Giving your L.O. an allowance is one way to help them start building their financial skills from a young age. But one mom has decided to take the parenting strategy one step further -- by giving her 5-year-old daughter an allowance and then making her "pay rent." At first blush, the concept sounds a bit kooky, sure, but mom Essence Evans' ratioanle offers clarity to the parenting strategy, which she explained in a now viral Facebook post.
Evans took to Facebook on Sunday, January 14, writing, "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 proud mom went on to share that the funds her daughter pays toward "rent" and "bills" is actually going to a completely different cause. "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," Evans wrote. "So if she decides to move out on her own she will have $3,380 to start off."
She concluded with a humorous twist, "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," going on to encourage followers to "SHARE THIS ON YOUR TIMELINE FOR ANOTHER MOTHER TO SEE."
The reaction to Evans' post has been mainly positive. One commenter wrote, "“You are brilliant for teaching this to your child in this way!! I have done similar with my kids, and I am now the proud parent of 2 young ladies who know and respect what they can earn more than something given to them.” Others expressed a bit of skepticism, like one commenter who said, "I like the concept but personally couldn’t do it. I think let them be children for as long as they can and enjoy the experience. Maybe think about this from age 12/13."
With the post having racked up over 315K shares and more than 225K reactions, seems like the majority of parents who've read Evans' post are on-board with the concept -- no matter how eyebrow-raising it may initially seem!