The cross over time between adolescence and young adulthood can be very tough for both parents and their teens.  You're correct in thinking that giving your teen increasing amounts of independence in the months leading up to graduation is a good idea.  It can be very scary and traumatic for a teen to go from strict rules to virtually no rules when they leave home for the first time.  Without some type of transition, teens may easily begin making irrational decisions when faced with independence.  

It is the responsibility of parents and teachers to prepare teens both emotionally and through the teaching of independant living skills for post-graduation life.  It's important not to wait until the end of their senior year before you begin to talk about their future.  Begin by teaching them daily life skills such as doing laundry and cooking meals.

Schools will often teach students how to create a budget, pay their bills, buy groceries, and apply for jobs and colleges.  As a parent there are things you can do in the months leading up to and immediately following graduation to help your teen transition emotionally.  If there are no immediate behavior concerns, begin to let your teen stay out later during the weekends.  Require less check-in calls from them while they are out.  Begin to decrease the amount of allowance or spending money you provide for them.  In addition, begin to let them make more life decisions on their own such as balancing their weekly schedule between work, school, and other obligations.  

Your role as a parent will begin to change from that of a director to more of a mentor.  Spend time discussing with them rather than telling them what to do or how to handle a problem.  When they have a problem discuss options, advantages, and disadvantages with them.  Let them come up with the ultimate solution, while gently giving them your advice along the way.  Remember to praise them when they do make good decisions!!

Good Luck
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