There are many ways to save for college:
1. A traditional saving account with a bank
2. Open a growth mutual fund
3. Start a 529 plan
Each strategy has advantages and disadvantages depending on what outcome you are trying to produce. I personally used option 2 and option 3. Mutual funds and 529 plans offer potential higher returns for people trying to grow money using compound interest. 529 plans offer tax advantaged growth if the money is specifically used for secondary education. Saving for college or trade school is one of the most important things a parent can do for their child. Reducing or eliminating student loans will give your child a big boost to help them pursue other necessities that will come their way. Good luck and start today!