Never mind an extra income.

But there are different options -- for nearly every budget -- that can help amass at least some of the money it will cost to pay for an education years from now.

In addition to prepaid plans that let you lock in current tuition prices, a variety of investments are designed to make your money grow.

Investments, interest rates and fees vary in these plans, so you will need to do some research before you choose one of them.

COLLEGE SAVINGS PLANS

Aside from prepaid tuition plans, many states offer 529 savings plans, named after a portion of the federal tax code. A 529 plan can refer to a prepaid program in which the tuition is guaranteed to be covered, like the kind Florida has, or college savings plans, in which investors manage their own accounts and there is no guarantee of the plan's value at the time a child is ready to go to school. Florida has one of those, too: the Florida Investment Plan.

Many advisors recommend using one of these plans along with a prepaid tuition plan. The money from the savings plan can be used for college expenses beyond tuition, such as textbooks.

And if there's money left in the plan when the student finishes his or her undergraduate education, it can be used toward a graduate degree, said Cathy Pareto, a certified financial planner in Coral Gables.

Nearly every state offers at least one of these plans, and no matter where you live, you can choose any plan you feel comfortable with, said Todd Battaglia, president of Meg Green & Associates, a wealth management firm, in North Miami Beach.

But you should take some time before picking a plan.

Just as when you choose other investments, you'll have to be mindful of fees associated with the plans, the composition of the portfolio and how risky the investments are.

``You have to be very diligent in managing that money,'' he said. ``Making a mistake there can be very costly.''

Even if you buy into a plan when your child is a newborn, you don't have a lifetime to wait for the investment to pay off -- or make up for volatility in the markets.

The U.S. Treasury said families with these plans lost $25 billion from the end of 2007 to the end of 2008, as the stock market slid downward. So Battaglia recommends plans that have a mix of assets that become less risky over time -- the closer your child is to going to college.

``That puts it on autopilot, so you don't have to become a portfolio manager,'' he said.

Unlike some other college savings options, he said, these plans allow big contributions per year -- $13,000 per year per parent or $26,000 for a married couple per child, he said, and the maximum contributions are allowed regardless of income.

COVERDELL EDUCATION

SAVINGS ACCOUNTS

Coverdell accounts work like IRAs: You make an annual contribution to an investment account and the investment grows free of federal taxes. Like 529s, the withdrawals are tax free if the money is spent on education. But the annual contribution limit is just $2,000.

``Maybe that will make a dent,'' Pareto said, ``but the other programs are so much more superior.''

These accounts can also be used to pay for private elementary and secondary school, however, not just college -- at least through 2010, unless Congress extends that provision. A married couple who files joint tax returns can have an income of no more than $190,000 to contribute the full $2,000 to a Coverdell account. A single filer can't earn more than $95,000.

ZERO COUPON BONDS

These bonds work differently than traditional savings bonds, which can earn interest beyond their face value.

You buy these bonds at a deep discount off the face value, which is the sum you collect when the bond matures.

``It was a good way to say, `Hey, I'll put $10,000 or $20,000 in zero coupon bonds and tuition will be $40,000 or $50,000 when the bonds come due,' '' Battaglia said.

``The problem is now that's only one year of tuition,'' he said. That would mean someone would need to have four or five times what they once did, up front, to make zero coupon bonds work as a college savings option.

Families who use these would also need to have a lot of time on their hands. These bonds typically don't mature for 10 or 15 years -- or even longer.

Even though you won't cash in the bonds until they mature, you may have to pay taxes on the interest the bonds are earning on their way to growing to their face value.

The Securities Industry and Financial Markets Association offers this example of how these bonds work. Say a bond with a face amount of $20,000, maturing in 20 years, is bought for $6,757. At the end of the 20 years, the investor will receive $20,000. The difference between $20,000 and $6,757 represents the interest that compounds automatically until the bond matures.

CUSTODIAL

ACCOUNTS

These accounts allow parents to give their children stocks and other property until they reach a certain age -- until then, the holdings are managed by their parents.

There are two major types, Uniform Gift to Minors Act accounts and Uniform Transfer to Minors Act accounts.

While education is one thing the assets could be used to pay for, it can be used to pay for just about anything else.

``The kid can do whatever they want with that money,'' Pareto said, and because the accounts are set up as irrevocable gifts, once the child gets control of the account, there's nothing you can do to stop them. But that can be an advantage.

``If you're not really sure that your son or daughter will go to college, then you might think of a custodial account,'' Battaglia said.

As with 529 college savings plans, he said, the contribution limits of $13,000 per individual or $26,000 for a couple apply -- or you may be subject to a gift tax.

ROTH AND

TRADITIONAL IRAS

With couples waiting longer and longer to have children, they might consider two investments associated with retirement as an option for paying college expenses, said Elaine King, a Coral Gables certified financial planner and president of the Financial Planning Association of Miami-Dade.

So consider Individual Retirement Accounts and Roth IRAs in the mix of options for saving for college, King said.

``By the time your kids go to school, if you're going to be 59 ½, you can withdraw with no penalty,'' King said. ``With the Roth, you don't pay taxes when you take the money out.''

For people under 50, both plans limit contributions this year to $5,000 or the amount of your taxable pay for 2009 -- whichever is less. And that's the maximum amount that can be applied to both accounts combined. But King notes that paying for your child's tuition isn't worth jeopardizing your retirement savings.

``You cannot borrow for your retirement, but you can borrow to pay for school,'' she said. ``All the kids are going to be like, `We hate Elaine,' but don't jeopardize your retirement over education.''