A mom’s Facebook post has unexpectedly gone viral after she proudly declared that she makes her daughter pay rent. In the post, Essence Evans explained that, each week, she gives her daughter $7 for allowance. Nothing out of the ordinary there. But in order to help her daughter understand the world of adult finances, she takes $5 back to account for rent, water, electricity, cable, and food. This allows her little girl to still have $2 a week while teaching her the fact that most of the money people make through work doesn’t stay in their bank account for very long thanks to rent, groceries, bills, and all those other necessities society demands.
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…
While she may be taking $5 away from her daughter every week, Essence isn’t keeping that money for herself. Instead, she is putting it into a savings account and will be giving all of the money to her daughter when she turns 18 so she can use the $3,380 saved to get her start in the real world.
Making a child pay rent may sound a bit nutty at first but Essence’s approach is a novel way for to teach her daughter an important lesson about money. Most young adults in America are often ill-equipped to understand their finances when they enter the real world, plunging them into debt. It’s important for parents to find ways to teach their kids how to maintain proper financial health, or else their credit score will pay the price.