By Clyde Noel

Instead of writing the stock market column this week, I’m walking around Disney World in Florida. I’m watching young children on their dream vacation, with money in their hands, asking, “What’s the price of this?”

Financial skills aren’t taught in elementary school. One of the best places to teach children about finances is a garage sale. The seller makes a quick buck on old and used objects, and the buyer saves some money. Whether your child is buying or selling, many financial lessons can be applied through firsthand experience.

Children can learn about bartering, trading and discounting. They can learn how to make money selling merchandise and develop their own entrepreneurial instincts.

The best financial lesson comes from learning to negotiate a good deal. As an example, why should a child pay $40 for a new computer game when a perfectly good used one can be purchased at a garage sale for just a few dollars?

Spring is the time for most garage sales. If you’re holding the sale, have your child make a list of his or her toys going on the auction block. If you have more than one child in the family or a neighbor child is putting in their toys, use different-colored price stickers for each child to track their items sold.

Start with plenty of small bills and change. A suggestion is $5 in quarters, $2 in dimes, $2 in nickels and $20 in $1 bills. Have some sort of a box (a shoebox works well) to put this in, and keep it in your possession at all times. Have your child watch.

To set the price of a garage sale item, children might try asking their peers what they would pay for similar toys and games, or consider what they themselves would be willing to pay. For more expensive items, check eBay or Amazon.com to see what price used items are selling for.

Educators suggest having your child come up with two prices for the item - one written on the price sticker, and the other in their mind, to leave some room for bargaining. Keep prices realistic so the children won’t become discouraged.

You may not want to lower your prices too much for the first portion of the sale; but as closing time draws near, you will find more and more people asking for the lowest price.

On the other side of the bargain, if your child is going to a garage sale and will be a potential buyer, tell them to offer less than the asking price and let the negotiating begin.

Joke gifts for adults are items to look for. Buying in the spring or summer means you aren’t running around in December trying to find something suitable for that white elephant Christmas party the boss has.

Once the sale is over, talk with the children about saving at least part of their cash. Or, they may want to turn over some of their profits to charity.

Children can learn financial facts by hanging around a garage sale, so maybe it’s time to get rid of some of those unused toys and household effects and have a garage sale of your own. Why not host one this spring for your child? Then, when it’s time for Disneyland, your child will know whether they have enough money in their hand.