It's essential to get your teen on track with finances before they're left to do it on their own in the real world. Here is a list of action items from Josh Elledge at SavingsAngel.com.
Maintaining an expenses bank account, understanding fees, and knowing your accurate balance.
Most young people don’t carry cash anymore, making it too easy to swipe a card and not keep track of the balance. Teach them how to use a handwritten check register or online banking apps for tracking expenses and maintaining a balance.
Growing a savings account for emergencies.
Choose a regular bank savings account or other account they can regularly add to. They will thank you when they have the money for an unplanned expense.
Paying bills fully and on time.
Teach them to plan ahead and know when every expense is due. This is a good habit for later in life.
Choosing and carrying insurance.
Even if your student is covered by your insurance, it’s important they know how insurance works, what they need, and how to choose a plan.
Getting the right student loans
With the cost of higher education increasing every year, the right loan is critical. I recommend Credible.com. They help simplify the process, answer all your questions, and get you options to choose the perfect fit your student’s needs.
Handling credit cards and offers.
Teach them to ignore credit card offers and only spend what they make. If they need to establish credit, look into secured credit cards with low credit limits (like $500) and are self-funded. They work to build a credit score without the risk of normal cards.