College students are back in school and Scott Magnesen, with Morgan Stanley Smith and Barney, says parents may be feeling the pinch in their pockets.

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Magnesen says the costs of college are increasing, but if parents start early they can rest a bit easier.

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Magnesen adds everybody's situation is different but even starting small will make a big difference.

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Magnesen says thinking of college education early is a huge advantage that can push students toward financial stability.  He says parents and students should make a plan together and be sure to consider academic or athletic scholarships as well as grants and even student loans.  Magnesen says the hard part about saving for college is knowing parents must also save for retirement.  He says as a general rule of thumb, parents should put invest about ten-percent of their salary toward retirement and other things.