A lot of parents start worrying about how to save for their children’s college education even before their children are born, while others put it off until their kids reach high school. How and when should you start? And how can you be sure that you’ll save enough? Review the following information and share what you learn to help make saving for college a family affair.

How Much Will You Need?

Sending kids to college gets more expensive each year. In fact, according to the College Board, the total cost of tuition, books, fees, and room and board rises about 6% every year—more than twice the current rate of inflation.

Here’s a look at what you can expect, based on the type of school your child might attend:

These figures may seem staggering. But if you start saving and investing for college early (preferably when your child is an infant), you’ll be able to save more—and cover more of your child’s college costs. The key is proper planning—and one of the first decisions you’ll need to make is what type of account you should use to start saving.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of savings and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction or strategy for his or her own particular situation. The examples mentioned are for informational purposes only and are not intended to represent results you should expect in the future. Data contained here is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.