There is a host of new financial products to teach youths about managing their money before they’re even old enough to open their own credit lines. More banks are offering text alerts for your credit or debit card if your child is an authorized user. And now there are more options for giving kids autonomy over their own finances. As we’ve explored here before, these products are critically important if the next generation is to avoid repeating recent history’s mistakes.

Obopay offers a service that links your child to your bank account via a prepaid debit card. Essentially an allowance on plastic, the card allows users to withdraw money at ATMs, send money over the phone, or use it as a charge card (both in stores and online). For a $1.95 monthly fee, parents can control access, monitor spending, reload the cards remotely, and see how your children are budgeting their money.

Similarly, MasterCard’s Facecard works like a bank account on a card. Users can send money to other Facecard users — say, to reimburse a friend for buying your movie ticket — and receive as well (perhaps for mowing a neighbor’s lawn). It can be used for purchases wherever MasterCard is accepted. The fees are higher here: The card itself costs $5, and carries a $3 monthly usage fee for balances under $100. ATM withdrawals are an additional $1.50 a pop.

If your child is a gamer but you are (understandably) reluctant to hand over your credit card, BillMyParents.com is a way for you to exercise oversight as they pay to play. When a child enters his or her account number during checkout, parents receive an email to accept or deny the charge. It also works at affiliate shops on Amazon.com. The drawback: It might encourage kids to overspend, so make sure they discuss purchases with you first.