Public or Private? Weighing The Costs of Your School Options

(MoneyWatch)  Like many parents, you may be struggling with the decision of whether to enroll your child to a public or private school.

I won't even try to debate where your child is better off. But this shouldn't be a decision strictly about the merits of smaller class sizes and individual attention versus the greater good of the community. It should also be about your finances.

In today's rough economic world here are the two questions you need to answer:

• What the *@#% is going on in your 401(k)? Open and read your statements and take a look at the damage. Now, figure out what you need to do to make sure you will have enough for your golden years. If paying a prep school tuition next year will keep you from setting money aside for retirement -- at a the time when your nest egg probably needs replenishing -- think twice before writing that check.
• Will you be able to save enough for college? Face it: college financing is much harder to come by. Although President Obama is trying to step in with a plan to make college more affordable, no one knows if the plan will go through or if it will even help. The only certainty is that your family will be more insulated from the funding troubles if you save as much as you can now.

If money is tight, but you still believe that a private school education is the key to your child's success, consider limiting the experience to just the high school years when the real college-prep work takes place.

I went to a private high school and felt I got a terrific education. But now as I contemplate what to do with my own daughter when she starts school in a couple of years, I know that I'll struggle with this decision. Still, I know this: When the time comes, I'll take a hard look at our family's finances to help guide us.