Should I open a savings account for my baby, and how do I start planning for education costs?
It's never too early to start saving. Options include a 529 college savings plan (tax-advantaged for education expenses), a custodial savings account (UGMA/UTMA), or a regular savings account in your name earmarked for the child. Even small monthly contributions grow significantly over 18 years thanks to compound interest. You don't need a financial advisor to start — most 529 plans can be opened online with as little as $25. Ask family members to contribute to savings instead of buying toys for birthdays and holidays. Discuss your family's financial planning with a trusted advisor.
This information is general guidance and does not replace professional medical advice. Always consult your pediatrician for medical concerns.