Secondhand Shopping: saving money on kids clothing and toys

 

When it comes to buying your children clothing and toys it can be a really big hit on a families budget but you can find some really good quality secondhand clothing and toys for your children. 

Below I have put together some practical tips for finding good quality secondhand clothes and toys for children. 

1. Thrift stores & consignment shops

Visit local thrift stores, consignment shops, and secondhand stores regularly. They often have a rotating selection of gently used clothes and toys. Examine items for wear and tear, stains, or broken parts. Look for brands known for durability.

2. Online marketplaces

Use platforms like eBay, Facebook Marketplace, Poshmark, or Mercari. These sites often have filters to find items in specific conditions (like “new with tags”). Make sure to check the seller’s ratings and reviews before purchasing.

3. Garage sales & estate sales

Early mornings often have the best selection, but later in the day, you might find better bargains. Don’t hesitate to negotiate prices, especially if you are buying multiple items.

4. Buy nothing groups

Join Buy Nothing groups on Facebook or other social media platforms. These groups focus on gifting items within the community, making it an excellent resource for free children’s clothes and toys.

5. Children’s swaps

Some communities host children’s clothing and toy swaps. These events allow parents to exchange items their kids have outgrown for items they need. If your community doesn’t have one, consider organizing a swap with friends or even neighbours.

6. Seasonal sales

Look out for seasonal consignment sales that specialize in children’s items. These events often have a wide selection of gently used clothes, toys, and gear. Purchase out-of-season clothes when they’re typically cheaper.

7. Hand-me-downs

Accept hand-me-downs from family and friends. You can also offer to swap items, so everyone benefits. Just be sure to inspect the items to ensure they are in good shape.

8. Secondhand stores with online options

Some brick-and-mortar secondhand stores have online shopping options. Stores like ThredUp specialize in high-quality, secondhand children’s clothing.

9. DIY repairs & up-cycling

Learn basic sewing skills to repair minor issues like missing buttons or small tears. Consider upcycling items to give them new life, like turning old t-shirts into pajamas or toys.

10. Social media groups & apps

Join Facebook groups or apps like Nextdoor focused on buying, selling, or swapping children’s items. They often have listings from local sellers. Set up alerts for specific items or sizes so you don’t miss out on great deals.

By utilising some or all of these tips, you can find quality secondhand clothes and toys for your children making it easier to save money while also being environmentally conscious.

How to Start a Family Business

 

Launching a business with your family can be a rewarding experience for everyone involved, but it also requires some very careful planning and clear communication to ensure success.

1. Identify the business idea:

Engage the entire family in brainstorming sessions to identify a business idea that leverages your collective skills, interests, and available resources.

Conduct thorough market research to assess the demand, competition, and potential profitability of your business idea. Identify your target market and understand what their needs involve. 

Consider each family member’s strengths and skills to ensure the business aligns with what you can collectively bring to the table.

2. Create a business plan:

Define the mission and vision of your business. What are your long-term goals, and what values will guide your business decisions?

Decide on the legal structure of your business (e.g., sole proprietorship, partnership, LLC, corporation). Consider factors like liability, taxes, and ownership roles.

Clearly define the roles and responsibilities of each family member involved in the business. This helps avoid conflicts and ensures that everyone knows their duties.

 

Develop a detailed financial plan, including start-up costs, revenue projections, operating expenses, and funding sources. Be realistic about the financial contributions each family member can make.

Plan for the long-term by considering exit strategies for family members who may eventually want to leave the business. This could involve buyout options, succession planning, or selling the business.

3. Establish clear communication:

Schedule regular family meetings to discuss the business's progress, address challenges, and make decisions. Ensure that everyone’s voice is heard and respected.

Create a plan for resolving conflicts that may arise. Consider involving an external mediator or advisor if necessary to maintain objectivity.

Document all agreements and decisions in writing. This includes ownership shares, profit-sharing, roles, and responsibilities. Having clear documentation can prevent misunderstandings and disputes.

4. Secure financing:

Consider using personal savings as the initial funding source. However, ensure that you’re not jeopardizing your personal financial security.

If borrowing from family members, clearly outline repayment terms in a formal loan agreement to prevent misunderstandings.

Explore options for external financing, such as small business loans, grants, or investors. Ensure that everyone in the family agrees on the level of external involvement and its impact on the business.

5. Set up the legal and operational framework:

Register your business with the appropriate local, state, and federal authorities. Obtain any necessary licenses and permits.

Separate business finances from personal finances by opening a dedicated business bank account. This simplifies accounting and tax filing.

Secure appropriate insurance for your business, including liability insurance, property insurance, and workers' compensation if you have employees.

Establish operational systems for managing day-to-day tasks, including accounting, inventory management, customer service, and marketing. Automate processes where possible to save time and reduce errors.

6. Marketing and branding:

Create a strong brand identity that reflects your business values and appeals to your target market. This includes your business name, logo, and tagline.

Build a professional website and establish a presence on social media platforms relevant to your business. Consider e-commerce options if you plan to sell products online.

Develop a marketing strategy that outlines how you will attract and retain customers. This could include content marketing, social media campaigns, local advertising, and community engagement.

7. Plan for growth and scaling:

Define how you plan to grow the business over time. This could involve expanding your product line, entering new markets, or increasing your customer base.

As the business grows, you may need to hire employees outside the family. Plan for how you will recruit, train, and manage staff while maintaining a positive family dynamic.

Decide how profits will be reinvested into the business to support growth. This could involve upgrading equipment, expanding facilities, or increasing marketing efforts.

8. Work-life balance:

Establish clear boundaries between work and family life to prevent burnout and maintain healthy relationships. This could involve setting specific work hours and respecting personal time.

