This mum may be on to something!
It may sound odd charging your 5-year-old rent each week. But that’s what American mum Essence Evans is doing with her daughter.
She explains how she wants to teach her child early about money, and that a portion of her allowance each week goes towards rent.
“Every week she gets $7 in allowance," Essence wrote. "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 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."
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And while it sounds like a bit of tough love at age 5, Essence says those weekly payments of ‘rent’ actually get put into a savings account.
"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," she wrote.
"So if she decides to move out on her own she will have $3380 to start off. This strategy not only prepares your child for the real world. When they see how much real bills are they will appreciate you for giving them a huge discount."