Paying for college involves more than just savings in most cases. To determine how much you should squirrel away each month, take into consideration how much you plan to pay and whether your family may qualify for need-based financial aid.

This may be a good time to visit a financial planner to investigate all of the available options. Financial planners have some tricks up their sleeves that can help shelter college savings from financial-aid calculations.

For instance, some parents may be able to use a life insurance policy or a tax-deferred annuity to pay for some college costs.

"They are considered retirement vehicles for the federal formula for financial aid and therefore they are excluded from the calculations," says Michael Gaer, president of Gaer Financial Group in Rochelle Park, N.J. "The benefits of sheltering the money from financial aid more than outweigh the tax ramifications." The right savings vehicles depend on your child's age and your family situation. While 529 plans are a good fit for most college savers, they are far from a one-size-fits-all solution.

Once the account of choice has been established, parents who begin saving early can afford to be aggressive with their investments.

Experts recommend putting at least 80 percent in equities at this point, with 20 percent of a college-savings portfolio devoted to fixed-income investments, such as bonds, CDs and Treasuries. Many 529 plans offer age-based portfolios with this type of mix for long-term investors.

Just like when saving for retirement, small contributions add up -- and consistently adding a little bit is the key at this point.

"Contribute money every month, perhaps by signing up for an automatic investment plan. Contribute extra money whenever possible," says Mary McConnell, director of college savings products at Charles Schwab.