Start saving for college.

Got kids? Better start socking away some cash, and not just for ballet lessons, electric guitars and ski trips. In the not-too-distant future, you’re going to face your first college tuition bill. (Ouch.) And while you may think that 18 years is eons from now—and that’s for a newborn—try thinking back to what you were doing 18 years ago. Not so long, eh?

Nice try on the “but they might not go to college” line. Like that’s gonna happen.  

Every state offers 529 plans, or education savings plans, and they aren’t limited to kids. (Hey, start one for yourself.) Contributions grow tax free and when you withdraw the money for higher education expenses, you’re exempt from federal income tax. You aren’t limited to the one(s) available in your state, so do some research—they’re all different.

For more information, comparisons of different plans and calculators, go to Collegesavings.org.