If you are a new parent or your kids are young, you'll want to do one thing right now, if you haven't already: Start looking into college savings plans.

And then do more than look among the best college savings plans. Pick one and start socking money away. Time is a-wasting.

After all, according to data reported to U.S. News in an annual survey last year, the average tuition for the 2019-2020 school year ranged from $41,426 (for private colleges) to $11,260 (for state colleges). That's the average tuition per year. And unless something changes in how people pay for education, college costs in the future are going to be even worse.

So if you're looking for a college savings plan that works for you, here are some suggestions:

• Open a 529 plan.
• Put money into eligible savings bonds.
• Try a Coverdell Education Savings Account.
• Start a Roth IRA.
• Put money into a custodial account.
• Invest in mutual funds.
• Take out a permanent life insurance policy.
• Take out a home equity loan.

Open a 529 Plan

You're probably familiar with 529s. They are savings plans, usually sponsored by state governments, that encourage saving for future education costs. They often are tax-friendly, in the sense that many states will let you deduct your contributions from your state income tax – and when you withdraw the money for college, the money won't be taxed.

You can put money into your own state's 529 – or any other state's plan. So if you live in Idaho but like Indiana's plan better, go for it.

But open up an account sooner rather than later.

"It's never too late to start saving for education, but we do encourage parents to start saving when their children are young. The more time the account has to grow, the more money kids will have available when they need it for education," says Laura Morgan, vice president of communications, savings and legal affairs at College Foundation Inc., the nonprofit umbrella organization which oversees North Carolina's NC 529 Plan.

It often doesn't require much money to get started. In NC 529's case, Morgan says you can open an account for $25.

The important thing, of course, is to keep putting in money to your child's 529 every year and preferably every month. Otherwise, the interest on that $25 isn't going to amount to all that much over the next 18 years.

Put Money Into Eligible Savings Bonds

"If you redeem them and use the money to pay for higher education, excluding room and board, you can exclude the income from their annual gross income for tax purposes," says Ryan Eyerman, an accredited asset management specialist and financial advisor at E&M Consulting in Strongsville, Ohio.

"This is of course subject to certain restrictions," Eyerman adds.

Some of the advantages of putting money into savings bonds is that they're guaranteed by the government and extremely low to no risk. On the downside, the interest you'll earn is pretty low. Right now, individual Series EE savings bonds are earning an annual fixed rate of 0.10%.

Try a Coverdell Education Savings Account

These, Eyerman says, are "a tax-deferred trust account that can be used to pay for elementary, secondary and higher education expenses – room and board is permitted. Earnings accumulate tax free, and distributions are free of income taxes as long as the funds are used for educational purposes."

Just make sure your kid isn't a permanent student who plans on graduating … well, someday.

Eyerman adds: "All funds must be used by age 30, or there may be tax penalties."

Start a Roth IRA

But wait, isn't that for retirement? Typically, yes, but it doesn't have to be, according to Laurence Namdar, a financial planner and the founder of Asher Levi Financial, a registered investment advisory firm in Holly Hill, Florida, a suburb of Daytona Beach.

"A Roth IRA is an excellent vehicle for many taxpayers to invest after-tax dollars while shielding earnings and future growth from taxes forever, as long as appropriate distributions are made," Namdar says.

As with any investment, you want to look at the pros and cons carefully – for instance, other relatives can contribute to a 529 but not a Roth IRA. If you have one, you'll obviously want to discuss this with your financial advisor.

But one big selling point, says Namdar: "With a Roth IRA, should a child decide not to attend college, the parents already have those funds invested for their retirement."

Put Money Into a Custodial Account

In other words, savings accounts called UGMAs and UTMAs (Uniform Gift to Minors Act and Uniform Transfers to Minors Act). They're both virtually the same thing but UTMAs can hold assets beyond cash, stocks, mutual funds and so on, like a UGMA – but also real estate.

There's no limit in how much money you can put into a UGMA or UTMA, but this is best with a child whom you believe is responsible. Your child will legally be able to use the money in the account – for college or anything else – when they turn 18.

Invest in Mutual Funds

There's no limit on what you can invest, and of course, you don't have to use the money for college. But what you earn will be subject to annual income taxes, capital gains will be taxed when shares are sold and the mutual fund's assets can reduce financial aid eligibility.

Take Out a Permanent Life Insurance Policy

This is a college savings plan strategy typically used by higher net worth families to provide tax-advantaged savings for multiple goals, including higher education, according to Bryan Bentley, a financial advisor who owns Bentley Financial in Roseville, California.

A permanent life insurance policy is a conventional life insurance policy, but some of the money from your premium goes into the death benefit, and some of the money goes into a tax-deferred savings account.

One of the pluses of doing this, Bentley says, is that the money you save "can be accessed at any time for any reason, so it is not limited to college expenses. It provides additional benefits such as a death benefit, and other living benefits, and there is no adverse impact if it is not used for education expenses."

He adds that the life insurance policy doesn't count as an asset when you're looking for financial aid from a college.

Still, this is the type of saving for college plan that you'd want to discuss with a financial advisor. For instance, there are upfront and recurring fees that might make you think twice before doing this.

Take Out a Home Equity Loan

"This is a common approach, whether intentional or not," Bentley says. "The equity in a family's home is often their largest asset, so it is often used to cover college costs. Some families will choose to pay down a mortgage instead of creating a separate college savings plan with the intention of tapping the equity if financial aid or scholarships do not materialize."

Of course, you probably weren't intending to use your home equity to pay for your kid's college – and with a loan, you'll have to pay that back.

So as a college fund for kids strategy goes, it's not really the best approach – if you still have years in which you could be saving money for future education costs. But if you haven't saved enough and are looking for a way to pay for tuition, not to mention room and board, it may work out well.

But that's why you want to start early – so you don't have to take out as many loans – and as with any investment but especially with college savings plans, it's always best to begin putting aside money as soon as you can. You always want to try to start your investments yesterday as opposed to tomorrow.