For many parents, providing their children with the best education possible is one of the most important things they'll do.

Yes, college can be expensive. The good news is that starting early and investing regularly may allow you to save the money you need. And when we say early, we mean early, like within your child’s first year. The other upside of planning ahead and starting early is the ability to balance saving for college with saving for your own retirement. You don’t do yourself any favors by neglecting one for the other.

There are two types of tax-advantaged college savings plans: 529 plans and Education Savings Accounts (also known as ESAs or Coverdell accounts). Both allow your money to grow tax-deferred. And when the money is used for qualified education expenses such as tuition, books, and room and board, it can be withdrawn tax-free. But there are some important differences between the plans in terms of eligibility and the amounts you can contribute. The one you choose will be based on your situation and your needs. Also, some people use custodial accounts to save for college, but due to their tax benefits, 529s and ESAs are generally considered better choices for college savings. Use our chart to compare accounts and see which one might be right for you.

Small amounts can add up a lot faster than you think. And since saving is easiest when you don’t see the money, we suggest setting up an automatic saving system. That way, you won’t be tempted to skip contributions and spend the money. Out of sight, out of mind as they say. And don’t forget to adjust your plan as you become able to contribute more.

There’s a lot to know when saving for college. So don’t expect that you’ll understand everything at once. If you have questions, don’t be afraid to ask for professional help. At Schwab, we’re ready to answer your questions, help you understand your options and get you the help you need.