Time out?

Clearly as my kids get older the punishments for their indiscretions have to get a little stronger/harsher. And maybe I'm a strict mom, I don't know, all I know is I want my kids to grow up well adjusted and not become thieves or drug dealers. Not too much to ask is it? Time-out definitely doesn't hold the same torture at the age of 7 as it did at the age of 2. Grounding them from video games seems logical usually but I think it's more for my need to take something away from them, they on the other hand will just find something else they enjoy. After weeks of M lying and years of T taking things that aren't hers I feel like throwing in the towel sometimes, I'm at a loss. C throws fits over having to do minuscule tasks or not getting his way so I put him in bed and he's done. Break time for us both. E gets into things and sits in time out for 30seconds and pulls the "look how cute I am" maneuver and alls well...turd. But the older two need more for whatever reason. Hot sauce for lying, works for M because he hates hot sauce, T won't eat a taco without it, but she doesn't lie too often. However she does take things without asking which drives me crazy!!! She no longer takes things from the stores (candy) or from friends at school (usually keychains off backpacks) but she can't leave my stuff alone, even if I get her something similar. So tonight her punishment for taking a brand new book to school is dishes. She's 7, she has a dishwasher. I was 7 when I had to start hand washing for accidentally breaking a window. And I had to do it for a month. I think one night for this is ok right? And it's one chore she can't really mess up unless she breaks something. I honestly wouldn't have even cared about the book if she had asked. Which she did and then was told know by my husband, but she took it anyhow. Hopefully she won't be come an adult petty thief. Nah, it's just a phase...right?!
This parenting gig is getting harder every day...sigh...I'm not ready for my own time out I think.