I knew one day I have to teach my son about money. So this weekend I had the opportunity. Last month I bought Nintendo Switch for me, ahem... my son. Very soon we both got a little bored with the games. I was very tempted to buy a few more new games but hesitated. I don't want my son to have the impression that new games just fell from the sky. Nintendo Switch game is not cheap and can cost anywhere between $30 to $70.
Priority
I shown him a few games demo trailer and ask which one he wants. At first he selected three, but I told him we save money to buy the one he like the most first. Then when we saved more, we can consider to buy the rest. He agreed and he selected the game - Super Smash Bros.
Sourcing & Goal Setting
I introduced him Shopee and Carousell. I told him let's find out how much does Super Smash Bros cost. After some searching, we concluded that Carousell average cost for pre-own game is about $55 while Shopee brand new game is between $60+ to $70. So we set $55 as our saving goal with the intention of buying pre-own game in Carousell.
Earn money while decluttering
I suggested to him that we can sell away games or toys that doesn't bring value to him anymore. This exercise makes him think hard on which item he is willing to let go. It is really fun looking at him making those decision.
Selling product in marketplace
We have decided to sell 4 of his toys and games in Carousell. First step is product photo shoot. Showing him to take photo with all the products neatly on the floor so it is easier for people to view at one glance. Second step is to determine what is the market asking price. By then he already lost interest so I determined the asking price and wrote the description.
Moving Out Nintendo Switch
Boxing Gloves Decathlon
Thomas Train Set
Star Wars Light Saber
Sales Transaction
I brought my son along during the meet up and trade in front of him. I handover the toy to the buyer and collected cash in return. I want him to witness the whole transaction process.
Celebrate
Goal achieved! Today we sold the 3rd item and have earned $65! Yay! Exceeded our goal by $10. And we still have one more item for sale. I'll share the good news to him later on and let him decide how he want to use the extra $10. Probably will encourage him to save it for the second game. Anyway the lesson here is to learn to celebrate.
Harvest the fruits of our labour
This Saturday I'll bring him to meet the seller of Super Smash Bros. I want him to handover the $55 cash and collect the game in return. I hope the whole process will help him understand about money and learn to cherish things in future.
- Moving Out Nintendo Switch (Ask: $25 Sold: $20)
- Boxing Gloves Decathlon (Ask: $15 Sold: $15)
- Thomas Train Set (Ask: $35 Sold: $30)
- Star Wars Light Saber (Ask: $18 Sold: not yet)