How kids can earn extra cash

Teaching kids about money can seem an onerous task and one likely to turn kids off and back onto a games console, until they see the value in discovering new pocket money ideas.  Ebay is one of the best ways to teach kids about earning and saving money and is not too difficult to get them started.

Think of how many toys and children's items wasting space in your house right now, purely kept for sentimental reasons, or because you have been too busy for a clear out.  Maybe you are an environmentalist and hate to see stuff go to landfill. 

With Xmas coming up now is the perfect time to clear the decks before family and friends arrive and recycle stuff for others to enjoy as presents.

Ebay, GumTree and CraigsList offer the chance to kill two birds with one stone: to clear some space and provide a fun way for your children to learn how to earn some extra pocket money, learn how to save and recycle at the same time.  Getting set up now means kids earn money to spend on Xmas gifts.

Obviously, the financial side will require your involvement as you have to be 18 to open eBay account.  Parents will have to open the account and share the responsibility.  So, for instance, you can even agree to share the earnings from general household items with children.

Kids love learning, especially if it eventually buys them something they can save towards.  You can teach them how to have fun doing market research, identify earning opportunities and which products sell well.

Online auctions and selling provide them with valuable business and money management skills for life. Eventually kids can manage book keeping, making budgets and measure their successes in planning, marketing and selling. 

Here are some helpful tips for selling online from HootLoot:

  1. Quality. Durable items in good condition, including if you still have the original packaging, will sell much better. 
  1. Premium Brands sell faster on Ebay and CraigsList than lesser- known brands. A well-known pram make, used and in good condition can sell up to 50-60% its original retail price, for instance.
  1. Condition. Obviously, the better this is, the higher the sale price. This helps your children learn the benefits of taking care of their things.  Teaching kids get incentivised to look after what they use and to clean and maintain them, making life easier for everyone!
  2. Images: Use a good camera and photograph items for sale against a white background, with good exposure to natural light to improve your listing and boost interest in bidding for your items. Remove any household clutter from the background.
  1. Description: Never lie or ignore any faults in an item. Being honest and having integrity is a very valuable life lesson for children. Selling online is all about reputation. When customers complain that you misrepresent items in ads, this puts off buyers.  Truthful listings engender trust. 
  1. Time Management: Managing auction times to coincide with your buyers’ routines boost activity. Most activity is in the last 30 mins of an auction. A 1 a.m. auction won’t attract parents with young families. Target times when buyers are browsing and buying.
  1. Selection: Some items sell more than others, or obtain better prices. For example, prams, car seats, cots, baby furniture, changing tables and highchairs are generally overbought by excited first time parents. This makes them perfect for the re-seller’s market online.  Sturdy, larger toys such as: bikes, scooters, wooden trikes, trampolines, train sets and so on will help kids earn and save too.   Similarly, children's clothes, such as boots, shoes and coats, when still in very good condition will do well. By contrast, well-used items like t-shirts, baby grows or pyjamas lose their appearance after time and will only achieve a low price, if the postage even justifies selling them as single items. Bulk items are fairly difficult to pack.
  1. Build Budgeting Skills: Children can learn budgeting by spotting bargains when browsing and when they are earning enough, buying a cherished item can be a great reward for their efforts. Not only that, if they have worked to earn their favourite game or item, they will look after it.

Teaching kids about money and saving need not be a chore or boring and can not only give kids ways to save money, it can also offer opportunities for earning some extra cash to achieve their savings goals.  With HootLoot, managing the pocket money your children can earn from Ebay and the like has never been easier.

Working with your children to agree a savings goal is rewarding for both of you. The concept of building something for tomorrow rather than impulse spending has knock on effects in terms of learning delaying gratification in other areas of a child’s life, which teaches resilience.

For instance Children enjoy giving a portion of their savings to charity.  Getting started in the run up to Xmas makes that possible, even after sorting their Xmas gift list. 

We’d love to hear some of your childrens’ favourite ways to earn money too.  Get in touch with us with your pocket money tips.



Most Popular Posts