There is a hard way and an easy way for your teen to learn about money. The hard way involves slapping a debit card into their hands on freshmen orientation day. Welcome to adulthood, kid. No pressure and no supervision. This schooling by way of hard knocks can be effective, but it’s often messy and can involve a parental rescue or two.

An easier way is to look at money management as a key life skill and teach it like you would cooking or laundry. There are lessons to be learned about things like bank accounts, credit card interest, credit scores and deferred gratification before adulthood.