The following video is part of our "Motley Fool Investing Basics" series, in which Motley Fool contributor and financial planner Dan Caplinger discusses topics from around the investment world.

Today, Dan looks at the many ways that parents can save money toward their children's education. With student loan debt potentially becoming the next big financial crisis, any saving parents can do will help their children. Dan goes through many different options for college saving, including custodial accounts, Coverdell Education Savings Accounts, and 529 plans, giving the pros and cons of each. He notes that a mix of these options, along with simply earmarking money in your own regular accounts for college expenses, can help you prepare for the cost of education. Dan concludes that the sooner you start, the better off you are.

Saving for a child's college education is important, but you shouldn't neglect your own retirement savings. In our free report "3 Stocks That Will Help You Retire Rich," we reveal some stocks that could help you as well as some winning wealth-building strategies. Click here to keep reading.