The Coverdell Education Savings Account, or ESA, makes for a nice investment vehicle that helps limit the amount you contribute so that you can continue to contribute a sufficient amount to your retirement accounts. An ESA limits contributions to $2,000 per year per child. They can be set up with any investment brokerage and there is no limit on what funds can be chosen for the investment. There is no tax deduction for contributions, but all earnings in the ESA grow tax-free as long as they are used for qualified education expenses. It is similar to a Roth IRA in the sense that you invest after-tax money that grows tax-free. Additionally, if you happen to not use it all on the first child's education, the balance can be rolled over to the next child's ESA account.
If you were to start contributing the maximum $2,000 per year per child in the year the child is born, you will have almost $73,000 by the time the child is 18 years old and ready to head off to college (assuming a 7% annual return). Even with how high college expenses are and how fast they are rising, $73,000 will definitely help pay tuition and avoid some student debt.
I reiterate that education expenses should always be second behind retirement contributions. If you are not able to contribute 15% of your gross income to retirement accounts, then you should not worry about funding an education account.
Additional information can be found at the IRS website.