Budgeting is something best learned while you are relatively young. The preferable time to teach them about money management is when your teen is still living at home. Allow your child to look at your family finances. Most children are trustworthy with the info, and can learn valuable lessons about budgeting while watching you manage your household. Involve your teen so that they can see why you make the decisions you do, and how to problem solve when necessary.
Encourage your teen to start their own home business. Many adults are becoming entrepreneurs, and are working for themselves rather than for someone else. Whether your child continues with a home business, or becomes an employee, managing a home business as a young person will make the financial principles floating around in their heads become a more concrete matter. When you have to balance books, suddenly math becomes a reality and your teen will realize exactly why they are putting in long hours to learn these concepts.