You can save money as well as other valuables for your children. In this post we will share the Best way to save money for child.
A wealth advisor once said Children tend to be pretty big budget disrupters,”. Saving money for child is recommendable for many reasons. This is beyond a debatable position as it glaringly places your child at a position deemed financial success in the future as an adult which they will become.
We researched and came up with the best way to save money for child. We will explain this key important ways you can save money for your children whether unborn or not. Read on to see our suggestions.
Best way to save money for child
- Create a children’s savings account.
- Open a custodial account.
- Leverage a 529 college savings or prepaid tuition plan.
- Use your Roth IRA.
- Open a health savings account.
- Set aside money in a trust fund.
- Teach your kids the value of saving money.
Create a children’s savings account.
“What is a child savings account?” In a child savings account, you can deposit spare change, birthday money and other loose funds to accrue some interest throughout their childhood. This teaches children the lesson of “a penny saved, is a penny earned.”
Open a custodial account.
A custodial account is a financial account that is opened and controlled by someone over 18 for a minor. Often, a custodial account is opened by a parent for their child. Custodial accounts can be savings or investment accounts and are usually held at a bank, brokerage, or other financial institution.
Leverage a 529 college savings or prepaid tuition plan.
What is a 529 Prepaid Tuition Plan? Prepaid tuition plans are college savings plans that are guaranteed to increase in value at the same rate as college tuition. If the student decides to attend a private or out-of-state college, the plans typically pay the average of in-state public college tuition.
Use your Roth IRA.
What Is a Roth IRA? Roth IRA is a special individual retirement account where you pay taxes on money going into your account, and then all future withdrawals are tax free.
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