In this electronic age, more parents are dropping traditional allowances in favor of prepaid cards, debit cards and credit cards. But teaching kids to handle cold hard cash is just as important as ever.
Putting a little fear of credit into teenagers is probably a good thing. But remember to point out the positive, too. You want them to be able to make wise decisions when the credit offers come rolling in.
Mixing your children's credit with yours may possibly help them build a history, but resist the temptation. College-age kids can obtain credit on their own without placing a parent's credit score in jeopardy.