Most parents are familiar with the concept of teaching kids to be financially savvy by giving them a weekly or monthly allowance, and then helping them spend the money wisely. It teaches them to save up for big purchases, motivates them to avoid impulse buys and helps them learn the value of money. But one mom from Atlanta, Georgia is taking things a step further. In a post shared on Facebook on January 14, which has since been taken down, Essence Evans wrote that she charges her 5-year-old daughter rent every week.
“Every week she gets $7 dollars in allowance,” Evans wrote in her post. “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.”
Talk about preparing a child early on for the ways of the world!
As one might imagine, people were quick to react to Evans’ parenting approach, with some quick to praise her while others thought the move was too harsh for such a young child.
Great idea. Money has purpose.
— Shaka (@RantRationalUS) January 18, 2018
When do our children get to be children???
— Linda Price (@LGP4july) January 18, 2018
Value of a dollar is one of the most important things you can learn.
— um probablynot (@dislexic96iowa) January 18, 2018
At that rate, can I move in?
— Lance Villarreal (@lancevsfa) January 18, 2018
— Bob A Booey (@BabaBooooey) January 18, 2018
While some were quick to disparage Evans’ methods, this actually seems like a great way to get kids used to real life. Plenty of parents use chores to help teach children responsibility. Evans’ actions simply help teach her daughter that all of the basic necessities in life (food, water, utilities and rent) come at a cost.
On top of that, Evans is using the $5 a week for a good cause. She explained in her post that the money she gets back from her daughter goes directly into a savings account that will be available to her as soon as she turns 18. “So if she decides to move out on her own she will have $3,380 to start off,” Evans explained. “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.”
With the skills Evans’ daughter is accruing, something tells me she’ll end up using that $3,380 super wisely once she reaches 18. And personally, that seems like a great parenting goal to aim for.