I have recently turned 21, and the UTMA account that held my college fund is being turned over to me. I have no serious experience with personal finance or investing, and I just don't know what to do with the remaining money.

I suspect that money from my UTMA account is no different from any other kind of money, but I thought it would be a good idea to find out if I should do anything different with it. It's important that it isn't tied up too heavily, as I still have one year of college to pay for.

So, what should a college student do with money from an UTMA that now belongs to him or her?


I'd first put it in CDs or other short term account. Get through school first, then see where you land.

If you have income that allows you to start a Roth IRA, I'd go for that, but keep it safe in case you actually need it back soon. After school, if you don't land a decent job fast, this money might be needed to live on. How long will it last if you take a few months to find work?

If you do find a good job, moving, and setting up an apartment has a cost. Once you're there, I'd refer you to the many "getting started" Q&As on this site.

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