A Georgia mom is earning high praise on social media for a post about how she's teaching her daughter the value of money.
"I make my 5 year old pay rent," the post on Essence Evans' page reads. Each week, the Georgia mom gives her daughter $7 as an allowance, but, just like you, only a portion of what she makes will go to things she really wants. $5 of the daughter's allowance goes to paying for rent, utilities, and food.
Evans explains why she does this in her post on Facebook that's been shared more than 314,000 times:
I MAKE MY 5 YEAR OLD PAY RENT. Every week she gets $7 dollars in allowance. But I explained to her that in the real world most people spend most of their paycheck on bills with little to spend on themselves. So I make her give me $5 dollars back. $1 for rent $1 for water $1 for electricity $1 for cable and $1 for food. The other $2 she gets to save or do what she wants with.
The 5-year-old is allowed to do what she wishes with the remaining $2. But the true brilliance in Evans' lesson for her daughter, is in what really happens to the $5 she takes from her every week.
Now, what she doesn't know is the $5 is actually going away in her savings account which I will give back to her when she turns 18. So if she decides to move out on her own she will have $3,380 to start off.
Evans says the savings account will be a good way for her daughter to have a headstart in the world when she turns 18 and encourages other mothers to do the same thing for their children.
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' post quickly went viral, with hundreds of parents praising her for her creative solution on teaching her child the value of a dollar.
One parent says she wished her parents had done something similar for her when she was younger.
I think this is absolutely amazing! It is a great way to teach her how the real world works and to get her a little savings account of her own so she has a good start when she moves out or goes to college or whatever she chooses to do! I wish I would have had your advice when my kids were little. They are rotten teenagers now lol. They really aren't too bad but they are a little spoiled and I think this idea would have gone a long way with my kids if i started it when they were 5.
Another parent pointed out that many children don't understand why parents say no when they want something.
Your a fantastic parent! Kids are clueless how things work and yes,they have this sense of entitlement...Good job!
Another person said their father did that for them and only found out after his father passed away.
My father did that with me. I never complained. But when he died. He left me close to $28,000.00 I was shocked. Money still stays in bank cuz I don’t need it. My dad died 25 yrs ago. Then I was paying my aunt. She did the same. Left me 18,000. God bless them. Now I’m doing this with my kids.