American ExpressTalking with teens about safe spending is challenging if you have not worked with them from an early age on budgeting, saving and managing money. This is the general word from most financial experts.

What is amazing is how little attention is given to financial education for kids in junior high and high school considering the general epidemic of poor financial management in the US. Record credit card debt continues to rise as buy now, pay later has become increasingly common place in our culture.

Our teen has a debit card but having a teen with a credit card has pros and cons. Doing so for the purpose of helping build a credit rating is certainly a benefit. However, teens typically cannot get credit cards on their own without steady work, so they rely on parents to co-sign on cards. This can be a risky proposition unless the parent holds the card.

We are working hard to help instill good financial awareness with our children. We give our younger kids banks that allow them to place allowance in spend, save and donate slots. It is important to our kids that they understand the importance of putting aside a little money with discipline, learn to give back through tithing and charity, and make sure purchases are made wisely and not emotionally.

We believe that kids should get allowance that is generally tied to age appropriate household responsibilities. This is an area of some controversy among experts. Some believe allowance should be given separate from any responsibilities so kids learn to manage money. However, our thinking is in line with other child psychologists who believe that treating allowance this way can contribute to entitlement.

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“I wrote this review while participating in a campaign by Mom Central Consulting on behalf of American Express and received a promotional item to thank me for taking the time to participate.”

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