Illinois mom Kim Bissing and her husband feel the pressure of saving for college for her two children, 7-year-old Emily and 11-year-old Joey. There's a huge need to save no matter what each child decides to do in the future, Bissing says.

She and her husband are careful to ensure all contributions are even. They contribute $100 per month to each child's college savings in a tax-advantaged college investment account known as a 529 plan.

They also split a percentage of their workplace bonuses equally between their two children's college savings plans and contribute financial gifts from the children's grandparents.

Other parents give more to their older children's accounts, generally because the older child's account was started much later in the child's educational career.

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