Mary Ann Jacobs, Esq.If you have a teenager that has a part-time job, the best thing you can do for him/her is to open a Roth IRA for them.  This is a great way for your child to get a head start in saving for the future.  Monies put into this account grow tax-free and contributions can be withdrawn tax-free at any time.  The only prerequisite for this type of account is that your child has earned income from a job. Contributions are not deductible.