For example, their fall clothing budget might include shoes, but no backpack or a jacket. Exposing your children to your planning process can help them start building one of their own.

"Further, give your child the option to save any unused portion of the budget to see if you can jump-start a desire to save money in your child," says Kay.

Additionally, Ulzheimer recommends adding your teen as an authorized user on your credit card (instead of co-signing for their own account) to help them learn responsible credit habits.

"It's like a credit card with training wheels," says Ulzheimer. "If they make mistakes using a credit card on your account, you will catch it before any serious debt racks up and correct the behavior immediately."

Ulzheimer says this can help you stay engaged in the learning process, help build credit in their name and monitor progress as they mature.

The blessing of mistakes

Whatever happens, don't give up on your teen. When teens make money mistakes with their checking account or credit cards, they may learn important lessons from the consequences, such as the dangers of bank fees or returned items.

While teens will ultimately measure their progress in dollars and cents, the peace that comes from knowing you helped improve their financial habits may be priceless.