College is the second largest bill you will have in your life. It will cost less than a house but many times more than the cost of your car. There are several ways to take a bite out of this bill.

1. Let compound interest help pay for college tuition

When each of your children are born, start saving some money every month for their college. $50, $100, $200. Whatever you can afford. Something is better than nothing. It will accrue interest over the decades, increasing your buying power. If this isn't enough to pay the whole bill you will have the benefit of needing to borrow significantly less money. You will pay less money in interest on the loan.

While the college fund is growing it has to sit somewhere. Put this money in an investment plan that can be used for something other than college. Maybe your child will get a scholarship. Maybe your child won't want to go to college. The point is, that life doesn't always work out as you predicted. The problem with the fund that locks you into a specific college is what if you change your mind you may not be able to get this money back.

2. Protect your child's college fund

Keep your child's college fund in a protected place. If you are ever sued or face bankruptcy, retirement funds offer an extra level of protection. With a Roth IRA or a 401k you can take the money out early for your child's college education, and with no penalty. What funds you have to chose between changes over the years. A financial advisor can recommend the current best choices. And if it ends up that you do not need the money for college, it can be come part of your retirement.

3. There is a trick that will save you 35% or more

You want a four-year degree but the cost looks daunting. You have saved and saved but it's not enough. There is hope. The first two years of college are mainly about getting the basics and prerequisites out-of-the-way. Start your child's college career at a community college. He community college will cost a tenth or less than a four-year university. Talk to the guidance counselor at the community college to make sure that the classes will transfer and apply to the degree at the four-year college you hope to go to.

You spent two years at a community college and then transfer to a university for two years and earned a bachelors degree. The added bonus is that halfway through you will have earned an associates degree. It didn't take any extra effort and you have 2 degrees on your resume rather than one.

4. You don't have rich parents

You want to get a college degree but don't have the money. Your parents can't help you and you have applied for scholarships to no avail. An option is the military. It is OK to join with the intention of not staying in your whole life. However, the Armed Forces have shrunk since the Cold War. If you do not do drugs, have a criminal record or a DUI, the military could be a useful part of your career path.

When you join the military, they will give you the opportunity to chose three skill to learn. Everybody wants to fly fighter jets and shoot cannons. But you will quit the military in a few years.  So ask yourself, how many jobs are there in the private sector shooting cannons?  You want to pick three skills where they will be high-paying job waiting for you when you get out. As long as you pass the classes, they will train you for free. Think high-paying skills like medical, law, cyber security, engineering or intelligence.

5. Let your employer pay for your college degree

With some skills, large companies will pay for your college courses. It doesn't hurt to ask. An insurance company for example might pay for accounting or business classes. Even if they don't pay for the whole degree something is better than nothing.  It is common for big companies to pay the whole bill for their electrical engineers and computer scientists to get masters degrees. In exchange, you have to get a Bs or better and agreed not to quit for so many years. Any classes you get a C or worse in, you have to pay the bill yourself.

6. Save 50% on books

Your schoolbooks will be a major expense. At the college bookstore, ask for the second handbooks. The wary of buying them online or from students as professors regularly change what books and editions that they require. The bookstore will make sure you only buy the right version of the books. When the semester is over, if you think you can live without it, sell the books back to the college bookstore.

7. Where will you sleep at night?

Not everybody can live with their parents for free. The dormitory on campus should cost less then an apartment. The dorm will immerse you in the college atmosphere and make it easier to make friends and very importantly, find study groups. People to work on homework and study for exams with is a critical college survival skill. I cannot stress this more. Your GPA will determine the rest of your life. A study group will up your GPA.

If the dorm is too expensive, look for a room in somebody's house next to campus. If you don't know how to find one, the guidance counselor should know where they are advertised.

If you liked this idea then you might like my book, 100 Ways to Save a Dollar without Lowering Your Lifestyle, available for Kindle, all other e-book formats, and in paperback.  One of the many items you'll find in it is a handy table telling you what in your house draws a lot of power and what doesn't.