Gallery: 5 Ways to Save Money for Your...

5. Make a Budget

If you don't want to enroll in a 529 plan and don't feel comfortable asking friends and family to contribute to your child's education plan, you can budget for it yourself. You can use an online money management program to help you budget all of your finances at once. This way you can see exactly what your debt to income ratio is, where you can cut costs and budget more money to save for college. And to make sure that you are actually allocating the funds to your child's education plan, have them automatically withdrawn from your checking account and placed into a saving account or mutual fund dog-eared for your child's education.

How is your family saving for college?

Intro Image © Steven DePolo