Some parents suggest that by the time teens finish high school they should earn money to pay for all personal expenses such as clothing, entertainment and snacks. Teens who will go away to college may use a credit card and a checking account to pay college expenses. Credit is an important financial tool. They can learn how to handle credit responsibly if they are taught the advantages and disadvantages, the kinds and the costs of credit. Refer to the mini-lesson, Students and Credit Cards, which focuses on responsible credit card use.
Some companies offer junior shareholder programs or waive fees for small accounts.
Younger children may need guidance on how to manage money gifts. Children over the age of 12 should be allowed to decide how to spend small money gifts. For larger gifts, parents could help them consider investments for longer-term goals such as a college education. The child should make the decision as to how the gift money is used. Parents can help children see how money helps them meet their needs, wants and goals.