Start having real conversations about the connections between money and work. Explain that while certain jobs earn more than others, building these careers can cost a lot of both money and time. Discuss ways your child could realistically prepare for a career that interests them, including things like college or trade school (and how you’ll pay for them), internships and volunteer opportunities.

Open a custodial brokerage account that offers fractional shares, no trading fees and a low (or no) minimum balance. Pick a few companies your emerging teen admires (footwear, clothing or video-game brands, for example) and let them buy a few dollars’ worth of each. Track the stocks’ performance with them daily and explore the reasons why stocks gain or lose value.

It may be tempting to micromanage your child’s finances. But sometimes, feeling the consequences of a poor decision is the best way to make a lesson stick. If they make an impulse purchase that leaves them without enough left for something they want later, resist the urge to back down and help them out. Explain that everyone needs to think about the future when making money decisions.

At this age, kids are ready to start learning the ins and outs of personal money management. A kids’ debit card with parental controls is a great way to get started. That’s why we offer complimentary access to Greenlight with your Bank Smartly® Checking or other qualifying checking account.¹