Teen money basics

1. Encourage your teens to earn money with a part-time job or baby sitting, pet sitting or tutoring.

2. Resist the impulse to "rescue" if your teen runs out of cash. Don't give extra money or an advance.

3. When shopping, suggest they compare prices at three stores when using their own money. If it's your money, insist on it.

4. Let your teen open a checking account and learn to balance the checkbook -- either online or paper.

5. If they use a credit card, have them set aside enough to cover the monthly bill. When it arrives, review it together to see the cost of finance charges if not paid on time.

6. Talk about money: It's OK to discuss things like your IRA or retirement investments. Even paying bills and figuring out what to save for can be a family affair.

7. Encourage your kids to donate money -- and their time -- to a charity or cause they choose.

8. Be a role model. If you're not paying bills on time or charging everything on credit cards, your kids likely won't be better savers either.

Sources: www.tipsforlife.net; www.debtadvice.org

(Distributed by Scripps Howard News Service, www.scrippsnews.com.)