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Are your children ready to take over their financial future?

5 ways you can help set your child up for success

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(iStock/soupstock)

Parents worry about their children no matter what age, but as they get older, those concerns should start to include making sure they're ready to take over their own finances.

There are a few ways to set your child up for success, according to a report from MarketWatch.com.

Start by helping them establish a credit history, which will really help in the long run.

Make your child an authorized user on your credit card so when the time comes, they can have a credit score that will help with purchasing a car or house. 

Set up an IRA or individual retirement account for them. You'll want to start this as soon as they start that first part-time job.

This way, they have saved even more when they start thinking about retirement. 

Encourage them to take college classes in high school. This will help with the cost of college tuition, especially if they are taking out student loans. 

If your child is able to finish one semester in high school, it could save about $7,200 on average. 

Take care of their car or health insurance premiums. Children can stay on a parent's plan until they're 26 years old. 

And there is no age limit for most car insurance policies, especially if your child still lives with you. 

And pay for the extras, but not the basics.

It's a good idea to stay away from paying for rent or cable bills, but maybe help pick up the check on practical purchases like textbooks or suits for a job interview.