While I am probably one of the bigger Vanguard fanboys out there, I know it can be hard to come up with the $3000 required to get into most of the funds (even the $1000 for the Star fund). Luckily, T Rowe Price will waive any minimum or low balance fee if you agree to an automatic savings plan of at least $50 a month which they withdraw from your checking or savings account. I recently helped open one of these in the Target Retirement 2050 fund for my fiance which was a very simple process.

You do take a hit on the expense ratio - 0.21% for Vanguard vs 0.76 at T Rowe - but for those just starting out it can be a great place to start at just $50 a month.

Johnathan at My Money Blog has a huge breakdown of Vanguard vs T Rowe which is a very interesting read.