As a parent it can be a bittersweet experience to watch your child grow up knowing inevitability that they'll leave the nest and be out on their own. Right? Well not so fast; because without the right financial foundation they may be back on your couch and asking, "what's for dinner?" before you know it.

Preparing your child for the realities of life on their own should start early and be discussed often to ensure they (and you) have the resources necessary to sustain themselves as healthy, happy and financially fit adults.

Learning to manage money, handle credit and understand debt is a process. Here are a few steps to follow that will help you put your child on the path to financial freedom.