<human>:  What is the most effective way to save money for college?
<bot>: The most effective way to save money for college is to start saving as early as possible. Build a college fund when your child is born or even sooner, if possible. Maximize contributions to these accounts to take advantage of compound interest and tax benefits, such as 529 college savings plans and Coverdell Education Savings Accounts. Pay attention to age eligibility and minimum contributions requirements. Additionally, research scholarships and grants, work-study programs, and other forms of student aid that can potentially reduce college expenses. Finally, aim to reduce college costs by attending an in-state school, taking courses at a local community college, and living at home, if possible.