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    I Just Had My First Baby So I Asked An Expert How To Save For Her Future

    This is some next-level adulting.

    I just had my first baby (!!), and in addition to keeping another human alive, it turns out I also need to consider her financial future.

    I have to figure out what to do with that $40 her great-aunt gifted her and how (if ever) I'm going to help pay for college someday.

    To help me navigate this new world, I interviewed Trina Patel, a fellow new mom and financial advice expert at Albert.

    For starters, she says new parents should open an account for short-term, child-related expenses.

    But, you'll also need to think about long-term costs (e.g., COLLEGE 😬).

    There are a few ways to put aside money for your kid's education — most notably, the 529.

    If a 529 seems too restrictive, Patel recommends checking out a custodial account or a Roth IRA.

    A college fund is great, but you should only start one if you're in a good place financially.

    If you're ready to set up a long-term, kid-focused savings account or college fund, ask yourself these questions.

    When your kid gets a little older, be transparent about the cost of college and how much you can afford to help them.

    This conversation should build on a series of money-focused conversations you have with your kid.

    Once your child is old enough, help them set up a bank account.

    If people gift your kid money when they're still little, put it aside so they can put it in their first savings account — or put it in an investment account so they can learn how investing works.

    Disclaimer: this content is for informational purposes only and should not be considered specific investment, tax or legal advice for your situation. 


    Hey parents, have any more kid and money tips to share with us newbies?

    And for more stories about life and money, check out the rest of our personal finance posts