I've saved $100,000 for each of my 2 children for college. Here's how I did it and what I could've done differently.

• Shannon Liu Shair and her husband started saving for college for their children when they were born.
• She puts money into 529 plans and custodial Roth IRAs for both of them.
• The 529 plans have around $100,000 each, and she plans to grow them to $200,000 by college time.

This as-told-to essay is based on a conversation with Shannon Liu Shair, a 38-year-old estate planning attorney in the San Francisco Bay Area, California. It has been edited for length and clarity.

As an estate planning attorney at Liu Shair Law, I work with families to plan for the future and establish their legacy. Many of my clients have children, and their primary goal is to ensure their children are provided for through college and beyond.

In addition to understanding each client's goals, I ask how they've already invested and saved for their family. This is something that's deeply personal for me, too, as my husband and I have faced the same questions.

These conversations in my work and my own life have given me a unique perspective on how to get started and stay committed. It helps my clients to have someone they can trust with their sensitive information who also "gets it."

Saving and investing for our kids was not instant or overnight; it's taken years of learning and contributing. First, we had to make sure our own retirement and savings were healthily funded.

Here's how I set up my kids for financial success.

I started 529s for each of my two kids when they were born

529s are special accounts that allow you to save tax-free for education expenses. My parents did the same for me before I was college-age. Not needing to worry about finances, loans, and tuition made it much easier for me to focus on my studies.

We set up these accounts because we want our kids to have flexibility. I want them to be able to comfortably search for their ideal job fit since they already have a savings cushion.

My husband and I have saved over $100,000 in each of their 529s. I fund their accounts so that they'll be similarly situated based on the year they attend college.

Every state has its own 529 providers. I decided to use California's plan, Scholar Share, because it was easy to set up. I want to save 100% of what is expected for a public university in California. The target goal for each of the 529s is $200,000.

We don't have a specific backup plan for the money if one of the kids doesn't attend college, but up to $35,000 can be diverted to a Roth IRA. Additionally, the funds can still be withdrawn (with a penalty on earnings), which is not an issue for us.

We could also change the beneficiary to a different family member (e.g., hypothetical grandchild). I'd rather be over-prepared financially than under-prepared and have to scramble to figure things out.

I also set up custodial Roth IRAs for them

Custodial Roth IRAs are retirement accounts in which a child can deposit earnings from a job while they're minors, allowing them to start their retirement savings early. I've saved five figures in each of their custodial Roth IRAs.

For business owners, there are ways to employ your kids to set up a Roth IRA legally. Now that my kids are 10 and 8, they've been able to help me with shredding paperwork and other small tasks. They know that they're earning money for the work that they contribute to my business.

Anyone can set up a 529 for their loved ones, but custodial Roth IRAs are only available if a child has earned income. If someone is not a business owner and their child is old enough, the child can work and still have a custodial Roth IRA. The work can be with an established business, or even helping others in the community with babysitting and other chores.

They also have their own bank accounts

Their UTMA bank accounts are kept leaner, in the hundreds of dollars. UTMA bank accounts hold money that your child owns, and an adult is the custodian until the child becomes an adult. A portion of birthday money or gifts goes into the UTMA account.

Birthday and Christmas gifts in cash are typically from grandparents or other family members. Because these gifts are not earned income, the "save" goes to UTMA accounts and not to their Roth IRAs.

I don't have a set savings strategy. I add funds when I have more money in my account.

There are 2 things I could've done differently

I could do better at automating a monthly amount to ensure consistency and streamline the process.

Another thing I could've done differently is deeper research into 529 providers. I'm OK with our California provider, but researching more couldn't hurt. 529s can have differences, such as the types of investments available, the funds set up, the minimum amount required to get started, or the maintenance fees.

I tell my clients it's a good idea to teach financial acumen at a young age so their children don't spend their savings inappropriately. Our kids know how much is in their retirement accounts because I want them to learn cause and effect.

They used to get annoyed about helping me with the administrative tasks, but since I've educated them, they understand these funds will help alleviate stress when they enter the job market.

My advice to parents is to see this as a long game

There will be dips, and people need to understand the time value of money and compounding. If they move things around or make big shifts every time there's a decline in the market, it could be counterproductive and go against their goals.

For 529s, I've taken a more passive approach and use age-based funds (enrollment-year portfolios) rather than risk-based portfolios or guaranteed investment options. I have not changed the fund allocations during market shifts.

If you're just getting started or aren't in a position to make big contributions, saving even a few dollars a week or a month is better than nothing. It makes a difference. It's especially helpful if your children are young and time is on your side.