Raising Frugal Teens

Clothes are a huge part of any teenager's spending—especially when they grow 4 inches in a year, Rabbi Shmuley says. Receiving hand-me-downs from older siblings is an easy way to save money. "Encourage your older kids to buy more classic, high-quality clothes that their brothers or sisters can wear in a year or two," he says.

Vintage shopping and secondhand stores also are fun places for teenagers to shop. Take your girls to a great secondhand store to find unique pieces, he says. "These are often better quality and cost less than the brand new equivalent," he says. If your teen wants to purchase sporting equipment, a used sporting goods stores will help them save extra cash.