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Our original idea was to do a Roth IRA, but we were unable to find a way to open an account with only $300.

If this comes up again, try your local credit union. Typically, they will open a Roth IRA with no or very low ($100) minimums, and it would be a place for the money to grow until you can add more. My kids had their first Roth at our credit union, and just left it there until it reached $1000 through additional deposits when they moved it to Vanguard, who still had a few funds that had that low limit.
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