Teenagers and Money - Teach Financial Responsibility

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This is the last of a series of eight posts I have been writing on teens and money. With all the lessons that teens and young adults must learn, it really all comes down to being responsible. Just as we try to teach them, as they get older, to be responsible when they drive, drink or have sex, they need to become financially responsible also.

American Express has two excellent websites for college students and young adults to learn financial responsibility:

1. Junior Achievement/American Express Personal Finance Center - I've mentioned this site in a few of my other teens and money posts. It can be accessed from the American Express PASS website. One very important area covered there that we never discussed is credit, credit cards and interest. This is an area that can be the downfall of many young adults and it is urgent that they understand.

2. Currency - A new website from American Express to help young adults and families with big decisions, planning & savings, and spending. The website consists or blogs, lessons and coursework. Some topics currently on the site are:

• Managing student loans
• Currency 101: What is Planning & Savings
• Buying your first car, without the headaches
• 4 tips for going back to grad school
• Secrets of extreme savers

In August, I signed up my son (a college student with spending issues) for the American Express PASS card so that I could evaluate it while writing this series of posts for American Express. It has been working out wonderfully. Both of us can monitor every transaction he makes online and can easily check his balance. I get email alerts when his balance gets low. He can use the PASS card as both a credit and debit card, so I only have one place to keep track of. And there is an ATM limit of $200 per week.

The best part of the PASS program is that it helped my son and I discuss his spending issues. As we went through the PASS website, we looked at the Money 101 page and talked about many of the issues I wrote about in the teenagers and money series of posts. He hasn't changed overnight, but at least we understand each other now and things are getting much better.

For more information or to sign your teenager or young adult up for the PASS card, go to the American Express/PASS website. To read the other seven posts in this series, click Money on the Labels widget in the middle sidebar.

Full disclosure: I am working with American Express on this series of blog posts about the PASS card and I am being paid for my writing. However, my son is using the card and everything I write about our experiences is authentic and my thoughts on the program are real.

See also: Is Your Teen Ready For a Credit Card?