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Aside from purchasing a home, the highest expense in one’s life time is education, and more specifically, children’s college education. The mention of college tuition often causes a cringe in middle class parents who struggle with the outlandish fees demanded by our educational systems. Since 2006, annual college tuitions have risen to $30,367 or 5.9%. This begs the question: Is a good education affordable? Jeff Wuorio of MSN Money thinks so. The first key in Wuorio’s opinion is time. “The time span lessens the month-to-month savings obligation.” Simply put, starting as soon as you financially can. The longer you wait to start a child’s education fund, the higher the amounts of cash you need to donate each month. How much money can you put a way? That entirely depends on your cash flow, and you’ll be surprised how many Americans do not have the slightest inkling about their personal cash flow. Study you cash flow and identify the areas where you can make changes and cut spending. “That often identifies unexpected sources of funds that can be earmarked for college savings, says David Emery,” a Souderton, Pa., financial planner. Once you have the money in hand, the task of actually finding a suitable savings plan can be quite daunting. Emery recommends the 529 savings plan. One should aware that maxing out a 529 in most states in not a good idea. Though most states allow more than $300,000 per child, in the event said child does not wish to attend college, a withdrawal of the assets in the 529 carries a 10% tax penalty. The only savings plan more important than the 529 is the 401(k) and Roth IRA plans. Not because your retirement is more important than your child’s education, but because your Roth IRA is flexible enough that it can be used for higher education without penalty. As Emery so correctly points out, “You can borrow for college, you can’t borrow for retirement.” While financiers often debate the merits of certain family economic strategies, the one great acknowledgment by all, is time. As long as you want lower risk, you will need plenty time.