How To Save Money for Kids (9 Best Ways)

Raising kids is costly. You’ll spend money on food, clothes, education, medical bills, birthday presents, extracurricular activities, and much more.

A strategic saving plan is essential if you want to avoid money worries in the future while raising a family.

Kids’ Savings Account

Banks and credit unions offer kids savings accounts that parents can use to save an allowance for their children.

The custodial account is an investment account for kids. The legal guardian manages these accounts until their legal adulthood.

Custodial Account

Unlike custodial accounts under UTMA and UGMA, the 529 college savings  funds do not automatically go to the beneficiaries after a certain age.

529 College Savings Account

The Roth version of the Individual Retirement Account (IRA) is an after-tax investment account for retirement. You can open retirement savings account for your kids.

Roth IRA

The trust fund is a legal entity that an Estate Planning attorney creates to hold money, Real Estate, or any other assets.

Trust Fund



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