As a parent, there are myriad things to think about when it concerns your child’s upbringing. From health issues to selecting schools, the list is endless.

While many of us want better for our children than what we had growing up, sometimes it seems easier said then done. Going to college is one of those said achievements, but at the steady rate which college fees and tuition are rising can any of us really afford it in the next decade or two?

According to Charles Jeffers, agency director in Bermuda for the Heritage International Scholarship Trust Plan, we can.

“The day they are born is a great day to start (the plan),” Mr. Jeffers recently told The Royal Gazette <$>as he compared saving for your child’s college education to a piece of pie. “The earlier parents start, the better. The longer they wait, the bigger the pie.”

While some may find it unbelievable, Mr. Jeffers says it is possible to save entirely for your child’s college education, even though it has been projected that a four-year education at an American university will cost parents an estimated $235,779 if their child was born in 2001.

If your child was born in 1995, Mr. Jeffers pointed out that by 2013, they year they turn 18, parents can expect to shell out $176,000 for a four-year degree.

“Parents these days are also cutting costs by sending their children to Canada and the Caribbean,” he added. “And some are also choosing to send them to the Bermuda College to complete their first two years before going off to school overseas.”

Mr. Jeffers said it is not difficult for parents to start a Heritage Plan, and most importantly, there is no minimum amount required to begin saving: “It does not matter. Some parents can only afford to start out paying $50 a month while others pay $1,000.”

However, he was quick to point out that the amount parents invest determines what will be available when their child turns 18.

So how does the Heritage Plan work, you may be wondering? Once your child turns 18, they will receive the principle on July 31, less administrative and insurance expenses.

The interest earned will then be divided and dispersed over the remaining three years of the child’s education. But what if your child decides that college is not for them after you have just spent 18 years investing in them?

“That’s not a problem,” responded Mr. Jeffers. “When a child turns 18, the parents have to decide whether they want to leave the remaining money in the account for the second, third and fourth years of college or if they want to withdraw their savings and the interest, less the Foundation’s portion.”

And, he added, if your child decides that he or she no longer wants to attend college, the scholarship can be transferred to another student.

So what are you waiting for? Do not put off saving for your child’s college education, because each day that passes without action is another opportunity for that piece of the pie to grow.

Before you know it, your child will be college-bound and you could be looking for $200,000 that you could have started saving TODAY!