Parenting Tips To Help Your Teens Manage Their Money

STUDIO CITY (CBS) — Parenting expert Stacy DeBroff stopped by KCAL9 Wednesday to offer tips to help parents ensure their teens manage money and spend responsibly before heading back to school.

Stacy's Top Tips:

• Understand that no means no. It happens to parents, too – paying for a killer outfit or electronic gadget with a credit or charge card, only to feel the delayed sticker shock at month's end. Before your college student arrives on campus, talk about the types of spending temptations they may experience and should avoid while at school.

• Be monogamous and use protection. Remind them that like with their updates to social media accounts, repercussions can rest behind every click when making online purchases. Encourage them to use online shopping protection in the form of a credit or charge card – rather than a debit card – since cards can come with protections again fraudulent charges, merchant disputes, and can help if something purchased is damaged or stolen.

• Understanding spending personalities and when it's more than a fling. Get to know your teen's spending and savings tendencies, and use this insight to help them develop a customized smart spending plan that can carry them through college and beyond.

Stacy DeBroff is a nationally-acclaimed parenting expert, best-selling author, and founder of Mom Central – an online resource with over 700 mommy bloggers dedicated to providing busy Moms with smart household and parenting solutions.