One mom is teaching her 5-year-old daughter about responsibility and the value of money by charging her rent.
Essence Evans of Atlanta, Georgia used social media to share her approach to teaching her child valuable lessons. In her post, she explained that her 5-year-old daughter gets $7 a week in allowance for the chores she does around the house. However, her child does not get to keep all the money. Each week, Evans’ daughter pays her mother $5 for ammenties like rent, water, electricity, cable, and food.
It is all part of her approach to teach her daughter responsibility and the value of a dollar. She explained that in the real world most of a person’s paycheck goes to necessities and bills. Evans wants her daughter to clearly understand this fact before she becomes an adult.
While she started this to teach her daughter some life lessons, there is a method to her madness that will benefit her daughter financially when she is older. Each week Evans puts the $5 she gets from her daughter into a savings account in the child’s name. Essence is not using the money, she is saving it so that her little girl will have a financial cushion when she starts her life as an adult.
“This strategy not only prepares your child for the real world. But when they see how much real bills are, they will appreciate you for giving them a huge discount,” Evans wrote in her Facebook post.
Although it may sound like an idea that will help Evans’ daughter, not everyone on Facebook agrees with her tactics. Most commenters were ok with what Evans is doing, however some disagree with her starting while her daughter is so young. People voiced concern about how the child will view money as she grows older.
“She wants to ensure that her five-year-old grows up understanding how money works. But I wonder if there will be some unintended consequences resulting from her decision to charge her child token amounts for rent and other household expenditures, starting at the tender age of five,” parenting expert Ann Douglas told Global News.
Essence Evans is charging her 5-year-old daughter rent to teach her responsibility. What do you think of her approach to teaching her child an important life lesson?