Just read about a great idea in the comments section of Hyperbole and a Half. When the woman was a kid, her big sister installed a Monster Beeper (tm) for her. This device will beep whenever monsters are anywhere near it. As long as there is no beeping, there are no monsters. She writes that she slept very well after getting her Monster Beeper.
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Obviously, this would work best if your kid isn't the type to search their room to try to find the Monster Beeper.
