Garage Sales as a Money Lesson
Kids Learn the Skill of Organization and the Value of Earning Money
Teach your children about money and organization by turning a garage sale into a fun family activity!
How many times have you walked through a store with your kids listening to them ask you for every item you pass? How many times have you patiently explained that they already have many of said items at home? How many times have they understood?
This spring try something different- a family garage sale. Garage sales have more uses than just getting rid of old junk. They can be a tool to teach children about organization, conservation and money matters. Use this step-by-step guide as a teaching tool to turn a spring chore into a productive family event.
Determine Family Wish List
- As a family, go through common areas such as the family room, playroom and kitchen to identify possible goods for a sale. Ask when was the last time each item was used and if someone else would get more use out of it.
- Organize the items that are not being sold. Group similar items together and buy containers to store small items. Make sure that everything left behind has a place.
- Write a wish list of items that the family would like to purchase for each room.
- Have family members follow the same process in their bedrooms, with parents assisting younger children as necessary.
Teach Kids How To Organize and Classify
- Examine your belongings and decide which items are to be sold and which are to be given to charity.
- Gather all items for sale together in one location and group the items into 4-7 categories.
- Have each family member price the goods they are selling. Use colored stickers or signs to mark the price and also to designate who will get the money from the sale.
Set Up the Family Garage Sale
- Choose the best weekend to have the sale. Factor in community events, the weather, and when neighbors may be having similar sales.
- Advertise your sale in the newspaper and have everyone in the family make posters to hang in your neighborhood.
- On the day of the sale display the goods for sale with clearly marked prices.
- Go to the bank and get change for your cash box. Explain to the kids how to make change and demonstrate how to take customers money.
Demonstrate Teamwork at the Garage Sale
- Have each member of the family take a different role on garage sale day. One person to greet the customers, one person to take the money, one to answer questions and so on.
- Be willing to make deals. Garage sale shoppers expect you to wheel and deal.
- At the purchase table have a designated spot for each family member's profits.
Use the Profits as a Money Lesson
- After the sale help all family members total their earnings.
- Show the kids how to subtract the cost of the sale from their earnings to determine their profit.
- Have the kids divide their profits according to the family’s method (percentage to savings, percentage to spend, percentage to donate, etc.)
After the sale discuss with your kids the amount of work that went into the sale and how much money they have earned. Give them examples of wish list items that they are now able to buy with their money and talk about the items they are not able to buy. Reevaluate the wish lists as a family based on the amount of money you have earned and ask the children why their priorities may have changed based on the garage sale. Build upon this experience by constructing new family procedures. For example, every time a new toy comes in the house an old one is given away. Now the next time you are in a store with your kids and they ask for a new toy you can remind them of their garage sale earnings and their wish list!
