Part I of our mini-series on kids and garage sales highlights the basic principles you can teach children (old enough to understand) about money and yard sales. We asked both professionals and parents from a diverse background for their input and feedback, here’s what they had to say:
Andrew Schrage of Money Crashers says, “Explain to your child that in addition to helping de-clutter the house, yard sales are a great way to make extra money. You can use this concept to talk to them about perhaps starting their own business once they’re older, such as babysitting, lawn mowing, or a re-selling business. When the sale is finished, you can introduce the concept of donating and helping out those less fortunate by giving unsold items to a charitable organization.”
“My kids learned how to look for bargains by knowing the regular retail cost of the things they wanted and then looking for the item(s) at garage sales and thrift shops. We often bought brand new merchandise for pennies on the dollar,” says Debi Goldben, Mother of two in Florida. “My kids learned very early that they could purchase a lot more with their allowance at a yard sale than at a retail store. Today, my kids are both bargain hunters. They know the value of the items they need and use. They don’t have to have an item immediately, but rather watch for sales or check thrift/pawn shops and classified ads in addition to catching yard sales.”
We all know the mind of a child can absorb information like a sponge and kids really do imitate their elders, so teaching them about value can go a long way in a lifetime. “Children who grow up going to yard sales and/or being involved in family yard sales learn from a young age to appreciate value. This sense of value makes for fiscally responsible adults,” says Joanne Passarelli Rinaldi, a Certified Professional Organizer with Neat Freaks Professional Organizing LLC.
Stacey Ross is the Founder of San Diego Bargain Mama and says there are a number of basic principles that kids can learn at an early age by being involved with yard sales:
Budgeting (Curbs Immediate Gratification) – They have to know their coin value and practice money skills.
Effective Communication – They learn to be assertive and ask prices and negotiate.
Buyer Discipline – They learn when to walk away and when to recognize a deal.
Delay Immediate Gratification – See how their allowance goes much farther!
Entrepreneurial – Kids who become involved with yard sales can raise money for a purpose, such as a fundraiser, charity or to help pay for a major item or travel experience.
Lastly, what fun would it be if the kids didn’t have fun? Helaine Fendelman is an Art and Antiques Appraiser in New York and says, “Let kids keep some of the money, and if they’re not selling their own things, then pay for their time and efforts throughout the sale.
How will you involve your kids with Yard Sales this year? Share your ideas and comments with us below!