And all of these are listed below, so refer them and implement them in your unit today.
These In-App transactions will cause the deduction of money from your bank accounts.
To prevent this you should Block the In-App Purchases.

You will be asked for the passcode next time you will have a go at do any In-App Purchases.
So for the safety of your equipment you should deactivate the installation and uninstall of the Apps.
Under the Restrictions menu from the prefs of your rig block the Safari.

To protect the data inside the mails you can set your account to Dont Allow Changes.
Hence the changes cannot be made to your mails also.
This will make it accessible for them to download the apps and games etc.

and all should be informed to you later on when you will open their account.
This hence helps you to monitor them what they are actually doing and also protect the unusual app purchases.
You should surely apply these things before you give your gadget to the kids.

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