SOLVED: Do I Need a College Savings Account for Each Child?
Saving for several kids at once doesn't have to be complicated.
You don't need a separate 529 account for each child, but it makes more sense than having a single account for multiple children.
With separate accounts, you can match your investments to each time frame, and there's no confusion about your intentions. If one child does not go to college, it's easy to switch beneficiaries.
If you don't want to worry about monitoring the investments for each account, use age-weighted funds that automatically become more conservative as each child's freshman year approaches. See Opening Multiple 529 Accounts to learn more.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Row 0 - Cell 0 | The ABCs of Saving for College |
Row 1 - Cell 0 | Find the Best 529 Plan for You |
Row 2 - Cell 0 | 529 Plan FAQs |
Go back to our main list for more problems solved
Go to our slide show for other helpful tips
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
You Don’t Want to Retire in Portugal: Here Are Three Tax Reasons Why
Retirement Taxes With the NHR benefit retiring and pension taxes increasing, you might rethink your retirement plans in Portugal.
By Kate Schubel Published
-
Home Depot's Winning Ways Fueled Its 100,000% Return
Home Depot's wide moat leaves little room for competition – and shareholders have profited as a result.
By Louis Navellier Published
-
How Intrafamily Loans Can Bridge the Education Funding Gap
To avoid triggering federal gift taxes, a family member can lend a student money for education at IRS-set interest rates. Here's what to keep in mind.
By Denise McClain, JD, CPA Published
-
How an Irrevocable Trust Could Pay for Education
An education trust can be set up for one person or multiple people, and the trust maker decides how the money should be used and at what age.
By Denise McClain, JD, CPA Published
-
UTMA: A Flexible Alternative for Education Expenses and More
This custodial account can be used to pay for anything once the beneficiary is considered an adult in their state. There are some considerations, though.
By Denise McClain, JD, CPA Published
-
Coverdell Education Savings Accounts: A Deep Dive
While there are some limitations on income and contributions, as well as other restrictions, a Coverdell can be a bit more flexible than a 529 plan.
By Denise McClain, JD, CPA Published
-
529 Plans: A Powerful Way to Tackle Rising Education Costs
Contributions to 529 plans grow tax-free and are not taxed when they are used to pay for qualified educational expenses for the beneficiary.
By Denise McClain, JD, CPA Published
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
By Jackie Stewart Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated