Receiving child support payments from the other parent of your children can help you raise them properly in California. When you receive these payments, it's imperative that you use them properly. If you don't, you could find yourself without the right amount of money to provide for your children. Make sure you set aside child support payments for education.
One of the first things you can do is open a savings account and earmark it for educational use. Each month when you receive a child support payment, you can deposit some of it in this account. By saving a little bit of the payment each month, you will be able to build the account for later use.
Investing in your child's future is important, especially when you are receiving these payments from the other parent, which will not last forever. Child support payments typically end when the child either graduates high school or reaches the age of adulthood. Adulthood can be 18 or 19 depending on the circumstances.
Another way to put child support money aside for education is to open a 529 savings account for your child. This is an account that allows parents and guardians to deposit money that is earmarked for a college education. These plans are usually sponsored by individual states and are named as such because they were formed by Section 529 of the Internal Revenue Code.
Child support payments in California do not technically have to be earmarked for anything in particular. Despite this, it's important to make sure you have enough money set aside for the educational future of your children.