Simple money tools for busy American families

Family finances — areas worth knowing about

Child Tax Credit is available to most US families with qualifying children under 17. The credit can be worth up to $2,000 per child and is partially refundable for lower-income families. Check current rules and limits at IRS.gov.

CHIP (Children's Health Insurance Program) provides low-cost health coverage for children in families that earn too much for Medicaid but cannot afford private insurance. Check eligibility at healthcare.gov.

Childcare costs are a major budget pressure for American families — averaging $1,000–2,500 per month depending on your location and the age of your child. The Child and Dependent Care Tax Credit can offset some of this. Check eligibility at IRS.gov. The Dependent Care FSA (if offered by your employer) lets you pay childcare with pre-tax dollars, reducing your taxable income.

529 college savings plans are state-sponsored tax-advantaged accounts for education expenses. Contributions grow tax-free when used for qualifying education costs. Many states offer a deduction or credit for contributions. Starting early — even small amounts — can make a meaningful difference over time.

Family budgeting is often more complex because costs are more variable. Building in a realistic household buffer — for co-pays, school supplies, extracurricular activities, summer camps and seasonal costs — makes a budget far more likely to hold up month to month.