I'm a retired banker......I can only tell you what I have done...I will say my children are good at earning, as well as saving $$$$...

I don't know the ages of your children....But when old enough to sign their name, they should have a bank account with your name on it also....Earned monies should be deposited...They should be aware of what they have and the growth....Around 15 - 16, I made sure they had checking accounts(also, with my name on in)... ..Along with an ATM card...I wanted them to learn how to keep track and balance....Also, pay their own when necessary......

Good Luck....................