Like one of the other fellows posted I prefer the Roth IRAs over the 529 plans. If you put much into the 529 plans then the beneficiary/child has to count them as an asset when applying for grants and financial aid. So I would only do the 529 plans if your going to be putting enough in to fully cover the cost of college. If you are doing less than that you can seriously limit the the college the beneficiary/child can go to without any financial aid.
Also check and see what plans your state has for college plans. The prepaid credit hour plans are not a bad plan either and they are inflation protected. Meaning once you buy a credit hour you have that paid for regardless what they cost when used. Yes it limits the child to a college in the state but they still work well for smaller amounts of giving.
I have done both the IRAs and Prepaid plans. The IRAs in my later years as I had more to give, mainly grand kids. I used the prepaid credit hour plan for my kids. When I started out each credit hour only cost $35. So smaller amounts of money would do something.
Don't buy into the BUNK about how the prepaid plans "limit" the child's educational opportunities. Just about every state has some good colleges. The colleges don't like the prepaid plans as they do not get to inflate their credit hour cost.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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