I have been meaning to start education savings plans for my two daughters now for some time. I have approximately $2,000 saved up for one and $1,300 for the other, just sitting in a high-yield bank account earning interest.

But now with the market having gone down so far, I'm starting to wonder if it might be a good time to consider opening the accounts now. A number have people have indicated that now is a good buying opportunity. If I open up the accounts now, I can take advantage of the lowest prices of stocks in years, and hopefully watch the amount that I have appreciate even more than it would normally.

I'm not generally a market timer, but it seems to me that if I am going to do it, I should do it now. I live in New York, and so probably will open my own state's 529 plan to get the income tax deductions. Plus, the fund is managed by UPromise and Vanguard, and Vanguard seems to have pretty good funds available for longer-term investing.