Teaching Kids About Money During Lockdown

  • 3 years ago
Teaching Kids about Money

Given we’ve got some extra time on our hands with lockdown, I thought it was time for a spring clean of my garage and storage facility (we cleared out the storage facility when the lockdown rules allowed for it of course).

I realised I was needlessly spending money on the storage facility simply because I hadn’t previously bothered to get organised. Inside the storage facility was also items that we hadn’t used for years.

What a waste of money.

More important than the clean out though was the chance for my kids to earn some pocket money and learn a few valuable lessons.

For starters, I saved $4,000 a year by moving my essential items to my home garage and cancelling the storage facility.

What are you paying for right now simply because you haven’t been organised?

Since we started the project, the kids are on target to earn $1,000-$2,000 for selling a number of items on eBay that we’ve haven’t used for years. Surely we’re not the only family that keeps things because we “might need them again some day”?

Here’s some of the items that we just don’t need anymore that were taking up space:

  • Bookshelf
  • High pressure hose
  • Car cover
  • Tent
  • Golf buggy (I mistakenly said on social media this was a “gold buggy”)
  • Scuba gear

The kids took the photos, searched for similar items that were selling (so they could understand what prices to list them at) and then listed them online.

We talked about how easy that was compared to unloading 500 dishwashers at $2 each. You can get this and many more ideas from the “Barefoot Investor Families Book”.

The Icing on the Cake

I educated the kids that they should probably take me out for a good pub lunch and a few drinks for providing the items and process – sometimes you’ve got to spend $1 too make $2, or in this case is it worth buying someone a $50-$100 lunch to make an easy $1,000?

What about you?

What ideas have you got to teach your kids the value of money?

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