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It's Garage Sale Season!

Updated: Aug 4, 2019

It’s that season of garage sales again! Garage sales are a great way to not only earn extra money but to also declutter your home. It’s amazing how much we hoard in our house. The number of toys and extra items we have can feel overwhelming. A great way to introduce the concept of running a business is by showing your kids how to throw a garage sale. This is a great way for them to earn some extra money for a high-ticket item that may be wanting. Here are some steps they can do to have a successful garage sale.

Do a little research. Before you start your garage sale, show your kids how to do a bit of research first. Different cities have different laws regarding garage sales. You may have to get a permit or wait until the whole neighborhood does their garage sale. It is easier to do your garage sale at the same time as the neighborhood garage sale so that you will have more customers shopping around your neighborhood. You can teach them all about foot traffic.

Clean it out! This is my favorite first step of the process. I have my boys go through their room and collect everything that they no longer want or that they can no longer fit in. We are able to declutter their area making it far easier to keep clean.

Learn to advertise. Your kids can work on making signs for their garage sale with poster board or they can even work on making a flyer on the computer for you to post in local Facebook groups. Remember that they need to learn the cost of advertising. If they need to buy poster board, remember to deduct this later on from their earnings. This will give them a real-world example of running a business.

Set up their store. Teach them how to merchandise their tables and how to set prices. When talking about pricing their items, also talk about how to negotiate with customers. This way they can learn how to make deals so that they can sell more of their items.

Put math skills to work! Not only will kids have to learn how to quickly give back change when someone makes a purchase, the will learn how to count all their money as well as take out any money to pay you back for the supplies they may needed to purchase, such as advertising costs, pricing materials and such. It’s all about beginning bookkeeping. They will really learn what it would take to run their own business!

It's Garage Sale Season!, Ideas for parents about allowances and teaching kids about money and financial literacy, #4PocketAllowance

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