Would you charge your 5-year-old rent? That’s the question that thousands of parents are asking themselves after reading Essence Evan’s Facebook post. Instead of giving her daughter $7 to save or spend each week, Evans has come up with a system to teach her daughter about budgeting. She’s explained to the child that in the real world, people have to work in order to pay rent, electricity, water, cable, and food. She wanted her child to understand that each of these necessities costs money. While mom is paying for them, she wants her daughter to understand what it means to contribute to the daily life of the family. Each week, her daughter pays $5 towards rent and living expenses. But as with most things shared on the internet, people quickly found fault in her method.
She went on to explain that she’ll be saving those $5 payments until her daughter is 18. By then, she predicts that she’ll be able to give her daughter a grand total of $3,380 to put towards a deposit on her own apartment on top of any money she has saved and worked for. It’s not a terrible idea, most parents agreed, but many think that she could be doing more.
On top of saving the $5 each month, she should be teaching her daughter about investing, many wrote in the comments of her viral post. Since she plans to keep the $3,380 in an account for her daughter, she might as well use it as a teaching tool for interest rates and planning for the future.
Others think that this mom should have simply “let the girl be a kid” while she still can instead of making her worry about finances, but Evans is having none of it. She is certain that teaching her daughter about financial responsibility at such a young age will help her make smarter decisions in the future.
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