Today, there are many choices available for parents, but the most important consideration in planning for college or retirement is to start saving as early as possible. The earlier you start to save, the lower the regular contributions will have to be. It's never too late, or too early to start.

Set Priorities, it's not easy to be a disciplined saver, but there is no way to survive this funding conundrum without it. In an age where instant gratification is a way of life, it's tempting to spend today and worry tomorrow. Spend less and save more, while unpopular advice, is necessary advice. The alternative will get you nowhere. So, setting and maintaining a budget will be critical to your success. It’s nice to spoil our children, but do they really need fifty-seven Xbox games in their collection? Is that trip to Disney really necessary every year? Sacrifice today will help assure a better future tomorrow.

Get your kids involved, parents should be straightforward with their children about how much they will be able to afford. If the child wants to go to a “name-brand” school that costs $35,000 a year, but the parents can only afford $15,000 a year, the student can take part in the choice to find alternative financing or go to the more cost effective school. Remind them that if mommy and daddy don’t have enough money in retirement, because they spent all their money on college funding, they should get used to the idea of having them as roommates to support when they’re all grown up. So, run the numbers together to see which universities your family can afford. Compare the costs of attending public vs. private institutions and consider the possibilities for financial aid.

Saving money in advance and obtaining financial aid are common ways for parents to make their child's education affordable.  There are lots of ready-made savings vehicles that make saving for college easy.