Almost out of the house but not just yet, is a very critical phase.
When the time comes you want your teen ready to take that big step and you definitely want them to be well prepared.
Earning a living By now your teenager should be comfortable with the concept of earning and has likely experienced an odd job or two.
If your teen has never worked for a paycheck, now is the time to give your child more freedom.
He or she should not just earn from special chores at home or at the neighbors, but your teen can start working a part-time job as well.
This will help them appreciate what it means to earn a living and introduce them to the concept of taxes.
Note: Your child's grades in school, responsibilities at home and respectful behavior far outweigh them getting a part time job.
Be card wary Times have changed a lot.
What used to be seen as a sign that you have "made it", that you are "credit-worthy", is now blindly distributed in the mail.
With the onslaught of buy now-pay later offers, your adult child may have a very difficult time saying no.
So it's important to help your teen understand how credit works.
You can start them out with a debit card so they get practice while you are still able to monitor and intervene.
But when they get into trouble, and they will, let them experience the lesson.
Teach them to account for every penny It is very wise to keep purchase receipts, and teaching your teen to do the same will present lots of other learning opportunities.
Keeping good records will not only tell them days or weeks later where their money went but it will also show them how much money they spend and waste.
Help your child create a process for storing the receipts and a schedule for reviewing their bank account.
Plan purchases Teach your teen to plan purchases so they learn not to be an impulsive buyer.
Encourage them to think for a day or two before buying non-essential items.
Assure them they can always come back to purchase the merchandise if they still want it after the waiting period.
The teen years is also a good time to show your child how buying in bulk can save them 20-30% when compared with buying one piece at a time.
Budget price Help your teen learn how much things cost and how to budget their money by making them responsible for purchasing their own clothes and hygiene necessities.
This challenge will make them appreciate how much things cost and encourage them to take better care of their belongings.
It will also teach your teen to be resourceful and responsible.