Saving for a child’s college education can be pretty overwhelming given how steep tuition and living expenses are getting. But if you start early and with a plan, it can be much less stressful. Let’s break down some practical steps to get things rolling.

First off, get a grip on the costs. In-state tuition at a public four-year college can be over $10,200 a year, and room and board can pump up another $3,500 to $34,700, depending on where your kid goes. And don’t forget, these numbers are only going up thanks to inflation.

The big takeaway? Start saving as soon as you can. Even if it’s just a small amount regularly, it adds up. Automatic payroll deductions or monthly transfers into a savings account can make this a no-brainer.

A 529 plan is a popular option. These state-sponsored plans come with tax perks when used for education. Plus, they’re flexible, letting you switch beneficiaries if necessary, and they grow tax-deferred. Some states sweeten the deal with additional incentives like matching contributions or state tax deductions.

Another route is a brokerage account under your name or even a trust. While they don’t have the tax benefits of 529 plans, they provide more freedom in terms of investments and withdrawals. Remember, earnings are taxed annually here, but no penalties for using the funds for non-educational stuff.

There are also UTMA/UGMA accounts, which are gifts to the child. Once the money’s in, it legally belongs to the kiddo. This could impact financial aid and may mean filing a separate tax return if the earnings are high.

For the hands-on folks, investing in the stock market could work. Starting with a modest fund and growing your investments over time offers control but requires some financial know-how and a good tolerance for risk.

Aside from saving, think about cutting down college costs. Got multiple kids eyeing the same college? Maybe buy a house nearby and let them stay there. It can cut down those hefty room and board fees.

Also, equip your kids with some essential life skills before they head off. This will help them make smarter financial decisions and get more bang for their educational buck. Encourage part-time work during college and don’t forget to push for scholarships to help bolster their funds.

In the end, saving for college is a marathon, not a sprint. While relying solely on a 529 plan or financial aid is tempting, diversify your strategies to cover any gaps. Start early, stay consistent, and explore all your options to help your child graduate with less debt and a solid financial foundation.