Driving to work the other morning, I found myself behind an ancient Toyota Camry, one with even more rust on it than my own. What really stood out about the car, though, was its back window, covered with decals representing no less than six big-ticket universities.

Maybe I'm jumping to conclusions here and the car's owner is actually a perpetual student or simply a collector of decals. But my guess would be that he's had to make some serious sacrifices to put kids through college. Driving the old car is probably one of them. And you have to wonder about his retirement savings—if he has any.

Most of us face trade-offs in saving for retirement, especially if we have kids or other family obligations. When I've discussed this with financial planners over the years, all have offered the same advice: Consider your own needs first.

Read the rest of this Money report, and see our baby-gear money-saving tips, for more information.