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This article discusses different options for parents to help their children manage and save money. One option is to open a bank account, either a savings account or a checking account, which can teach children about financial responsibility and provide a safe place for their money. The article suggests looking for accounts with low minimum balance requirements and no monthly fees. Another option is to use a prepaid debit card, which can provide a hard limit on spending and offer interactive features for families. However, prepaid cards often come with fees. Lastly, the article mentions the possibility of opening a custodial Roth IRA for children who have earned income, which can introduce them to investing for retirement. Contributions to a Roth IRA are made with post-tax income, but the investments grow tax-free and withdrawals during retirement are also tax-free. [Extracted from the article]