Excerpted from website: www.rlrouse.com/saving-for-college.html

Saving for college is one of the most pressing issues facing parents today. All parents desire to give their children the best in life, and for most parents, this means planning for their child’s college education.

Financial pressures often make it seem like saving for your child's education simply isn't possible, but the best time to start saving for college is right now. So what should you as a budget-conscious parent do? It's never too early to begin planning how you’ll help your child pay for college.

Skyrocketing costs won't apply just to the prestigious private colleges and universities. Tuition and other costs at public institutions, having been besieged by budget cuts, have also risen sharply in the last few years.

Throw into the mix an ever increasing demand for financial aid at a time when those funds are steadily dwindling at American colleges and universities, and it's quite clear that students and their families will be facing huge tuition bills and other education related expenses.

But despite their best intentions, 44% of all parents with college-bound children (a U.S. statistic) aren't saving for their children’s college education. If you find yourself in the same boat, there is no need to panic. It’s never too late to begin saving for your child's education. There are a wide variety of strategies to fund your child’s college education.You just need to find the combination of savings/investment options that is right for you and your family. Important points to keep in mind include:

• Set a goal. The first step in the planning process is to determine how much money your children will need for their college expenses.

• Get your family's finances in order. Saving for college has to be part of your total financial plan, not a goal all by itself.

• Your retirement plan, life insurance policy, will, and other investment vehicles must be in order to determine how saving for college fits into your overall financial plans.

• Know which college saving options are available to you. Understand what they are, how they work, and the advantages and disadvantages of each. There are many effective ways to save for your child’s college education, including savings accounts, mutual funds, CDs, stocks, and bonds. Each of these college funding options has its own advantages and disadvantages. A qualified financial advisor can help you evaluate the choices and select the ones that best meet your family's needs and goals.

• Don’t forget about life insurance! This may not be your first consideration when thinking about saving for college, but it is a very important part of your financial plan. If you're no longer around when it comes time for college, your child can use the proceeds to fund their dream of attaining a college degree. And depending on the type of policy and how it’s structured, you may also be able to draw on the cash value to help bridge the ever-increasing gap between financial aid and tuition costs.

• Get the entire family involved in saving for your child's college expenses. Your child's grandparents and other family members can help contribute to her/his college education if they so desire.