Raising a child isn’t cheap. Fortunately, there are several tax deductions and credits available to parents with dependents. And the child tax credit has an important update parents should know about in 2021 — advance child tax credits that give you the money you need now instead of at tax time.
If you want to save more money, it can help to take a wide-angle look at your family finances and examine your spending habits up close. Adopting more frugal practices and finding ways to cut back on your most significant expenses means extra money in your pocket. These tips can help.
Kids are built for playing. And parents can use that to their advantage to teach children about financial independence and money concepts like saving, budgeting, investing, and using bank accounts. These structured and unstructured play ideas can help.
Opening a bank account for your kids and becoming a joint account holder is a great way to teach kids basic money management skills like budgeting, saving, and setting long-term financial goals. We round up the best checking and savings accounts for kids under age 18.
If you want your kids to grow into wealthy, financially literate adults, you’re going to have to teach them about money. Here are some important accounts you can open on your child’s behalf to help them learn good financial habits.
Boring educational material on money, credit, and investments can actually discourage people of all ages from learning valuable information that can help them make...
Adopting a child can be expensive. Fortunately, there are federal and state assistance programs that minimize financial obstacles to adoption. If you’re considering adopting, here are the tax credits you might be eligible to claim.
In the U.S., both parents are legally expected to provide financial support for a child, even if they live in separate households. What happens if child support payments aren’t paid, and how can you avoid owing back child support? Learn more here.
The law expects all parents to provide financial support to their children. When parents don’t live together, a child support order can ensure a noncustodial parent provides support. Find out more about your legal rights and responsibilities when it comes to child support.
Not every parent has the means to help cover the cost of their child’s education. But for those who do, it’s never too early — or too late — to start. Investing in a 529 college savings plan is one of the most efficient ways to save for your kid’s college costs. Learn more about 529 plans here.
There are several ways to save for education. People often think of 529 plans when it comes to saving for college, but you can also use UTMA and UGMA accounts. Each account has different benefits and drawbacks. Before choosing, learn more about how these accounts work and what features they offer.
Most of us know having kids comes with extra costs, such as clothing, food, and possibly college tuition. But kids require more than just food and clothes. There are hidden costs of raising a child many parents-to-be overlook. Here are some common expenses you should be sure to take into account.