A serious cost issue:
A college education is a significant investment that needs to begin early in a child's life. Why? Simply because education costs continue to soar. Don't count on a "pay as you go" strategy to cover college expenses. It is important to have money set aside to make the going easier when the actual bills come due.

What you can do:
It makes sense to start saving as early as you can. The sooner you can put money to work, the less you will need to invest on a monthly basis, and the more the time value of money can help build your savings. Now, there are new, tax-advantaged ways to save for college, ranging from IRAs to state-sponsored 529 college savings plans and, in some circumstances, even life insurance.

If your child is already nearing college age, you need to begin a more aggressive education savings plan. Remember that financial aid programs can also play a role.

And there are other considerations, such as whether the money put to work should be in your name, or that of the children. In any case, college planning is a priority that you can't afford to put off.