Parenting was once described to me as "the most wonderful, financially devastating thing that you'll ever do to yourself." Raising kids is an expensive endeavor, and then there's college to think about, usually just as you're nearing a crucial stage in your own retirement planning. Should you save with your kids in mind or focus on your own needs? With some careful planning, you won't have to choose.

The days of affordable education are gone. Since 1978, the cost of attending college has increased by an astounding 1,225%. According to the College Board, tuition and fees for the 2016-2017 school year for a public, four-year university averaged $9,650 for in-state students and $24,930 for out-of-state, and private university students paid $33,480.These numbers aren't slowing down: By 2037, analysts estimate that a four-year degree will cost nearly $500,000, assuming a conservative 5% annual increase in education expenses.

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The outlook on retirement living isn't much brighter. A couple who retired in 2016 will need almost $750,000 to cover expenses and healthcare costs, and even then, this number breaks down to just $2,000 in income per month. Assuming you'd like to maintain a higher standard of living, you'll need to save much more. A 35-year-old earning $75,000 per year now would need at least $3.3 million by retirement to produce the same income on an inflation-adjusted basis.

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The hefty costs of education and retirement may have you feeling defeated, but when it comes to long-term savings, time is on your side. Compounding returns on your investments can significantly increase your savings, but it's important to get started sooner rather than later.

For college savings, the average 18-year timeline begins the moment your little one arrives, but that doesn't mean you should redirect your income immediately. Before stashing money away for Junior's education, it's important to pay down debts that affect your immediate finances and credit health. These might include credit card balances, medical bills, and your own student loans. It's also wise to have extra cash in your savings account for emergencies.

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As tough as it is for parents to hear, college is an optional expense, and retirement savings are more important. The rising cost of living and the uncertain future of Social Security are just a couple reasons why retirement income is imperative, and you can't afford to waste time. For instance, $10,000 invested today with a 7% return will yield $76,123 in 30 years, while the same amount would only grow to $38,697 if you wait 10 years before getting started.

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For most families, investing in one goal usually means making sacrifices elsewhere. That said, prioritizing retirement doesn't mean de-prioritizing college savings by taking it off the table. With your timelines in place, now is the moment to strike a balance between your investments.

Financial aid, scholarships, and grants are great ways to deal with college costs. In addition, consider these basics:

Image source: Getty Images.

Image source: Getty Images.

Image source: Getty Images.

Although it's wise to save for retirement before college, it's not always that simple for Mom and Dad.If you're still set on contributing as much as possible for your kids' education, there are ways to make up for lost time in retirement savings, including:

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Some families have gone to extra lengths to find creative ways to earn and invest. Your options include:

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Image source: Getty Images.

Saving for life's big changes isn't easy, but it's possible with the right tools. Find your motivation and consider your options with a fresh perspective.

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Should You Save for College or Retirement? - Motley Fool