A: There are four practical financial literacy themes that all teens need to have a solid understanding of -- how to budget, the importance of saving, shopping strategies to maximize dollars and the responsible use of credit.

It's also very important to help your teens understand that money is something you earn and is not something you are entitled to.

Teenagers learn financial skills by gradually taking on more and more responsibility. This involves giving them a limited amount of control over decision-making. The most important part of teaching teens about money is that you absolutely cannot bail them out if they overspend.

Oftentimes, teenagers have no concept of household expenses -- mortgage, utility payments, food costs, clothing, etc. To start your teens' education into the world of money, spending, saving and credit, sit down with them and show them how much your household expenses are and compare that to your income. If they don't have a grasp on how much car insurance can be, share with them the annual premium. Go through apartment listings so they can see what the going rate for rent is. This will help give them a new appreciation of how much they would need to earn in order to live on their own.

Provide your teens with as many opportunities as possible to help them be better money managers. Here are some things you and your children can do to help them learn important life skills:

Open a checking and savings account in their names. Teach them how to balance their checkbook and make sure they balance their checkbook every month. If they bounce a check, tell them they are responsible for the bounced check fee.

Depending on their school schedule and amount of homework, encourage your children to get a part-time job. This is probably the best way to bring home the message about earning money.

Instill the importance of saving money by having your children deposit a set percentage of birthday/holiday money and part-time wages into their savings account.

If you give your children an allowance, make sure they understand that once it's spent there will be no more money until the next allowance day.

Use credit card solicitations to teach your children about the cost of credit, minimum payments, APR, fees and penalties.

Educate your children about the importance of establishing good credit and the ramifications of negative credit. Too often, young adults perceive credit as "free money" and find themselves in debt very quickly.

Explain that their credit reputation may affect where they'll be able to live, where they'll be able to work and the cost of future credit.

Keep in mind, you are your children's first -- and best -- teacher. You may not even realize that you have already taught your children about money just by your example of how you handle money and credit/debt obligations.

Before you teach your children, you may want to examine you own money habits and attitudes. If you don't teach them about money management and the wise use of credit, others will influence them (peer pressure and advertisers).

Then they may come to think that money really does grow on trees.