Sean Astin's character's name is Michael. This is the same name of the character he played in The Goonies. In the beginning of the movie, when Michael is telling the other kids about a story, the older cousin stops him and verifies that the story isn't going to be about that time Michael and his friends found an old pirate ship in a cave which is the premise of The Goonies.
The story about the monster in the bathroom was actually a short film that was made by writer/director Brian Peck in 1985. All the other stories were filmed in 1990.
When Gordy Belcher's TV is switching channels on it's own, Kirk Cameron and Tracey Gold are seen playing their characters of Mike and Carol Seaver from Growing Pains (1985). Jeremy Miller, who plays Brad in this movie, was Ben Seaver on Growing Pains (1985).
The popular Garbage Pail Kids stickers of the 1980's are seen in the bathroom scene of the Elementary School.
You can see a "Weird Science" poster on the wall of Goody Belcher's bedroom wall when he's taking the flies off the fly strip in his bedroom. Michael Bower had a guest spot on the "Weird Science" TV show.