Should I give my children money when I sell their things?

Former_MSE_Joanne · 15 January 2015 at 1:34PM

This week's MoneySaver who wants advice asks...

As a parent I often sell on games, electronics and toys that the children have stopped using. In particular, after each Christmas I have a cull to make space for all their new stuff. Should I give them the money that I raise or should I keep it?

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groovygav · 20 January 2015 at 9:22PM

Assuming you don't actually need the money yourself, my thought is this: you're selling their stuff so the proceeds should be theirs.

Having said that, they don't have room for more toys, and I guess they're not likely to spend their windfall sensibly, so I'd suggest putting the money into savings accounts for them to benefit from at a later date.

Janepig · 20 January 2015 at 9:25PM

When I've sold clothes belonging to my two, I've put the money towards new clothes for them. If I sold their old toys I'd probably do the same, put it towards birthday or Christmas presents.

Jx

svmitche · 20 January 2015 at 10:55PM

Depends on how you feel about it I suppose, plus what you spend on them and what you save for them.

We save regularly for our kids and if they need something, we buy it and don't dip into their savings, so I have no problem in keeping money back from selling their old stuff.

I tend to keep stuff until they are genuinely no longer interested, by which time they've probably had twice the value again in new stuff.

scotsbob · 21 January 2015 at 12:46AM

Taking your kids toys, then selling them.

Well I guess there is a fine line between moneysaving and being mean.

gaving7095 · 21 January 2015 at 5:59AM

I assume you're mostly the one who buys the kids new toys, so it strikes me that if you give the money back to the kids you're robbing Peter to pay Paul.
Buy new toys with some of the money each time?

Floss · 21 January 2015 at 7:38AM

About 14 years ago I sold a huge crate of Lego that my sons (then 15 & 13) no longer wanted. I received around £120 for it, which I split 3 ways with the boys which DS1 then used to buy PS games and DS2 put towards a new guitar.

So yes, I gave them a share of the money, but they were teenagers at the time and we did keep the big Lego Technic Space Shuttle, which DS1 still has.

anotheruser · 21 January 2015 at 9:06AM

If you're trying to SAVE money, no.

It's likely you bought the items for the kids, so you're just claiming some of that back. Yes, you gave it as a gift but that's not the point.
If someone else gave it to them as a gift, then it's up to you. I would still keep the money but be less frugal when it comes to treats.

pennypinchUK · 21 January 2015 at 9:08AM

You mean they haven't already bagged the money? As soon as my kids move on from a toy they're badgering me to put it on eBay and for them to get the cash! It's a non-discussion in our household - I've bought them a present so it and the subsequent funds when they sell it are theirs. Seems reasonable to me.

angieb1606 · 21 January 2015 at 9:28AM

we have a rule in our house if i buy it for them for xmas or bday's the money is theirs, if not i.e clothes or school etc then i use that for future stuff they need if you saw you sister or mother in law selling something you gave them you wouldn't ask them for the money back so why your kids.

buzzard · 21 January 2015 at 9:44AM

they are the child's toys, they get the money but in a savings account. However when they next want a toy you tell them they have the money from selling....and let them use it.

Letting them have the money is an incentive to dispose of items they don't need.

Should I give my children money when I sell their things?

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