This is why, when you go shopping with young children, they can’t understand why you might refuse to buy a toy or other fun item that catches their eye. “Hey, Mom, it’s only $10!” They see a flat screen TV with a $600 price tag, so $10 sounds like a minuscule sum. One way to teach your child about money is with that child’s bank account, opened with their name and you as the trustee. This means you must approve their purchases and keep track of statements. When you open a child’s bank account, they see their name printed on the account, along with yours. This strategy gives your child a sense of power and control over their own money, making it much more likely that they’ll see exactly how far their money goes.