When our son was 10 years old we opened a savings account for him. Every week, we give him half and deposit the other half of his allowance. He's managed to save up a nice chunk of change.
For other financial tips, I've posted Jeanette Joy Fisher's article, 'How to Help Your Teen Prepare For A Strong Financial Future'from LadyPens.com. Remember to start a checking account as soon as possible. Most banks and credit unions will not allow them to have a checking account till they are 18 years old.
Remember that teaching them good financial tips early on will pay off when they're adults. Jeanette's 21 year old son has recently purchased his first home!
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