Saving For Your Child's College Fund.

Starting at a very young age, everybody asks you what you want to be when you grow up.

From the moment we are young, the wheels of what we should do in life begin. Most of us spend our formative years carefree and excited about our futures and then BAM — reality hits. Life is expensive.

There are many different avenues that people can take to achieve specific career goals, some of which involve formal education, and some which require trade school. Regardless of the desired outcome, often there is a cost that is associated with reaching a goal. Whether you are a parent of a student, or a student yourself paying for continuing education can seem like a tremendously daunting task, especially if the price tag is high. You've got the target in your sites, but how can you afford it.

Andrew Carroll, CFO of Carroll Family Holdings, offers some suggestions on how to be smart about saving for college. If you are a parent, he recommends saving with "The idea of thirds" in order to afford college: one third of the cost would come from savings, one third of the cost from your active income, and the final third as a student loan your child takes out. He recommends this last third to ensure that your child has vested interested in their own career choices. He notes that 529s are the best answer for college saving funds. These are fairly user friendly, with one downside — if your child decides not to go to college, you cannot use the money elsewhere without paying a penalty. There are also state incentives that can be used with this type of plan, he recommends checking what is available in your area.

Other options include Coverdell, and IRA for education; Roth & investment accounts- which provide a lot of flexibility. Whereas 529s limit use for educational support, Roth & investment accounts can be used on for other purposes. Finally, UTMA and UGMA plans — these are typically not recommended most accountants and lawyers.

Whatever you or your family decide to do to support academic growth, it's always smart to have a plan. Talk with a financial advisor and decide what is best for you.