When should I try to teach my teens about money?
A great example of a teachable moment for teens is their cell phone. Involve your teens in choosing the most appropriate cell phone package for their planned use. Have them consider how they’re going to use the phone -- for texting, for minutes -- and then once they decide what’s appropriate, make them accountable and responsible for any overages because those kinds of extras cost money and they need to understand that.
Robin Taub is a Chartered Accountant, and author of the book “A Parent’s Guide to Raising Money-Smart Kids”.