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You've heard it time and time again: Start that college fund before the baby comes home from the hospital. The truth of the matter is, despite the unquestionable wisdom of this advice, very few parents actually follow it. You know the feeling: Young parents face far more pressing financial issues such as buying a house, paying off their own college loans, financing a car, and trying to make ends meet as family responsibilities grow.

So, if you're like most parents, with little or no college savings, don't despair. There are a number of steps you can take to get your children educated and to meet escalating tuition fees without having to give up your Saturday night out on the town or your annual trip to the beach.

Deciding on the best college-funding strategy to use requires a focus on how old your child is and how long it will be before he or she starts college. Your strategy should change and evolve as your child gets older.