When your kids were little, you frequently heard requests such as “Will you read me a story?” or “Can we go for a bike ride?” Now that your offspring have morphed into teenagers, their pleadings often involve asking for money—your money. How can you tame their cash demands and avoid the money wrangles, while also teaching your teens financial responsibility? Here are a few ideas:

• Make the most of “teachable moments”—Look for opportunities in your day-to-day interactions with your teen when you can slip in a money “lesson.” For instance, if you’re out shopping together, you can talk about your own shopping choices or why you’re delaying a purchase.

• Provide hands-on experience—These types of experiences have more impact for teens than just listening to you talk. For instance, have your teenager make the grocery list for the week. At the market, he’ll see for himself how big a chunk of the family budget goes toward groceries.

• Model money monitoring—Sit down with your teen to go over her or his list of expenditures for the week. Discuss the following: Were these wants (things that just made you feel good) or needs (things like a new jacket to replace the one that no longer fits)? How could you have spent your money differently?

• Introduce plastic, perhaps—You’ll need to decide if your teen is mature enough to manage a debit card. You could give your teen a Velocity Community Credit Union VISA Debit Card or Secured VISA Credit Card to start building credit. Again, go over transactions together.

• Talk about the future—What will come after high school? If it’s college, what portion of expenses will the teen have to cover? Older teens also begin to think about career choices. This is a good time to talk with them about saving for retirement. It’s never too early to have that conversation.

Let us help at Velocity Community Credit Union. We can help teach your teens financial responsibility with a Claim Your Youth Account. Getting teens established with these tools can help them learn to manage money now—while the stakes are small—so they don’t get into financial trouble later. Contact us today at (561) 775-2525 or visit our website VelocityCommunity.org.