For many families, saving for college is the easy part.

If nothing else, it's routine: You decide how much to set aside each month, then cut the check. Repeat the process next month.

The angst comes when college itself looms. Not only might you wonder where your kid is going to matriculate -- let alone worry about the expense attached -- but you wrestle with what you've been doing to prepare for the past umpty-ump years. Have I saved enough? How can I make the most of what I've been able to put together? Did I overlook anything?

These sorts of questions are swirling through minds of Bob and Cindy Charest. In many ways, Bob, 54, and Cindy, 51, are accustomed to uncertainty. As partners in The Bob Charest Band, which plays weddings and other events in and around Westbrook, Maine, they are familiar with rescheduling gigs, handling bookings and juggling all the other variables in a professional musician's life. Video: Can we afford their first choice?

Now, however, they face the uncertainty of impending college bills. To date, the Charests have some $200,000 set aside in various mutual funds and an additional $20,000 in a savings account. Those are in place for their 16-year-old daughter, Leigh, and her brother Mark, 14.

Luckily for the Charests, they gain additional flexibility from a home they own free and clear, and they have income from rental property as well.

Still, significant challenges remain. First is the prospect of concurrent bills if Leigh and Mark are in college at the same time. Moreover, with their assets and income, the Charests hold out little hope for any sort of outright scholarship or grant for either child.

Just as critical is the couple's determination to keep their retirement program intact. To date, they have a relatively modest $160,000 in accounts earmarked for retirement. And they're not willing to sacrifice that position to pay soaring college costs.

"We'll do what we can to find merit-based financial aid, but we are adamant about not taking out giant loans," says Cindy. "We'll do everything we can to keep the bulk of our investments intact." Video: What will we have left for retirement?

One of the first things the Charests -- or any family facing the same kind of near-term challenge -- wants to do is get a realistic picture regarding the possibility of financial aid. Start by forgetting the popular misconception that "we make too much to qualify."

To get a grip on financial aid, the Charests need to gauge their "expected family contribution," or EFC -- a calculation used by the U.S. Department of Education to determine how much families can pitch in for college costs. It's also used by colleges to determine what sort of aid package may be necessary.

The final determination on the EFC follows the filing of the Free Application for Federal Student Aid (FAFSA). Video: Adding it up

In general, it is preferable from a financial-aid perspective to have as many family assets in the parents' names as possible because aid formulas tend to assume that the kids' assets will be used exclusively for college. Given that much of the Charests' assets are in Cindy and Bob's names, their prospects for financial aid may prove a pleasant surprise.

Another misconception among families on the verge of sending kids off to college is that it's too late to make any planning strategy meaningful or effective.

Not so, say Nutley, N.J., college planners Salvatore and Michael Cocco. The Coccos would urge the Charests to conduct a thorough cash-flow analysis, identifying unnecessary cash drains or income streams that might be earmarked to pay college costs.

"They need to scrub down their cash flow as much as possible," says Michael Cocco. Calculator: How much can you save?

Another important idea: Remember that budgeting for college should encompass the years when the kids are in school, not just those leading up to freshman year.

For example: Four years for Leigh at a school like the University of Connecticut would carry the jaw-dropping price tag of roughly $94,000. What's a good deal less staggering is the monthly sum the Charests would need to deposit into a 529 plan over the next six years in order to meet that kind of challenge: $1,000 per month. With a modest return of 7% a year, they'd have more than $91,000, just about what they need. The amount is even more reasonable for Mark. Saving $700 a month, with a 7% return for eight years, gives them similar total.

With 529 plans, investors deposit after-tax income into an account that typically carries a range of investment options. Distributions aren't subjected to federal income tax as long as the money is used to pay for college. Snapshot: What does college actually cost?

Here are five other suggestions for the Charests:

1. Decide just how much of the tab you're willing to pay. Since college expenses and retirement needs are likely to crop up at the same time, the Charests need to know just how large a college bill they're comfortable paying. Then, they can set up a program oriented toward that goal -- bearing in mind the desire to keep their retirement on track as well.

2. Look at possible careers for the kid. Deborah Fox, of Fox College Funding in San Diego, suggests that Leigh complete a career assessment program to get a sense of what she might study. That may give the family a better sense of a suitable school -- and the bill that goes with it.

3. Hire the kids. Assuming the cash flow is there, Fox suggests the Charests pay each child $4,000 per year to help with the family's band. That money can be placed in an IRA to shelter it from college financial aid calculations. The wages will also be tax-deductible for Bob and Cindy -- possibly freeing up additional funds to pay for college.

4. Begin a gifting program. The Charests may wish to consider moving some of their available funds into 529 plans for the two kids. That way, Bob and Cindy would retain complete control over the funds while getting the 529 plans' varied advantages (tax breaks for the parents, financial-aid friendliness for the kids).

5. Be careful. A year or two before college is no time to be extra aggressive with funds earmarked for school. Target balanced mutual funds and other options that, while offering some growth, aren't likely to drop a great deal in value just when you need the money the most.

Now back to the topic of financial aid. Families like the Charests -- with a sizable asset base to access for college -- tend to assume they're off the financial-aid charts and thus ineligible for aid. Not necessarily so. With college on the horizon, it's essential that they gain a realistic picture of where they might stand.

To that end, here are 4 tips for families with kids approaching college age:

1. Begin researching colleges with an eye to financing packages. Some colleges emphasize need-based aid, while others focus on merit. Get to know what "need" means in each case (colleges differ on qualifying income and asset levels) as well as "merit" (it's not necessarily based on great grades or killer SATs).

2. Have your child contact the school's financial aid office. Don't wait until you apply -- a high school student who hooks up with a financial aid office as a sophomore or junior gets on the radar early. That

relationship may pay dividends when the school decides on aid packages.

3. Start looking for scholarships. The question of just how much scholarship money is out there -- and what goes unclaimed -- is open to debate, but the fact is there are scholarships to be found. Families should start accessing every resource they can to obtain scholarship aid. That includes talking to counselors, surfing the Internet, consulting with civic groups and pursuing other sources.

It's never too early -- if Leigh, Mark or any other aspiring student happens to win a scholarship years before matriculating, most sources will hold the funds until they're ready to be used.

4. Use test-prep services. Programs that can boost SAT scores by 100 points or so can mean a better shot at some merit-based financial aid dollars.

Produced by Elizabeth Daza/Graphics by Hakan Isik and Joe Farro