A Unique Idea
But what if your tykes don't have current tuition obligations, and you know you're not going to be able to write five figure tuition checks when the college bills start coming due? Consider setting up a so-called "529 College Savings Plan" for each of the budding Einsteins. You can make it happen for as little as $15 per month per child - and you can set it up to have an automatic deduction made from your account to fund each plan. Think of it like an education Christmas Club if you're old enough to remember those, but it's even better because the funds grow tax-free, and there's likely to be no tax due even when the cash is ultimately paid out to defray those tuitions.
Fidelity Investments administers these plans in New Hampshire under the name "The UNIQUE College Investing Plan", but you can also survey the offerings of other states and participate in their plans if you prefer what you see there. You can even switch an account to another child if the original beneficiary decides on the school of hard knocks instead of someplace with ivy all over it.
My personal testimonial is that I've got 4 brilliant and adorable grandkids who aren't yet ready to apply for early decision, but will now have something toward their mind-numbing tuition bills when the time comes. And the fact that the plan contributions disappear from my account in modest monthly tidbits keeps those bites from drawing blood.
There are lots of rules I can't describe here, but you can easily work through them if you're motivated to make a difference for your offspring. I suggest you either Google "529 Plans" or go directly to www.fidelity.com/unique or try 1-800-544-1914. Your little students will appreciate the effort someday, and you'll get a warm and fuzzy feeling every month when the statement arrives to confirm your investment in their future.