Family Finance Guides for Parents with Young Kids

Financial Literacy for Kids and Parents. Guides, terms and products for parents and young kids. Financial resources to help you teach your little ones about money.

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Investment
Accounts

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529 Plans:
College
Savings

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Savings Accounts

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Piggy Banks

Financial Terms, Explained

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Allowance

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Generational Wealth

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Piggy Bank

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Roth IRA

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UTMA Account

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Lemonade Stand

Top Guides

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.

5 Best Chores and Allowance Apps in 2024

Investing for Kids: Setting Kids Up for a Bright Future

18 Great Ways to Start Saving for Your Child (Before Your Child Turns 18)

Top Financial Products

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Greenlight

Why we like it:

Built for parents, Greenlight offers tools for kids to save, spend, and earn money. Greenlight is all about financial education for kids.

  • $4.99 per monthly for a family with up to 5 kids
  • No minimum balances
  • Parents can pay interest on kids' savings
  • Pay kids a weekly allowance, and reward chores with perks
  • Parental controls in place for ATMs and spending in stores
  • Raise financially kids

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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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Ally Bank

Why we like it:

Set it and forget it savings at its best. Ally bank's smart saving features and boosters help you automate savings, driving your savings up with little effort.

  • Easy to open accounts online
  • Offers custodial savings accounts, truely owned by your child
  • High yield savings account
  • Smart features to optimize savings
  • No minimum to open or hold account
  • No monthly fees

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All Guides

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.
Financial Gifting
Bar Bat Mitzvah Gift Amount 2024
If you're attending a bar or bat mitzvah party, $36-$360 per guest is a good gift amount, and giving in multiples of 18 expresses good wishes in the Jewish culture. Whatever you choose to give will be appreciated by the celebrating family.
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.
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
17 Kindergarten Graduation Gifts 2024
The best kindergarten graduation gifts and preschool graduation gift ideas. Financial gifts for kids; Gifts for summer vacation; Gifts for first grade; Keepsake gifts. Graduating from kindergarten is a major milestone in every child’s life. Celebrate with a great gift.
Family Finance
22 Lemonade Stand Ideas, Tips, and FAQs
Get your kids summer-ready with this handy guide to starting a lemonade stand. We cover everything from stand setup, recipe tips, inventory management, marketing strategies, financial insights, to addressing common questions.
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 $10,737,418.24! Let's dive in.
Gift Guides
17 Piggy Banks for Kids
Piggy banks instill the importance of saving money from an early age. Explore the best piggy banks for kids, from trendy to unique and even digital varieties. Plastic Piggy Banks - Cool Piggy Banks - Unique Piggy Banks - Baby Piggy Banks - Electronic Piggy Banks - Digital Piggy Banks - Personalized Piggy Banks.
Family Finance
Albert Einstein and Compound Interest
Compound interest is the eighth wonder of the world, according to Albert Einstein. Discover how understanding compound interest can be a game-changer in financial literacy for both kids and adults, and what Einstein really said about it.
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.
Financial Gifting
How to Buy Disney Stock: A Complete Guide
Buying Disney stock for your children is an easy process with a UTMA account. Setting up this account is simple and allows your child to own stocks while you, as the guardian, manage the account until they reach adulthood.
Family Finance
Chores for Kids to Earn Money
Mixing paid and unpaid chores can teach kids about helping the family and managing money - all in one go. A basic guideline is $0.50- $1 for simple tasks for younger children, scaling up to $5 or more for complex tasks for older children.
Family Finance
How to Start Giving Your Child an Allowance: A Step by Step Guide
Starting an allowance is a great way to teach your child about money. Start with setting goals, then continue with making rules, choosing tools like piggy banks and apps, and guiding them on saving and spending. It's not just about giving money; it's about helping your child learn to manage it wisely.
Financial Gifting
Savings Bonds as Gifts
Gifting a savings bond, whether electronically or as a paper certificate, involves a few straightforward steps. Gifting electronic savings bonds is done via the TreasuryDirect website, while paper savings bonds are ordered with tax refunds.

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