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10 Hudson Valley Parent n October 2016 By FELICIA HODGES L ife with children is not for the faint of heart - or wallet. With housing, insurance, transporta- tion and food costs being what they are, taking care of a family's basic needs can put a strain on almost any budget. You want to squirrel away at least a little something for your children's pending college costs as well as your future retirement – but how? "At the end of the day, you'll need to figure out what to save for," says Michael Horodyski, president and CEO of the Wallkill Valley Federal Savings and Loan Association. "For most parents, it'll be saving for the best college experience for their children, but retirement is import- ant, too." But where should you begin? Is saving for both even possible? Horodyski says it is. The trick is to start early and earnestly try to make it a part of your regular fiscal routine. Never too late to start Whether you child is 16 days or 16 years old, most financial experts will tell you that now is the time to begin saving. The same is true for your retirement. "It's not an easy thing to do," he says, "but even $50 a month [over 18 years] would put you around $10,000, which could help." And then, there's retirement. Looking at what can realistically be accomplished is important, but, although the U.S. Department of La- bor says the average American will spend around 20 years in retirement, fewer than half of those working have actually calculated how much to save once they stop their 9 to 5. Realistically, if you're approaching 50 and want to retire at 65, it may not be possible to save a cool million in that time. The Department of La- bor suggests looking at what you can really save then choosing the best vehicle to get as close to your goal as possible. But, Horodyski adds, starting as early as possible is best. "That first meeting you have on your first job with that 401(K) per- son, put something in that account," he adds. "It's really important to take advantage of those opportunities when they arise." Double duty: Saving for your child's education and your retirement