When you start saving for college, it is very exciting. Not only is it the wise and responsible thing to do, but you will get a great deal of pleasure out of knowing that you are taking steps to secure your financial future. Starting to save for college now will help you avoid taking out student loans once you have started your education. However, before you throw your money into the first college savings strategy that you see, there are four important questions that you need to ask yourself. Getting clear about the answers to these questions ahead of time will help you select the right college savings plan for you.

1. Do you want a financial advisor?
A financial advisor will take a commission out of your savings. However, they will also give you the benefit of their knowledge and advice when it comes to managing your money. If you do not have the time, the knowledge or the inclination to be active in the management of your savings plan, then a financial advisor is probably worth the 1 to 4 percent commission that they will charge you because they will help your money earn more interest more effectively.

2. How good are your investments?
College savings plan investment options are often pretty limited. You need to make sure that the amount of risk that you are undertaking matches the age of your child or yourself. You can take more calculated risks if the money is not going to be needed for many years. However, if it is going to make you miserable worrying about it, then conservative will always be the way to go.

3. Is the plan flexible?
Make sure to note when the money must be used, how much (or how little) you can contribute each year and how to change your plans if your college plans change.

4. Review the fees.
College savings plans can have enrollment fees, management fees, commissions and withdrawal fees. Be sure that your plan’s fees will leave you with some money in the bank to pay for college!

Once you have answered these questions for each college savings plan that you are considering, you will be able to objectively compare them and determine which plan is the best for you.