Two still at home are 18 & 20.
Groundrules - for now it is that the items will be saved for FIRST and then purchased on the CC. Money will be held in savings until the bill comes in and then paid off before accruing any interest. This is more an exercise in restraint than anything else first and in an effort to get a decent credit score started w/ a view that they will probably both pop off and buy a home within the next 2 -7 years. They have had a House Down Payment fund for six or seven years that is just now taking off because of their increased earning capacities. We'll also probably open them a store CC for clothes purchases and possibly buy a watch or something else at a local jewelers on credit. Again - saving first then purchasing on the CC. And Mom holds the cards until needed. (I am quite the fuddy-duddy!) Once they show themselves reliable then and only then would they actually get full time physical possession of the cards - that's how we did it w/the checkbooks and debit cards as well. None have ever bounced a check - but we did set it up where it was linked to their savings in case of an overdraft.
These ages would probably be ratcheted backwards for kids that weren't homeschooled, but mine are fairly mature for their age in many many ways and yet very naive in others and not as street savy yet as I'd like them to be. They are just now getting to driving on their own and just now beginning to get really interested in girls. And yes, they each have a wedding ring fund.
And Mom & Dad have a Weddings Fund (to cover rehearsal dinners, clothes for us and gifts) and a New Grandbaby Fund (shower gifts) that we are putting money back in. The other three kids have flown the nest (two are married and we have grandkids) and are all very self sufficient and wise with their dollars as far as I can determine - none have returned to the nest or asked to borrow.
Of course the above are more my plans than theirs, and they could circumvent me at any juncture if they decide to leave home earlier than we have already discussed with them. This method worked w/the other three. The older boy here has a LD and may always live at home we just aren't sure yet. The younger is itching to fly
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