I also just like saying "avuncular"

My little (well, little 6'75") nephew leaves for college tomorrow. And while I feel I have not yet completed my sacred avuncular duty to fully corrupt him before he heads out into the world, I have done something much more useful for him: a 529 college savings plan.

529 plans are investment accounts designed to provide tax-free -- TAX-FREE! -- interest when the dividends are used to pay for qualifying educational expenses including tuition, fees, books and even room and board. There are hundreds of 529 plan options, all administered by the states -- so there are varying regulations regarding everything from investment allocations and reallocations to qualified plan administers to offset eligibility for financial aid. But 529s are ultimately a smart way to invest in and save for the education of any child in your extended family.

My financial adviser didn't tell me about 529s until my nephew was four, but I immediately opened an account for him and started auto-depositing $25 a month into it. Then I waited until my niece was four to open one for her just to keep things even. Then a different financial adviser told me to merge the two accounts into one to possibly help the pool of money accumulate more interest, so now my niece and nephew are obligated to have a grueling dance-off to see how to divide the combined earnings.

But look how much I've saved for them over the last 14 years. And I still have seven more years of deposits to make until my niece graduates from college.

I don't mean to sound like an infomercial, but if you have kids of almost any age in your extended family, talk to a financial adviser and start throwing a few bucks a month into a 529 plan that's right for your financial situation. You may not be able to send the kids to college corrupted by every tasteless joke you've ever heard, but you can potentially give them a financial cushion for their real education.