To make sure you never get into the miscommunication pickle with the teens in your life, there's a few tips below that can save time and stress (and miscommunication) between the two of you.

Set your phone to predictive TXT
Offer the teen to do the same (when TXTing you at least, because usually teens use so much abbreviation that the T9 Predictive Text Option is useless to them). The Predictive Text option can be found in the 'Settings' or 'Message Options' Folder in your Menu on your cell phone.
Basically, you can write a word only pressing the number with the corresponding letter you want once.

For example to TXT the word 'be' you will need to press this combination on your phone: '2233'.
Predictive TXT will guess the word for you, so all you need to press is '23' and 99% of the time it will come up with the word you need.

With longer words, for example 'love', predictive means you just need to press '5683' and it's done!
Otherwise, you'll have to press twice as many numbers...'55566688833' to get the word 'love'.

Pretend You're Spies, and Decide on a code
My Dad hates TXTing. In fact, he wishes we could go back to the days when home phones had cords attached to them. But when he needed to pick up my brother and I when we were at school, or sport practice, we had decided on a spot where he would park, and as soon as he got there, he would send my brother or I the letter 'A' to our cell phone. If he was late, if he was parked on the other side, or if he was going to be half an hour late, we had one letter codes for all those things. If most of your TXTing is for very similar, specific information exchanged, decide on that code - easier for everyone! :)

Ask a Teen
My favourite one! Not sure how to TXT?
How to change message settings?
How to check your Inbox?
What does 'lmao' stand for?
Ask a teen!

No seriously - put it to practice - it's even better than how successful theory makes it out to be!

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TXT-ICTIONARY

A few very, very modern, or still usable abbreviations which you are very likely to see teens use in TXT, social sites, and even in convo (that's "conversation" by the way :))

tx - Thanks
thx - Thanks
btw - By The Way
nvm - NeVer Mind
lmao - laugh my a** off
swt - sweet
wbu - What aBout yoU?
wru - Where aRe yoU?
lol - Laugh Out Loud / Lots Of Laughs / Haha

Can you think of any others?