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I don’t know about you, but I don’t have the extra $900 a month it would take to save for my daughter's college education, which 17 years from now, will likely cost about $400,000 at a private institution. But that doesn't mean I shouldn't save anything. When it comes to a 529 plan, experts say, rather than set the bar impossibly high, figure out a figure you can afford.

"Realistically can I set aside enough to offset four years of college -- maybe not. But I would much rather save a little bit now and have that money earn something rather than borrow it later and have to pay," says George Makras of Upromise Investments.

Once you've got the ball rolling, start looking for ways to supplement your savings. Certified public accountant Alan Kahn says make saving for college a family affair by encouraging loved ones to pitch in rather than purchase a new toy.

"Get a gift contribution form and give it out to family and friends and let them make the contributions directly. Every little bit helps," recommends Kahn.

Another way to save: Sign up for Upromise, a program that allows you to earn money on purchases like groceries and gas. While the earnings may be just pennies here and there, over the years those pennies can really add up.

"I set up an account when my son was born about eight years ago and it's added up to over $2,000," says Makras.

Two things to keep in mind with a 529: If you withdraw the money early or use it for something other than education, you'll have to pay taxes on any earnings, and a 10 percent penalty as well. Also, the account does count as an asset when applying for financial aid, but at a very low rate, so it’s impact should be minor.

"Nearly 70 percent of all students that are in college right now receive some form of financial aid. There's over $200 billion in federal aid that's out there every year for students," says Robert Franek of the Princeton Review.

And since 80 percent of the money students receive comes from the schools themselves, Franek says the best way for your kid to help chip away at that possible $400,000 price tag is to study hard.