Family Finance Guides For New Parents

Financial planning guides for your growing family. Set up your little ones for a great financial future.

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Investment
Accounts

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529 Plans:
College
Savings

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Savings Accounts

Financial Terms, Explained

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Custodial Account

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UTMA Account

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Monetary Gift

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Life Insurance

Top Guides

Investing for Kids: Setting Kids Up for a Bright Future

Investing for the kids in your life can set them up for a bright financial future. Kickstart a young one’s future goals with 529 plans, UTMA Accounts, Custodial IRAs and Youth investment accounts. Choose the right account for you, and start investing.

6 Best Financial Gifts for Kids in 2024

Savings Bonds for Kids: The Complete Guide

The Best Investment Accounts for Kids

Top Financial Products

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Ally Invest

Why we like it:

This account has no minimum to start, making it a great starter account for parents looking to start investing for their child, and the managed portfolio is a great way to start earning on your investments if you prefer a hands-off approach.

  • Individual and custodial accounts: no minimum to start, $0 commission on stock and ETF trades
  • Mutual fund trading for a low $9.95
  • Managed portfolios: low minimum of $100 to start, and advisory fees of 0.30% of total assets per year
  • A full range of investment options, for all investor levels
  • Earn interest on uninvested cash when you open and link an Ally savings account
  • Get a signup bonus when you fund a new account with at least $10,000

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Acorns

Why we like it:

If you're not sure how to afford starting to save, use Acorns' roundups and roundup multiplier to automatically save & invest your "spare change" from credit card purchases. Great for building that initial few hundred dollars in savings quickly, without effort, and without noticing.

  • $1 per month for an investment account the rounds up your spare change automatically
  • Save & invest roundups automatically, with option to apply roundup multiplier for faster savings
  • Your balance is automatically invested in ETFs for extra earnings
  • Plans can be expensive for investment purposes, but provide a great way to jump start some savings
  • No minimum required to open an account
  • Since this is an investment account, earnings will be higher than most high-yield savings accounts

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Fidelity

Why we like it:

Managed investment with no fees for the hands-off investor. Virtual assistant, no minimums, low cost mutual funds, and fractional share trading for the hands-on investor. These make Fidelity a great choice for new investors that are looking to dip their toes in investing.

  • A virtual assistant offers step by step help for new investors
  • Individual and custodial accounts: no minimum to start, $0 commission on stock and ETF trades
  • Managed portfolios: no minimum to start, and no advisory fees for accounts with balance under $10,000
  • Low to no cost mutual funds with no minimums to invest
  • Allows buying fractions of pricey shares for as little as $1

