Building credit now will be so valuable to them as they set out on their own. Something as simple as paying their credit card in full every month and not carrying a balance from month to month will set them up for a very positive credit score. If they choose to buy a car, even one that is very cheap, have them take out a loan, that you will cosign on. Making their monthly payments on time rather than having it show as your credit will make it possible for them to get not only a car loan in the future but also a home mortgage at a competitive rate.
Teach them how to set up a monthly budget. They will not, at first, have much in that budget, but, simple things like eating out for lunch in high school or a monthly amount to spend on clothing, shoes, whatever they like to shop for. Insist that they stick to their budget, and to plan in advance for larger expenses, like holiday and special event purchases. It even helps to have them set an amount for how much they will spend on presents during the holidays for each person on their list. Kids tend to just see something they want to buy for someone rather than looking for something in a specific price range. If they know how much they have overall to spend, and how many people they are planning to buy for, they will make better choices than if they just took a wad of cash and went shopping with no real plan. They'll be happier with their choices, too.
I'm a mother of eleven children, wife of 32 years, Latter Day Saint, and 911 Dispatcher and a budding homesteader. Come along with me as I journey toward self sufficiency, one baby step at a time.
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