4) 13-15 years

The milestone for teenagers at this stage is to learn budgeting. It will be an added advantage if they know about credit and debit cards.

You should also advice them to keep an expenditure log. Kids must be taught to save more money than spend it but not become a miser either. Having a daily or weekly log to record one’s expenditures will make one aware of how much is being spent on what. You can also get them a debit card but take care of the fact that they use it only under your direction. Also make sure that they don’t spread their personal information over the internet.

5) 16-18 years

At this stage of life, it is very vital to know about some financial terms like investment avenues, loans, taxes and insurance; if they want to become financially sound in future. Saving money and spending it wisely from an early age will become a very good habit as an adult.

Instruct them about all investment options and support tehm to start investing a part of their allowances. But avoid giving them a credit card as they are too young to understand the vice and virtues of a credit card.

Also Read: Should Married Couples Merge their Bank Accounts?