Many parents have spent their lives trying to prepare their children to lead productive and successful lives, and graduation is an indicator that they are well on their way.

A new poll from Junior Achievement shows that rising prices at the pump have caught up with teens. Gas is now the top item teens buy with credit cards, surpassing clothes.

According to Consumer Credit Counseling, young adults and college students are among the fastest growing segment of consumers who file for bankruptcy in the united states.

It's a lack of basic money management skills that hurts them.

Here are a few things every graduating senior needs to know:

How to create a budge. Start with the basics, analyze spending habits, create financial goals, and set spending priorities.

How to save. Help your son or daughter open a checking account, then work with them on a savings plan. Setting aside a certain amount of their income each month.

How to manage a checking account.Whether your child is heading off to college or starting down their career path, they will need to know how to manage a checking account. Have them take responsibility for some of their own expenses, even if you're providing the income.

How to use credit cards responsibly.Many college students fall prey to credit card offers, and quickly get in over their head with credit card debt. Using credit wisely can build up your credit score, but you have to avoid the pitfalls.

Talk to your teen about using the card responsibly, a couple of things to be sure to share:

Keep your credit cards in a secure place, tear up your receipts, outdated bills, and any pre-approved offers you receive.

Never let others use your card. Too many students get into trouble when their "friends" overspend on their accounts.