My grandmother was a young bride during the Great Depression, and some of the frugality she practiced during that time never left her. When I was young, I routinely saw her washing aluminum foil and plastic bags for reuse.
She and my grandfather lived in a trailer park during retirement to minimize their monthly expenses, and when my grandpa died at 88 and later my grandma at 90, they still had a enough money left to give a small inheritance to their nine children.
That type of sacrifice and money management is seen less often nowadays.
In fact, we routinely hear about college students who graduate with thousands of dollars in both student loan and credit card debt and struggle to find a job and pay their bills.
Yet, as a parent, there are three important things you can do for your teen to put them on the financial track that will lead to a life of prosperity.