Do your kids know how to manage their own money? It is often very difficult to explain why money does not grow on trees and why as parents we can�t buy them everything they want.
If your children are earning an allowance or have money given to them, begin as early as you can with the process of teaching them how to manage their own money. Start a special bank book that has the date, time, a green column (for what goes in), and a red column (for what comes out). Use it for every transaction that occurs. Total it up for every entry. If it's an online account, perhaps keep a manual book by the computer so you can scribble down a record that's quickly visible for them, as your child won't have online access to his or her account.
It�s always fun to use real money to learn with as they put their math skills to work in counting and understanding how many dimes are in a loony etc�
Now that they understand how to make change, and can calculate their very own balance sheet, they may be up for running their own garage sale. This will de-clutter your home, give value to their belongings, teach them how to be environmentaly friendly, and how to learn people skills in working well with others while giving back to their community.
Keep these tips in mind when for initiating a yard sale:
Perhaps get a two-page receipt book to let them record every transaction so that they can keep track of what was sold and for how much. That will also help them to calculate and add up multiple purchases.
Let your children choose what they want to put in their garage sale. It�s best if you place everything into a pile on the floor and have them decide what they really love and what they can part with. You will then have two separate piles. Rationalize with them in learning what they really haven�t used in a year�from books to clothing. Help them price things realistically.
Recycling and being green is a fun way for your kids to see first hand the concept of repurposing and reusing old stuff. Just because they no longer play with something or don�t wear it anymore does not mean it�s trash. Anything left over can always be donated to Goodwill so that someone else can make use of it.
The garage sale is a great way to teach communication skills. They will have a chance to practice �good manners� to their benefit. The experience from setting up, making decisions, cooperating with others and counting up the sales at the end of the day will give them a sense of pride and confidence.
Consider donating a portion of the sales to a charitable organization and naming it �Yard Sale For The Cure�, for example. In doing so, you�ll give your kids the power to help others�and show them how great it feels to do so.
After helping them manage their money, your kids will learn the value of their possessions, as well as the concept of giving back to the community, while making a little profit.
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