What the press and the public don’t talk about – but should – is the game-changing impact savings-minded parents have on their children’s student loan debt load. Every dollar they save for college is a dollar less their children will have to borrow.

Many new parents hesitate to enroll in a 529 plan because they want to plan for their own retirement and/or they’re not sure about the future. But, each day you wait to start saving for college you miss out on potential earnings growth in your 529 plan account. To get the most out of your 529 plan, the best time to start saving for college is right now.

Now that you’ve graduated from college, it’s time to get started on the rest of your financial life. Tips on repaying student loans, building an emergency fund and saving for retirement will help you manage your money. But have you considered starting to save for your children’s college education?

A study from Fidelity shows more parents are saving for college than ever before, but they are still confused about how 529 savings plans work. By missing out on these key benefits, including federal (and sometimes state) tax savings, and favorable financial aid treatment, they could be leaving money on the table.