagers, then you’ll have to start saving yesterday for college.
• How much do you owe on your mortgage? Could you pay down your mortgage AND save for college at the same time? Most people don’t have enough disposable income for this, but it’s worth checking out to see if you can swing both without putting a strain on your family.
• Will you be making enough money to pay cash for your children’s college expenses when they enroll? You may have a great income, and you’ll be able to write a $5,000 check for tuition, but planning for this type of expense is always the better thing to do. It’s tough to say with 100% confidence that your situation will be that favorable when your kids leave for college.

If I was faced with this decision, I would start funding a college fund before I started paying off a mortgage. Your mortgage is an appreciating asset, but college tuition, room, and board are a HUGE expense. I don’t think your a bad parent if you don’t help your children pay for college, but if you have the financial opportunity to gradually invest small amounts of money towards their college expenses, then I think you should do it as a responsible parent. You can fully fund an ESA for 10 years and have plenty of cash piled up for your child’s tuition, room, and board. Just make sure that you actually have the extra cash to invest in your child’s future. Don’t stop paying the mortgage or utility bill just to fund an ESA.