I have an adult friend who is often asking for advice about keeping a budget. He stated that half the reason why he wanted a mate was for help with his finances. My response was that he didn't want a mate; he wanted a mother.
Over the next few days, I pondered how I was going to teach my teenagers about money and budgets. It also helped that my bank was offering high school checking accounts for no fee, no minimum balance, with a bonus $50 if the account was used to make 5 monthly debit card uses or had automatic deposits. I'm part Scottish, so $50 is $50 and we went down to the bank to open both a checking account (which he funded) and a savings account (which I funded). He will get a text message if his balance drops below $50 and his savings will act as his overdraft protection. Once he gets his ATM card, I need to get him to make some purchases for me, which I will then reimburse him for.
Next we get to learn how to balance the account with the monthly statement. I want my sons to be ready when they live away from home. I also want them to be good mates without depending on their partners for basic life skills.