When deciding which type of savings or investment is right for you and your family, you should consider four features:

• Risk: The danger that the money you set aside could be worth less in the future.

• Return: The amount of money you earn on the savings instrument or investment through interest or dividends.

• Liquidity: How quickly you can gain access to the money in the instrument or investment.

• Time Frame: The number of years you will need to save or invest.

When you select one or more savings instruments or investments, you should balance these factors by minimizing the risk while maximizing the return on your money. You will also want to be sure that you will be able to access the money at the time you need to pay for your child's education.

If you start early enough, you may feel confident about making some long-term investments. Some investments are riskier than others but can help you earn more money over time. lists some of the major kinds of savings instruments and investments that you may want to use. You can get more information on these and other savings instruments at local banks and at your neighborhood library.