Condradulations Cajun!
Best advice I was ever given (by my Dad) when my 1st was born is to take $2,000 and put $1,000 each in a School and Car fund.
Now try and put another $80/month in the school fund and $20/month in the car fund. (or more if possible)
Depending on the rate you get that is @ $8-10,000 for the car and @ $30,000 for school.
We are only talking about $100/month so it is more than "do-able".
You'll thank me in 16-18yrs.
(and yes, my Dad was a retirement benefits counselor)