Getting a head start on saving

While it may seem a bit early to think about college, rising education costs are a fact of life. And it's never too soon to start saving and taking advantage of the power of compounding.

Consider that a family who begins to save just $100 a month at a child's birth can accumulate almost $35,000 by the time the child is 18, earning 5 percent interest per year. Wait until the child is 10 years old to start saving, and that's reduced to less than $12,000.

Here are some ideas to help you get started:

• Estimate how much you need to save for college.
• Learn about and compare tax-advantaged college savings accounts.
• Once you've opened an account, set up monthly deposits and add extra funds when possible. Contributing regularly through an automatic investment plan can make it easier.