With the college expenses rising more and more, we must seek out ways as parents to help reduce this burden.  Children are having to cover the expenses on their own so much more now than they did before, part of this trend is because parents simply cannot afford the large amounts of money once the child is a legal adult. 

Tip #1.  Start investing as soon as possible.  While this may seem like common sense, most people ignore this.  They do not usually start investing until the child is 10 years old or even later.  This is very late, and to still be able to afford the costs would require literally thousands each year put into the fund.  If you start when the child is a baby, or even before the birth, you are adding valuable time to your investment plan. 

Tip #2.  What good is your investment plan, if you do not stick to it?  You have to commit yourself to making regular payments for this to actually work.  The easiest way to actually accomplish this is by setting up a payroll deduction if possible.  If you do not see the money, you cannot spend it somewhere else.  The next best alternative would be to set up a direct deposit from your bank account. 

Tip #3.  Do not rely on grants and scholarships to help.  While these sources of funds are great, not everyone qualifies.  It would be awful to count on these methods, only to be denied and rack up huge amounts of debt, or worse not be able to attend because of a lack of funds.  Attempt to save as much as possible so these are not needed.  Obviously, when the time comes still apply any money saved is a help but you will not be so desperate for the money this way. 

Tip #4.  Using an online calculator determine how much money you need to accomplish your education goals for your child.  Now take that and divide it by the number of months until your child reaches college.  This number you have arrived at should be your monthly goal, while the first number is your overall goal.  To make your goal easier to attain, think of the monthly goals, they are easier for you to stick with since they are smaller and more attainable. 

Tip #5.  Once your child gets a job, they should begin contributing to their own college fund.  There is nothing unreasonable about expecting a child to contribute $100 each month they have a job before they go to college.  Assuming your child works for 2 years before attending college, that would give an additional $2,400 for the college expenses.  This would almost cover a term of classes at some community and local schools.  State and private schools are more expensive, but your child will take pride knowing they are helping pay for themselves.

Tip #6.  Use programs wisely.  By this, I mean take advantage of all free college money you can get that is lying around.  For example, Upromise.com is a source of additional income that is otherwise wasted.  Simply by registering your frequent shopper cards with many different grocery stores, as well as a couple of credit cards.  There are several programs that exist like this.  You are already spending money; you should take advantage of all of this money.  Family and friends are even able to contribute to your Upromise account. 

With some effort and planning, it is possible to take the massive task of paying for college and making it very reasonable to deal with.  Eventually you will realize your goals and be satisfied with the balance in the account.