I have two kids in our house. As kids most often do, they lose interest in toys they only have played with a handful of times.
In the past I would send unused toys straight to charity, but now I am trying to teach my kids how to make and save money by selling their old toys.
There is only one rule, the money that they get if the toy sells can not be spent. It has to go into their personal savings account, so they learn the value of saving.
So far the kids have sold Ben 10 toys and Wii Games. Some items do not sell immediately, or they do not get purchased at all. This process I find has taught the kids patience and a little reality of money not “growing on trees”.
A lemonade stand has typically been a way for kids to make a few dollars and learn about entrepreneurship. Living in the East Coast, where part of the year is snowy, having an outdoor stand is not very conducive. Selling online, especially on Ebay, has allowed a platform where the kids learn about inventory and sales, even in the cold months of winter! Of course, I still do the listing and packing of their items, but they are responsible for the sourcing of the toys and saving of the finances.
Finding items in their room to sell has become an exciting teaching game for my kids. It also is a great way to reorganize and clean the house!