Got teens? It won’t be long before they’re off on their own making financial decisions.

Erin O’Neil explains the importance of educating teens about money, and shares a few tips on how teens can learn about banking. Opening a checking account is a good first step that can help them get the hang of spending and saving.

Give them a nudge in the right direction — it’s easier for kids to avoid mistakes in the first place than to dig themselves out of a hole later, and it’s mostly up to parents to provide guidance on financial matters. Schools don’t do much for financial literacy, and teenagers are constantly tempted to spend on instant gratification.

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