Avoid overburdening family members by delegating tasks and outsourcing where necessary. Focus on core business activities while letting professionals handle specialized tasks like accounting or legal work.

Make time for family activities and maintain open communication about both business and non-business matters. Strong family relationships are crucial for the long-term success of a family business.

9. Monitor and adjust:

Regularly monitor the business’s financial and operational performance. Use key performance indicators (KPIs) to measure success and identify areas for improvement.

Be flexible and willing to adapt your business model or strategy in response to market changes, customer feedback, or internal challenges. Encourage innovation and continuous improvement.

Celebrate milestones and successes together as a family. Recognizing achievements boosts morale and reinforces the family’s commitment to the business.

10. Seek external advice:

Consider seeking advice from external advisors, mentors, or business coaches who can provide objective insights and guidance.

Join local business associations, chambers of commerce, or industry groups to connect with other business owners and learn from their experiences.

By carefully planning and maintaining open communication, you can successfully launch and grow a family business that not only thrives financially but also strengthens your family bonds.

The Best Investment Plans for Your Child's Future

 

Saving for college and setting up financial safeguards like trust funds are important steps in securing your child’s financial future.

1. Start saving early

The earlier you start saving, the more you can benefit from compound interest. Even small, regular contributions can grow significantly over time.

Automate contributions to your savings plan. This ensures consistent saving and reduces the temptation to spend the money elsewhere.

2. 529 college savings plans

Contributions to a 529 plan grow tax-free, and withdrawals for qualified education expenses (tuition, books, room and board) are also tax-free.

Many states in the United States offer their own 529 plans, often with additional tax benefits for residents. Research your state’s plan to see if it offers extra perks.

If your child doesn’t need the funds for college, you can change the beneficiary to another family member or use it for other education expenses, such as graduate school.

529 plans typically offer a range of investment portfolios, including age-based options that automatically adjust the risk level as your child nears college age.

3. Custodial accounts (UTMA/UGMA)

These custodial accounts allow you to save and invest money for your child, which they can access once they reach the age of majority (typically 18 or 21).

Funds in these accounts can be used for anything that benefits the child, not just education.

Earnings over a certain amount may be taxed at the child’s tax rate, which is typically lower than the parents’ rate. However, there are limits to how much can be contributed tax-free.

The child gains full control of the account when they reach the age of majority, which might not align with your long-term goals for the money.

4. Coverdell education savings accounts (ESA)

Coverdell ESAs allow you to save up to $2,000 per year, per child. Like 529 plans, the funds grow tax-free and can be withdrawn tax-free for qualified education expenses.

Unlike 529 plans, Coverdell ESAs can be used for K-12 education expenses, not just college.

There are income limits for contributors, so higher earners might not qualify.

5. Starting a trust fund

Types of trusts:

Revocable trusts: These can be altered or revoked during your lifetime and offer flexibility. However, they don’t offer the same tax benefits or protection from creditors as irrevocable trusts.

Irrevocable trusts: Once established, they cannot be changed without the beneficiary's consent. They offer tax benefits and protection from creditors.

Education trusts: Specifically designed to pay for educational expenses, these trusts can set specific guidelines for how and when the funds can be used, ensuring they’re used for college or other educational purposes.

You will need to work with an attorney or financial advisor to establish the trust, draft the trust documents, and designate a trustee to manage the funds.

6. Use Roth IRAs for college savings

While Roth IRAs are primarily retirement accounts, they can also be used for college savings. Contributions can be withdrawn at any time without penalty, and earnings can be withdrawn penalty-free if used for qualified education expenses.

Like other Roth accounts, contributions grow tax-free, and qualified withdrawals in retirement are also tax-free.

If your child doesn’t need the money for college, it can remain in the account for your retirement.

7. Scholarships and financial aid

Encourage your child to apply for scholarships throughout high school and college. There are scholarships for various achievements, talents, and demographics.

Always fill out the Free Application for Federal Student Aid (FAFSA) to see if your child qualifies for grants, work-study programs, or subsidized loans.

Some colleges offer significant merit-based aid for students with strong academic or extracurricular records, which can drastically reduce the cost of college.

8. Create a college savings plan

Estimate the total cost of college, including tuition, room and board, books, and other expenses. Set a savings goal based on how much of that cost you intend to cover.

Incorporate college savings into your overall family budget. Look for ways to cut expenses or increase income to contribute more to your savings.

Review your savings plan annually to make adjustments based on changes in college costs, your financial situation, or your child’s educational goals.

9. Consider education loans carefully

These federal loans are available to parents to help pay for their child’s college education. They have fixed interest rates and flexible repayment options but require a credit check.

If necessary, explore private student loans as a last resort. These typically have higher interest rates and fewer repayment options than federal loans.

Encourage your child to consider the return on investment of their chosen college and degree. Avoid taking on excessive debt that could burden your family’s finances long-term.

10. Teach financial responsibility

As your child grows older, involve them in discussions about college costs and savings. Teach them the value of budgeting, saving, and responsible borrowing.

Encourage your child to work part-time during high school and college. Earnings can help with expenses and reduce the amount they need to borrow.

 11. Seek professional financial advice

A financial advisor can help you develop a comprehensive college savings plan, choose the right savings vehicles, and maximize tax advantages.

Consider how your college savings fit into your broader estate plan. A financial advisor can help ensure your savings align with your long-term financial goals.

By combining these strategies, you can build a robust plan to save for college and secure your child’s financial future. 

It is important to balance saving for college with other financial goals, like retirement, to ensure a stable financial future for your entire family.