Helping children get a college education is a goal for many families. Before you stress over saving for college, keep in mind: It’s never too late to start, anything you set aside will help, and there are several ways to pay for college beyond your savings.

The short answer is as soon as possible. The ideal time to begin saving for college is when your child is born. Even if you budget to contribute only a small amount each month, you’ll be surprised how much the fund can grow over time. But don’t fret if you didn’t start setting aside money when your child was a baby. Instead, contribute whenever you can. Any college savings is better than none.

The real answer is: Whatever you can afford to save, based on your family’s budget. The money you save—and earn interest on—now is money you don’t need to borrow—and pay interest on—later. But at the same time, it's also true that most families have other priorities that may take precedence, including:

Once your other savings and debt priorities are covered in your budget, you’ll have a sense of what you can dedicate to saving for college.

Start by setting an amount to be deposited in your college fund every month. Set up automatic transfers between your checking and college savings plans or accounts. Automating deposits will help eliminate the temptation to redirect your extra money to other things. Then periodically check in on your progress. This acts as a morale booster and allows you to adjust your plan as your income and circumstances change.

You can designate any savings or investment account as your college fund. Or you can use an account specifically created for savings for college, like a 529 plan. Consider using this as an opportunity to teach your child about saving money. Savings options include:

Most families pay for college by using several sources of funds. Only about half of tuition payments come from parent and student income and savings, according to Sallie Mae, a leading student loan provider. Other sources, including scholarships, grants and loans, help pay the rest. A variety of government and private sources, including the schools themselves, offer these.

Everyone should apply for financial aid, even if you don’t think you’ll qualify. You may be surprised. The first step is to fill out the Free Application for Federal Student Aid, commonly known as FAFSA. The information you provide on your family finances helps determine eligibility for federal, state and school-sponsored financial aid, such as grants, work-study funds and low-interest loans. Colleges base their financial aid offers on FAFSA, and many scholarships also require students to complete the form.

Once you complete FAFSA, the U.S. Department of Education will determine if you’re eligible for subsidized or unsubsidized federal student loans.

Subsidized loans are based on financial need, and interest does not accrue while a student is attending school. Unsubsidized loans are more available and more expensive. Interest begins accruing immediately.

Repayment on both types can be deferred until the student finishes schools.

Many families also take out private student loans to fill gaps between their savings, federal student loans and any other aid. These loans tend to have higher interest rates and more restrictive repayment terms than federal loans.

Grants and scholarships are types of financial aid that don’t have to be repaid. Grants tend to be based on need. Scholarships are generally based on academic or athletic merit. The federal government and schools themselves are good places to search for grants and scholarships. Cultural, professional and religious organizations also offer them. High school guidance counselors and college financial aid offices often maintain lists of scholarships and grants. In addition to FAFSA, many grants and scholarships have their own application forms.

Higher education is an area where the most expensive does not necessarily mean the best. Four years at a private college can cost hundreds of thousands of dollars. Public universities, which receive funding from their states, cost less. Two-year community colleges are a fraction of the cost, and credits can often be transferred to a four-year school later on. The best option for your child depends on their interests, maturity and goals—as well as your finances.