Student advisor weighing here.
There are many great strategies already mentioned on the forum. Here are my two cents.
Before college1) Instill financial intelligence/frugal habits in child before they hit college age
2) Instill excellent study skills, life balance and self-knowledge/-advocacy habits before they hit HS age
3) Work w/child to determine the education
and living environments in which they do best (e.g., big class/little class, what depts/progs need to be strong, big city/town/rural area, live on or off campus, sunny weather needed/grey skies okay, etc.)
4) It's more important to do well one or two extracurricular things the student cares about than to dabble in a million. For parents, investment (time and finances) in helping your child develop and then meaningfully deepen these extracurricular interests/skills can pay off in terms of admissions (and funding) offers
5) Don't discount a school due to price tag. I went to two different expensive Ivy League-type schools for cheaper than state/local schools due to their offers of need- and merit-based aid
6) If a student is focused, directed and has the study skills, it's possible to get a great education almost anywhere
During1) Some possible ways to save:
a) Take core/basic requirements (science 101, writing 101, etc.) at a local/inexpensive school then go to a more expensive school for 2-3 years in order to do the more advanced work
b) Spend a year abroad (either as exchange student or as a nanny/other type worker) in order to learn a foreign language. In that way you can waive out of foreign language requirement and have more world experience/maturity
2) If your child might want to go on to graduate/med/law school these are areas to focus on:
a) Excellent GRE scores (some schools use this as basis for funding offers) - take the time to prep/practice
b) Strong-to-excellent grades (be sure to explain any low grades in personal statement)
c) Research and/or meaningful applied experience in the field. This is often where committees look when they have to decide between two otherwise equally qualified candidates. By this I mean internships and/or research programs (especially during the summer when the student can do it full-time and, thus, prove themselves capable of sustained endeavor in/knowledge of field). 2-3 summers of internship/research are one the most important things a student can do to improve chances of grad/med/law admission (and funding). In science fields these undergraduate science experiences often come with R&B as well as a stipend. Note: Even if the experience(s) show you that you don't want to do that particular thing, it's fine because you have that knowledge and you have transferable skills.
d) Strong acad/prof relationships w/professors and/or internship/research supervisors => excellent rec letters
Good info here (I've no affiliation). I use often in my advising =>
http://www.collegeology.com/Good luck!