When my kids were younger I used to keep a bin of toys hidden away in the closet and would rotate toys out occasionally. As you well know, most toys lose their appeal rather quickly and begin collecting dust. By putting them away, they would be out of sight long enough that when they came back out my children would be excited about their 'new' toy.
I just love this concept of toy libraries. The kids would always have something new to play with, without needing to store so many toys in your house. Of course if there was something they always loved and couldn't do without you would be able to buy, confident in its longevity.
I used to go to a play group that had a bring one/take one toy table...along the same lines of the toy library. I'm not sure the best way to implement something like this on a larger level but it is easy enough to implement at mommy groups. I hope this concept becomes more commonplace in the states, I do think it has a lot of potential!
What do you guys think?
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