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All Guides

Family Finance
How to Financially Prepare for a Baby: 21 Practical Tips
How to financially prepare for a baby - creating a stable financial foundation will help you handle the road ahead. Organize your family finances: reduce debt, increase income, check insurance coverage and set a budget. Consider child care and parental leave. Start investing for the future.
Family Finance
18 Great Ways to Start Saving for Your Child (Before Your Child Turns 18)
Check out these 18 ways to start saving for your child. Find ideas and inspiration on how to save for your child’s future, even if you don't think you have enough money to start saving.
Financial Gifting
6 Best Financial Gifts for Kids in 2024
Giving a financial gift can kickstart a child’s financial future. Here are the best ways to do that: Greatest Gift App - 529 Plan Contribution - Savings Bonds for Kids - Gift Stocks - Gift Savings - Financial Literacy.
Gift Guides
Gifts for a Second Baby
Here are seven ideas for gifts for a second baby – monetary gifts, pamper mom, multi-kid gear, new baby essentials, time & help, baby memories, gifts for the firstborn, and something for everyone.
Family Finance
14 Ways To Make Money as a Kid
Kids who make their own money learn to be hard working, successful adults. We put together a list of ways for kids to make money (and what they can learn in the process!), from crib to college. Teach kids the value of money.
Family Finance
How to Start Saving for a Child’s Future
Starting to save for your child's future can be broken down to 3 steps: start saving, start investing, and grow your investments. The most important thing is to just start.
Financial Gifting
Monetary Gift Etiquette
Discover 7 monetary gifts to invest in someone’s future and how to make sure it really feels like a gift: Greatest Gift, Cash, Payment Apps, Savings Bonds, Stocks, 529 Contribution, and Gift Cards.
Family Finance
Investing for Kids: Setting Kids Up for a Bright Future
Investing for the kids in your life can set them up for a bright financial future. Kickstart a young one’s future goals with 529 plans, UTMA Accounts, Custodial IRAs and Youth investment accounts. Choose the right account for you, and start investing.
Financial Gifting
Savings Bonds for Kids: The Complete Guide
A complete guide on how to buy savings bonds for kids as gifts and savings bond gift alternatives.
Family Finance
The Best Stocks for Kids in 2024
TL:DR; Stocks are an effective way to teach kids about investing in a way they'll understand and enjoy. Buy a kid-friendly stock like Disney, Nike, or Apple, and explain how the stock market works for kids through a live example.
Family Finance
7 Ways to Build Generational Wealth
Create generational wealth by spending less than you make, investing the rest, acquiring assets and knowledge. Invest in stocks & bonds, acquire real estate, start a family business, create a will, purchase life insurance, learn personal finance, and give financial gifts. Transfer knowledge, assets, and opportunities to the next generation to set your family up for a stress free financial future.
Family Finance
The Best Investment Accounts for Kids
The four main types of investment accounts for kids include UTMA accounts, 529 plans, Custodial Roth IRAs, and Youth Investment Accounts. Choosing the right account can help reach different financial goals.
Gift Guides
The Best Baby Shower Gift Cards Compared
Compare the best baby shower gift cards, including Greatest Gift, Amazon, Target, and Visa. Find ideas for gift cards for new parents.
Family Finance
UTMA Tax Rules and FAQs in 2023 & 2024
UTMA accounts offer attractive tax benefits. This happens because the account is legally owned by the child, not the parent. Understand the ins and outs of UTMA tax rules in the year 2024.
Family Finance
The 7 Best UTMA Accounts of 2024
If you're looking to give your kids a head start, a UTMA account could be just what you need. We review the top UTMAs: Fideliy - Charles Schwab - Vanguard - Merrill - Acorns - Ally Invest - E*Trade.
Family Finance
A Penny Doubled For 30 Days
What's worth more - a million dollars today, or a penny that doubles every day for 30 days? The answer is quite surprising. That single penny, when doubled every day, greatly surpasses the one million dollars.By day 30, it grows into an astonishing $5,368,709.12! Let's dive in.
Family Finance
A Guide to Life Insurance for New Parents
As new parents, life insurance isn't just another box to check on your grown-up to-do list. It's an important safety net for your family. Getting a head start on life insurance could save you not just peace of mind, but also a fair bit of cash.
Family Finance
The 7 Best Savings Accounts for Kids in 2024
Opening a savings account for your little one can be a game-changer. We review the top savings accounts for kids: Ally Bank - Capital One - PNC - Alliant - Greenlight - Spectrum - Wells Fargo.
Family Finance
What Age Can Kids Have Bank Accounts?
As soon as a baby is born and gets a social security number, a bank account can be opened. Understanding money isn't always easy, but with their own account, kids can learn about how banks work. Learn about Joint accounts, custodial accounts, prepaid debit cards, and parent owned accounts.
Family Finance
How to Open a Bank Account for a Minor in 5 Easy Steps
Making the decision of where to open your child's account can be a bit overwhelming. From choosing the right account type, selecting a provider, preparing essential documents, to opening and funding an account, online or in person. We got you covered.
Gift Guides
Creating the Perfect First Birthday Registry
A birthday registry is a curated wish list, created by parents for their little one's first birthday. Choose a registry provider, sign up and create a wish list, and share with birthday guests. Include financial gifts on your wish list to kickstart your baby's financial future.
Gift Guides
The Best First Birthday Gift Ideas
Baby walkers, financial gifts, musical toys, bath games, baby books, and developmental toys are all great gifts for a first birthday.

A Guide for your Financial Parenting Journey

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set your kids up for a great financial future

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