Setting Up Kid profiles on my MacBook, restricting access to files in iCloud, Etc

Hi,

My kid turns 10 here shortly. She’s currently using my old MacBook under my user name. But I’d like to set up a system where she has her own password and user name. We want to be able to put her on our shared storage plan but without giving her (and her friends) access to sensitive medical stuff and other records. But we also want to be able to put limits on what she buys, how much time she spends online, be able to keep an eye out for questionable apps, Etc.

In short, we want to be able to see what’s she’s doing, give her a separate workspace, etc. without giving her reciprocal access to everything else that is on iCloud. Can someone help us in generating a list of steps to take?