I agree with many of the people above – especially on the focus of finding out why your child/teen had done the stealing. Usually, it’s because they want something they can’t have/don’t want to get themselves but can get from someone else.. err someone else’s wallet.
My friend told me that her parents told her that whatever she wanted to have she had to tell them why she wanted it, then from there they would approve if she got it or not. Now, that’s pretty wise because it gets to the “why” of the child’s want and obviously, they can’t easily get away with “because everyone else has it” or “because I want it, so there’s a possible solution to that problem. However, then you run into the problem with stealing and lying – the next step when a child doesn’t get what he/she wants.
I believe, that the child first has to understand the significance of what her actions are to the person, people, or place she stole from. Then she should be punished, so that she knows how her actions will always affect other people. This punishment could be humiliation – now don’t think I’m mean! What I’m saying is that, for example, she could apologize to people who she knows are above her, in other words authority figures that she knows are authority figures so it’s somewhat embarrassing ‘fessing up to the “big man”. Then she knows that there’s a person at the other end of her actions – and her actions have consequences.
Then, she should learn what was bad about her actions. Stealing is not a good thing (obviously) and that child will not know that if she just gets what she wants without a punishment and doesn’t understand why what she did was bad.
Then – if you want to go a step further, she should understand the significance of money (if you find this necessary, and if you feel she’s old enough). You could put a price tag on each of her favorite things, literally, then take away $50 of it, adding it up in front of her, (Yes, I’m thinking along @Poser ‘s brilliant idea!), and either giving it away or taking it away until she can earn it back.
In all, let your child know that their are consequences to her actions, by making the people at the other end of her immoral action more relevant in the situation, and make her punishment more personal (the price tags).
Good luck – Happy fluthering!