Reports show that the best time to teach kids about the importance of smart money management is when they start driving. Contrary to popular belief, over three quarters of teens actually contribute to the cost of their driving privileges. Almost half of these young drivers handle the payment of their own fuel expenses. As these regular costs become more evident to them as growing young adults, teen drivers will need adequate fiscal guidance from their parents.
Parents and teens reach a consensus on the idea that gaining a drivers license is an opportunity for the teen to become more responsible. Unfortunately, the parents are still the only ones with any idea about budgeting or finances. This means that parents must start from square one with their teens. Maintaining open lines of communication is always important when dealing with teens. Rules and restrictions must be laid out so that parents and their teens can reach common ground. It is important for parents to encourage teen drivers to practice prudent budgeting habits and strive for a strong financial foundation.
Source: http://findarticles.com/p/articles/mi_m0EIN/is_2008_Feb_12/ai_n24258228?tag=content;col1
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