Parents have millions of struggles with their newly teen children everyday. Remembering homework, waking up on time, and yes, taking a shower are among the few normal little problems that I experience with my 13 year old.

Then there’s money. He needs money for this item or to purchase snacks when he is out skate boarding, but where is the money he had?

Budgeting money and tracking expenses sometimes are overwhelming tasks for adults, I can imagine what goes through my son’s mind when we are talking on the subject, or lack of what is going through his mind. He’s not tracking his money at all! He gets it, he spends it. No amount of talk on my side helps him to see that what you save now will be you reward later.

I am using the sliding economy, the loss of jobs nationally, and our own daily struggle as a tool for him to understand why planning smart and spending wisely are important now for a better tomorrow. As I look back on my own struggles as a young adult and when I began my family, I wish someone had helped me with money. Explained to me the resources that I had, what tools I could use to budget and track. I look back at my own money struggles and realize I was lost.

Why I am bringing up this topic now is a post I read on the Parenting Teens channel on About.com regarding the parent-child money tracking issue, or lack there of, and what is an alternative solution to helping parents keep a closer eye on their teens money. The alternate to cash in hand: debit cards.

Several points are valid within the post as to why a debit card is a good tracking option:

• No cash lost
• Account is viewable online
• Co-ownership (parent-teen)

My thoughts of added benefits are that a teen will:

• Learn responsibility
• Learn budgeting

The idea is strong and it a great opportunity for parent and teen to work together in teaching about money and finances. Of course there are concerns with allowing this type of access to money, but those same concerns are following loose cash that is floating around in your teens pockets: loss, stolen, lack of responsibility. With all things come pros and cons.

I am planning on taking the plunge and starting a fresh financial start with my son and his allowance by taking him to open up his first checking account - joint with mom of course. With this new opportunity, I see a few road bumps, but that is OK. This is new and a transition is to be expected. The benefit he will receive from this will be great!

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