Selling kids things - what to do with the money?

SavingSassy
SavingSassy Posts: 39 Forumite
Debt-free and Proud!
edited 26 August 2014 at 5:42PM in MoneySaving mums
This might sound really daft, but I would really appreciate others opinions on something...


It was my daughters birthday a month ago and I bought her a new bike, I was going to give her old one away to a family member, then thought against it as I am always giving away my daughters used things and it has now become expected and we never receive a thanks anymore.


So, being money saving..... I have put her old bike on eBay and it's sold for £20.


This is where I am stuck.... I was going to put all that I have made on eBay into a pot and put towards our savings - which is used for holidays and for a deposit for a house.


But, as I have sold my daughters bike, which I got for her birthday a few years ago.... shouldn't it go in her savings pot and not with the other things I have sold?


What do others do when they sell their kids clutter? Do you put it in their savings account, or put it in your own knowing that you'll end up spending it on them again anyway?


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Comments

  • lazer
    lazer Posts: 3,402 Forumite
    Depends how well off you are - if using the money now would make your daughters life better now - include it in household money.
    Is the deposit for a house to give you family security?

    IMO - if you bought the birthday present for her, and then sold it years later, do what you wish with the money

    If someone else bought her the birthday present, the money should then go to her.

    Once she gets old enough that she can sell the things herself - the money shold be hers, but since you are selling them now, and you bought them in the first place, i consider the money yours.
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  • balletshoes
    balletshoes Posts: 16,610 Forumite
    i agree with lazer, when I ebay stuff in the house, including DDs stuff that she no longer has use for, it goes into the family holiday pot, so she benefits from it anyway.
  • SavingSassy
    SavingSassy Posts: 39 Forumite
    Debt-free and Proud!
    Thanks for your replies :-)


    I shall put it in the savings account knowing that it will go towards our holiday in June so she will benefit from it anyway :-)
    Savings target: £10,000 by December 2015!
    Total so far: £3470.00 = 34.7%
  • jackomdj
    jackomdj Posts: 3,073 Forumite
    First Anniversary First Post
    We put it towards the holiday spending money. This means the children have some money to use on holiday towards bits they want (girls manage to need bracelets etc), ice creams, etc. in reality we would get it anyway but it helps me feel like we are not taking their money.

    We also add to the pot if they tidy their rooms, behave etc in the weeks before our holiday.
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
    I both buy and sell things for my son on ebay and facebook.

    I have a little pot in the kitchen. When I sell something of his I put the money in the pot. I then use the money in the pot to buy him other things e.g. clothes or toys from ebay or facebook - kind of like recycling.
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  • MallyGirl
    MallyGirl Posts: 6,617 Senior Ambassador
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    When my DD outgrows something like a bike then the proceeds from selling the old one are 'put towards' the new one as it is invariably more expensive.
    If she has a declutter and agrees to get rid of some toys she no longer plays with then she gets the profit after postage and ebay fees.
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  • CathyP72
    CathyP72 Posts: 29 Forumite
    Open up a savings account for the kid. Don't let them touch it until they are 18. Worked for me.
  • If you made the decision to give the stuff away then she would not have had any money anyway.
    Go half if it sells.
    Try local facebook for sale and wanted sites and you don't have to pay eBay fees either.
  • I think if something was given to a child as a gift and is then sold the money should belong to the child.

    When my kids were younger they would clear out their toys every Oct/Nov in preparation for Christmas and they went either to a charity shop or Women's Aid but now they are older their items (DS consoles/games, phones, bikes etc) are sold and they keep the money.
  • kawaiiuk
    kawaiiuk Posts: 30 Forumite
    My daughter is about to turn 4 and so far we have used money from the things we have sold to buy new things for her. As she gets bigger I will explain to her about selling and let her have a choice about what she spends her money on, or if she saves it. We only tend to sell things she's outgrown :)
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