Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
Source: LumiNola / Getty
They can use the interest to pay bills
Should you go with the plan we just discussed—which I, personally, did—your child can use the interest her principal is earning to cover bills. I know that helped me quite a bit when I’d just graduated college and was facing funding my whole life for the first time. I was earning interest of about $350 a month from my custodial account, using that to pay for my car and phone bill, and not touching the principal.
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