Don't let the title scare you. YES you should be saving for your child's child college as early as birth.
Here is the breakdown!
Dress or Tux for Senior Prom = $100-$200
Flowers = $20
Limo for Prom = Starting at $500
Graduation Cap & Gown = $50
Extra Graduation Tickets = $100
Graduation Gift = Could be $100's or MORE!
Graduation Party = $500 or more
So that is around $ 2,120
That is IF prices do not rise and I have not forgotten anything.
Geez that could put someone out of a mortgage payment!
So my advice, start saving $20 a month in an account you cannot touch until the January before your child graduates so the hit will not be SO hard, and who knows maybe you will have some left over for "empty nest therapy!"