Beware that when you’re first exposed to a new thing: a car, a college tour, house, etc. you will feel AMAZING and totally seduced by the shiny newness. Be cool. Remember that glitters is not gold. Things don’t need to be perfect and even if the house is it doesn’t mean life will be.
Start a yearly “review” right before school year. Raise allowance as appropriate. If they want more money, they’ll have to take on more responsibilities.
Start saving for retirement with your very first paycheck. Put away the MAX, you’ll never miss it. If the company doesn’t offer 401k then we’ll open a Roth IRA.
Check out from the library or Amazon: “My First Money Book: A Guide for Parents and Children to Saving, Spending, Sharing, and Investing Your Money” by Reggie Nelson
Set up automatic payments so they are initiated on your end, so that you send out money to the bill/ company you’re paying instead of giving them access to take money out of your account.
Start “home economics” school with them. Laundry, cleaning, cooking, how to change a diaper, comfort a baby, soothe a toddler, what's involved in caring for pets, budgeting for food, keeping track of maintenance schedules for humans, pets, cars and machines. Engage with guests, be a good host, etc. Know when and how to tell someone to GTFO of the house (racist or misogynistic speech, etc.) Every kid needs to learn the art and science of home management. Look for and point out examples in books and movies of good home science skills.
Change is scary. But scary doesn’t equal bad. I don’t know what it’s going to look like but I know you will figure it out. You’re going to be okay no matter what curveballs you’re faced with. Stay calm. Be kind and respectful to everyone and every thing, including (especially) yourself. xoxo