How To Save Money for Kids: Here Are 9 of the Best Ways

Based on research from the U.S. Department of Agriculture (USDA), married couples (on an average income) with a child born in 2015 can expect to spend approximately $233,510 (without accounting for inflation) to raise them through to age 17.

The cost of raising a child hardly ever goes down. With inflation and the rising cost of living, it is essential more now than before to save money for kids. The following best ways to save money can help you get started.

Kids’ Savings Account

Contributions to your child’s savings account is your first commitment to their financial success. Banks and credit unions offer kids savings accounts that parents can use to save an allowance for their children.

Online Savings Account

Online banks or internet banks offer higher interest rates than traditional banks. Most online banks offer savings accounts with no maintenance fee and minimum balance. Opening an account is simple, and you can open as many accounts as you like.

529 College Savings Account

It is a tax-advantaged savings account designed for kids’ educational expenses. The plan has been around since 1996 and is documented in Internal Revenue Code 529. US residents can open up a 529 college fund.

Health Savings Account

Health Savings Account (HSA) is tax-advantaged personal savings account to cover qualified medical expenses. HSA is available to everyone under a High Deductible Health Plan (HDHP).

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