According to the College Board annual cost including tuition, room and board at a public college is estimated at $17,000 and a private college at $39,000. To complete a four-year degree in a private college it will cost whopping $156,000 and a public college $70,000. How can a parent save up enough to cover college cost?

Start small and add when you get something extra like a bonus or any other type of windfall. Also as the child grow, childcare expenses will start to taper. You can increase the amount by adding the difference to the college savings plan. Any gifts from birthdays and any child’s earnings from all kinds of odd jobs can also directed to build the college savings plan.

Use a tax advantaged college savings vehicle such as 529 college savings plans. Some states allow tax deductions for contributions to the plan while all contributions grow tax free.

Another option is to use the Coverdell education savings account that allows $2,000 per year per child tax-free contributions. Funds can be used tax-free for college expenses as well as other secondary education purposes. You can also use your Roth IRA to pay for college education without triggering tax consequences for early withdrawal.