The arrival of a newborn is a momentous occasion for parents that often prompts them to consider their child’s financial future. While it might seem far away, they realize large expenses may come as the child reaches adulthood, including college, a house and a wedding, to name a few. To help with these expenses, parents often consider a savings plan for their newborn that will grow and help with these future costs.
There are a few different ways a parent can go about saving for their child, each with pros and cons. A few of the options include 529 plans, UTMA accounts, brokerage accounts and savings accounts.
