If you have been awarded child support payments by the court, you might not be sure what they can be used for in Ohio. There are plenty of uses for child support payments, but one of the most important is investing in your child’s future. This can be done by creating a 529 account for college and much more. It’s wise to take a look at other ways you can use child support to invest in your child’s future.
As mentioned, you can open a 529 account for your child if you receive child support. If you already have one of these accounts set up, you can begin depositing monthly child support payments into them. You could also choose to deposit a portion of the monthly payments you receive. Either way, you are putting money away for your child to use when it’s time for them to attend college.
If your child is already of school age, you can use the child support payments to pay for private school tuition. Are they going to public school? You can use the payments to purchase books, supplies and other items needed. The money can also be used to pay for sports fees, transportation fees, school trips and other events.
Child support payments are good for ensuring your child has proper care while you are at work if they are not of school age. You can use the payments to place the child in a daycare or to have a babysitter watch them in your home.
Child support does not have to be earmarked for specific uses. You are allowed to use it to buy food, clothing, pay the rent, transportation and more for your child. It’s important to secure your child’s future when you have these payments arriving every month.