-8. Set up a Bank Account for Your Child
This may not seem like a big deal right now, but it is a great way to teach banking to your child. Things like building a credit history, understanding finances, will come more easily to your child. Instead of giving your child cash as ‘pocket money’, you can deposit it in their bank account. That way, they can learn to budget their expenses, save, and plan where and how they spend their money. You too can keep a track of how much money you spend on your child this way, in order to better manage the finances of the house.