Start saving today for tomorrow's college bills

Another school year is drawing to a close. If you have young children, you might be planning for their summer activities. But you also might want to look even farther into the future — to the day when your kids say “goodbye” to their local schools and “hello” to their college dormitories. When that day arrives, will you be financially prepared to pay for the high costs of higher education?

Consider this: For the 2013–2014 academic year, the average cost (tuition, fees, room and board) was $18,391 for an in-state student at a four-year public college or university, and $40,917 for a private sch...