Clark gets many calls from the parents of newborns, who want to know about putting aside money for their children’s’ college education. Clark asks them first how much they are saving for themselves, and often he is met with silence. He wants you to save for your children, of course. But you need to save for yourself first. New data out shows that people are saving tons through 529 plans. Also known as college savings accounts, these are tax exempt accounts that allow you to put away money for college education. Better yet, the money is spent tax free. People have spent $50 billion this year, which is 67 percent more than last year. In the next year, it will be up to $100 billion. But please max out your retirement savings account before you start one of these plans. Your retirement savings account is the most tax efficient plan out there. Secondly, if you are invested in a 529 plan, make sure it is with a legitimate, low-cost plan that does not charge commission. Clark has created a 529 Honor Roll that gives you his top choices for plans and tells you exactly how to contribute money. Coverdell accounts also allow you to put money away for your child's elementary, middle or high school education.