Final Answer:
The family is employing 3. financial planning to solve the situation regarding Patrice and Patrick's college plans.
Step-by-step explanation:
In this scenario, the family is engaging in financial planning to navigate the dilemma posed by Patrice and Patrick's college choices. The parents have assessed their financial situation and realized that affording in-state tuition for both twins is within their means, but out-of-state tuition for either one is beyond their budget. This demonstrates a deliberate approach taken by the family to analyze their financial resources and limitations concerning the twins' education.
The family's decision aligns with the strategic aspect of financial planning. They are making calculated choices based on their financial capabilities, recognizing the potential strain that out-of-state tuition would impose on their resources. By setting a financial boundary concerning the choice of schools, the family is proactively managing their budget and aiming to ensure that they can afford both tuitions if the twins select in-state schools. This signifies a practical and responsible approach to managing their finances and investing in their children's education within their means.
Overall, the family's focus on the financial aspect of college planning underscores the significance of making informed decisions considering the financial implications. By opting for in-state schools to cover tuition costs, the family is prioritizing financial prudence and stability, demonstrating a clear strategy to manage expenses and maintain a sustainable financial position while supporting their children's educational pursuits.