Let me make the case that you shouldn't save one penny for your kid's college tuition. Don't even open a 529 college savings account. Unless you've got $10,000 or some eye-popping figure to toss into that bucket every year (if you do, you can probably also do what I'm about to say), Don't. Even. Bother.

The best thing we can do as a community is to encourage our loved ones to start savings as early as possible in order to make the most of savings and to make college education a reality, not a dream.

If you haven't accomplished the earlier savings priorities, such as setting aside a rainy day fund or funding your retirement account, then stop beating yourself up over your lack of college savings. You're not there, yet.

The problem is that we've come to expect that every child has the right to attend any institution willing to accept him or her, regardless of the cost. And that somebody, somewhere, will foot the bill or forgive the loans.

Here are the four financial goals I believe every family should reach before they think about putting cash in their kiddo's college fund.

The number of parents who are saving to pay future college costs is up, but the percentage of costs those savings will cover is slipping down. That...