Communicate as early and as often as possible that your money is not their money. Your obligation to your kids is to provide adequate food, clothing and shelter—not necessarily the best money can buy—and to see to their education and character/moral development while they are minors. Going much further than that will not only make teaching kids about money more difficult, but could hurt, not help them, in the long run. Remember, your primary job as a parent is to transform your dependent minors into financially responsible, self-supporting adults. You won’t do that if you insist on providing for their every whim.
How To Have “The Talk” With Your Teen
They're back in school. But, when it comes to raising money-smart kids, it's up to us to initiate the conversation