Dear Dave,

My husband and I began your plan a few months ago.

We love the process of living on a budget, and how it has helped us gain control of our finances.

Our kids are 14 and 13 now. Do you think it’s a good idea to include teenagers in budget meetings and financial discussions?

— Paula

Dear Paula,

This is a great question! As long as you’re not in an extreme situation, like you’re looking at foreclosure or bankruptcy, or you’re on the opposite end of the spectrum sitting on a pile of wealth, I think it’s a wonderful idea.

Teaching kids about money with a standard, regular, monthly budget is one thing. But as a parent, you don’t want to put your kids into situations they are not emotionally equipped to handle.

As long as mum and dad are having a discussion and making decisions — not fighting — it’s good for kids to hear the give and take where handling money is concerned.

It’s important to teach your kids about living on a budget. Parents who never let their kids handle money, and never teach them proper money management techniques, run a high risk of turning financially irresponsible adults loose in the world. And that’s no good for anyone.

But walking through a typical, normal budget will show them how much money is coming in and how much things cost.

They’ll see on paper exactly how much groceries or the electric bill costs.

Then, when it’s right there in front of their eyes, they’ll begin to realise why mum and dad always tell them not to waste food, and to turn off the lights when they leave a room!

— Dave

• Dave Ramsey is an eight-times national bestselling author, personal finance expert and host of The Ramsey Show. He has appeared on Good Morning America, CBS This Morning, Today, Fox News, CNN, Fox Business and many more. Since 1992, Dave has helped people regain control of their money, build wealth, and enhance their lives. He also serves as CEO of Ramsey Solutions