Dear College Money Guru,
My husband and I are interested in a college saving program for our children who are 6 and 9 years old. We live in Miami and are looking for your advice.
-- Karen

Dear Karen,
You have a lot of options when it comes to saving for college. In one sense, that's a good thing, because you'll have the opportunity to choose the option that best satisfies your own objectives.

But the wide variety of savings programs can make your decision process more confusing, even to the point of causing you to do nothing. Don't let "analysis paralysis" derail your intention to save for college. The most important step is to begin saving, even if it's with only a small amount.

It's hard to beat 529 plans for tax-free college savings, a conclusion supported by the fact that Americans now have more than $100 billion stashed away in these investment vehicles.

You can use your own state's 529 savings plan, which in your case is the Florida College Investment Plan. Or you can select among the dozens of plans offered by other states. Your choice of 529 savings plan will not restrict your child's decision about where to attend college.

A 529 savings plan offers a menu of investment options. Typically, you invest through a portfolio of mutual funds.

For families without a lot of investment experience, I suggest going with the "age-based" option that automatically ratchets down the market risk of the portfolio as your child gets closer to college age. Most 529 plans offer at least one age-based option.

You can view enrollment information and other details about any 529 plan on Savingforcollege.com.

Being a Florida resident, you also have the Florida Prepaid College Plan available to you. This large and well-run 529 prepaid tuition plan has helped more than 1 million Florida families pay for college and offers the opportunity to lock in tuition costs (with an optional dormitory plan) at any of Florida's public colleges and universities.

If your child ends up attending a private or out-of-state college, the plan will pay the same dollar amount you would have received at an in-state public institution.

In Florida's highly regulated tuition system, rate increases have stayed relatively modest over the years. But that situation may change in the future if there is a shift in the state's tuition-setting process.