Teens need to have either an allowance or a job. The only way to learn to manage money is to have some, and to have financial responsibilities. Don't give them an allowance that is just for fun. My children buy most of their own clothing, and then I supplement once in a while when I can afford to do so. It's funny how their taste for expensive clothing diminishes when it is their own hard-earned money they are spending. They are more than happy to pick up basic sweatshirts and tee-shirts at thrift stores, saving money for those trendier items they want. They know their way around discount and outlet stores as well.
Depending on how much money your teen has, you can justifiably require them to purchase their own school supplies, lunch, clothing, luxury items and entertainment. Make sure they can afford the necessities, with money left over for fun. Then, lay down the rules and stick to them. When I started junior high school, my parents increased my allowance, but told me I would be paying for my own school lunches. I looked at what seemed to be a tremendous amount of money, rushed to the store, and bought a new record album. Then I told my mother I had run out of money and needed lunch funds. She shook her head and told me I had already been given lunch money. If I had spent it, I could take one peanut butter sandwich and a thermos of milk from home, but nothing more. The next week, I held onto my money until the week was over. Then I took what was left and decided how to spend it. If she had backed down, I would still be spending every penny I have on luxuries.
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