9 Ways to Help Kids Build Financial Success

Earn, invest, and save toward a strong financial future.

Published September 29, 2026

Don’t wait until your child lands their first job to start building their financial future. There are plenty of ways to help kids earn, save, and invest money while still young.

Just as important, getting an early start gives kids a chance to learn how money works and develop smart financial habits that can serve them for a lifetime.

Here are nine ways to help kids build a solid financial foundation.

Pay Kids for Chores

Help kids learn the value of a dollar without even leaving the house. Paying kids for chores, such as washing dishes, vacuuming the floors, and taking out the trash, can help them learn the relationship between work and pay while motivating them toward goals, such as that new LEGO set.

Encourage Early Entrepreneurship

There are plenty of ways for kids to earn money outside of the house too. Go back to the basics and tap into your community for kid-friendly jobs such as babysitting, dog walking, and yard work. Ask friends and neighbors for recommendations. This type of work is also a good excuse to enroll your child in emergency first-response and safety courses.

529 College Savings Plans

This tax-advantaged investment account can help families save for future educational expenses. The money can be used for a variety of qualified expenses, including college tuition and certain apprenticeship costs. Anyone, including parents, grandparents, and other family members, can open this type of account. In 2026, you can contribute up to $19,000 per year ($38,000 for married couples) per student without triggering federal gift taxes. Learn more about starting a college fund.

Whole Life Insurance

Whole life insurance typically includes a cash value component that grows over time while providing a guaranteed death benefit. As you pay premiums, the policy’s cash value can grow over time. Eventually, it can be withdrawn or borrowed against, depending on the policy’s terms. Learn more about life insurance for every era.

UTMA Custodial Accounts

A Uniform Transfers to Minors Act (UTMA) account allows you to give money and other assets to your child without establishing a formal trust. An adult custodian manages and invests the assets until the child reaches a certain age, at which point control transfers to the child. In Texas, that age is 21. Keep in mind: These assets belong to the child and may affect financial aid eligibility.

Individual Retirement Accounts

Give your kid the gift of decades of tax-advantaged compound earnings by opening either a traditional or Roth IRA on their behalf. Your child must have earned income from a W-2 part-time job or other logged work to qualify to contribute to an IRA, making this a great place to park that babysitting money.

Savings Accounts

Banks and credit unions across the state offer kid-centric savings accounts that are designed for young people under age 18. At some institutions, it takes as little as $5 to open an account with no monthly fee. Kids can see their savings grow over time, and it helps them learn good savings habits early.

Trusts

Through a trust, you can set aside money and other assets for your children while establishing rules for how and when they receive them. An appointed trustee will manage the assets based on your instructions. Trusts can be complex, so consider hiring an estate-planning attorney to walk you through the process.

Trump Accounts

Launched in July 2026, these investment accounts are intended for kids under 18. Family members can contribute up to $5,000 per year. Children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028, are eligible for a one-time $1,000 federal grant. When your child turns 18, the account converts into a traditional IRA.

Now that you’ve got your kids’ financial future set, get them ready for the dentist.