Garage Sales: Do You Let Your Kids Keep Their Profits?

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Garage sale season is in full swing, and our household is gearing up for a major moving sale. We're going through the house room-by-room and culling everything we no longer like, want, or use. This includes many things that belong to the 7-year old, and as I saw visions of dollar signs dance in his head, I wondered what the best way to handle the situation would be...

At this point, he knows that what we do with our garage sale profits — all of them — is still under discussion. He might end up being able to keep some or all of the money he makes from the sale, but he might not: a family meeting is definitely in order. My first thought is that whatever money is made from the sale of his old toys and what-nots should go towards fixing up his new room in the new house. Maybe a big-boy comforter, a wall color that he picks out, a stylish shelf to display all his awesome LEGO creations, or even a bigger bed so there's more room for all of us to pile in for bedtime stories? 

My other idea was to put all of the profits towards a family vacation. That way the money would be spent on something for the three of us, it would be something to look forward to as we slog through the house-selling process, and it would be a great chance to teach him about budgeting: family vacations don't just grow on trees! Maybe we'd make enough money to do the kayaking daytrip we've been daydreaming about, maybe we'll have enough for the 4-day camping trip he mentioned he'd like to try (he's never camped that long), or maybe we'd even be able to afford plane tickets somewhere or a special outing as part of a larger trip. 

When your family has garage sales, does each member keep the money that their stuff made, do you pool it for the greater good, or do you donate it to those less fortunate? 

(Image: Flickr user KOMUnews licensed for use under Creative Commons)

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