Raising Frugal Teens

Teach your children they don't need every new gadget. If they don't have the latest music player, a flat-screen TV, or if they drive a used car, that's okay, he says. "Show your kids how much these more frugal choices can add up," Rabbi Shmuley says. "The price of your teen driving a used car is dramatically less than leasing them a new car, and that helps the family budget—even if it doesn't look as nice."