One of the ways to build wealth is to be aware of, and savvy with, your taxes. Your money needs to be growing for you and it needs to be in accounts that match your objectives, tax bracket and life choices. Obviously, your tax preparer can best answer your personal tax questions, but in the meantime, here are three delish types of accounts worth taking a peek into.

Health Savings Account (HSA) is highly underutilized as a money-growth tool.

  • How it saves you now: The money you contribute to your HSA is tax deductible. The maximum contributions for 2025 are $4,300 or $8,550 for a family. Those funds are there for medical needs. Contact lenses, dentist, acupuncture, breast pump… you can even get a debit card to keep it simple.
  • How it grows: Tax free. HSAs can be invested so they grow for you year over year. The interest, dividends and gains from investments grow tax free. Boss, right?
  • How it saves you in the future: When used to pay for qualifying medical expenses, it’s withdrawn tax free. You can’t deny that you’re going to need some medical support in the future. Sample of unique medical expenses as defined by the IRS: a service dog and their food, hand sanitizer to prevent COVID, pregnancy test, transportation primarily for (and essential to) medical care.
  • Fancy notes: You qualify to open and contribute to a HSA if you have high-deductible health insurance as defined by your state. The amount you contribute rolls into the next year. You can think of this as a burly retirement account you have access to at any time between now and retirement, if used for medical expenses.

Custodial Roth IRA — did you know you can open a Roth for an infant?

  • How it saves you now: As long as your kid earns income (babysitting, lemonade stand) that income (up to the annual contribution limit) can be contributed into a Roth for that kiddo. Roths are taxed up front and not taxed when the money comes out (so long as it’s qualified). So the very cool part about contributing to a Roth for your kid is it’s based on their tax bracket, not yours. Your local pediatrician takes a photo of your baby for a brochure and pays your baby — you put that money into a Roth and it will be taxed at their rate. We’ll assume the rate will likely be very low indeed.
  • How it saves you in the future: Any money saved for your kids now is money for you in the future. Hypothetically, if you contribute $2,500 to your child’s Roth when they are 4 years old and never contribute another penny, assuming a growth rate of roughly 7%, that money could be worth around $114,875 when they reach retirement age (59.5 years old). Boom, baby.
  • Fancy Notes: Roths aren’t just for retirement. Money can be withdrawn for qualified purposes before retirement age as long as the account has been open at least five years. Some examples: $10,000 for a first-time home purchase, $5,000 for childbirth or adoption, any amount if used for higher education.

Solo 401(k) — do you have a side hustle? Check out this tasty morsel.

  • How it saves you now: Solo 401(k)s are neat because you can opt to contribute pre-tax or post-tax. If you contribute pre-tax, you’re reducing your taxable income in the contribution year. If you contribute post-tax, you don’t pay taxes on qualified withdrawals in the future. The contribution limits are massive because you get to contribute as both the employee and the employer: up to $70,000 total for 2025.
  • How it saves you in the future: Retirement, baby! If you choose to contribute post-tax, you aren’t dealing with taxes on qualified withdrawals.
  • Fancy notes: This account only works for solopreneurs, i.e., you are the owner and only employee of the business. You can take out loans against this account. In 2025, it’s the lesser of 50% of the balance or $50,000. If you’re over 50 years old, you can make “catch-up contributions” to this account, allowing an additional $7,500 of contributions in 2025.

Taxes and personal finance don’t have to be stuffy and boring. They liberate you and yours. Set up some boss accounts, contribute regularly, and go surfing in Tahiti, snag a $500 gold chocolate box from DeLafée, say yes to the $600 hot air balloon ride over the Serengeti or just bask in your own fabulous choices. Go get ‘em, tiger!

Megan Janssen is a certified financial educator and founder of Money Juice. To learn more about the upcoming community money conversation series, visit www.money-juice.com