Why this mum makes her 5-year-old pay ‘rent’

A genius hack for teaching kids about money - or is she just a bit too young?

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Here at MFM HQ, we know that issues around money and kids – pocket money, doing chores for cash, and teaching your kids the value of money – can be real talkers.

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Many of you loved Elton John’s 3-jar pocket money rule – and now social media’s been kicking up a storm over mum Essence Evans’s ‘rental’ charge for her 5-year-old daughter.

Here’s what she said in a recent Facebook post:

“I MAKE MY 5 YEAR OLD PAY RENT. Every week she gets $7 dollars in allowance [that’s just over £5 in UK money].

“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. 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.

“So if she decides to move out on her own she will have $3,380 to start off. 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 

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“SHARE THIS ON YOUR TIMELINE FOR ANOTHER MOTHER TO SEE.”

Hmmm – a very interesting concept.

The response

Now it has to be said – views on Essence’s ‘rent’ rule were definitely split.

Some LOVED it: “All parents should teach their kids how to save and stop buying everything they see, because parents won’t live forever,” said one fan. “They have to prepare kids for the real world.”

Another agreed: “Been trying to find a way of giving my boy some pocket money!! Now I have one!! 

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🙂 although I’ll probably do it once a month, rather than a week. But thanks very much! 
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:)”

Though others weren’t so sure, one saying: “Give me a friken’ break she’s only 5! I can see her maybe understanding at 10 years old.

“She has to understand grown ups and a way of life of yeah sure, paying bills – but not at 5 years old, are you kidding me?!”

And another agreed that it might be a bit young to start learning lessons about rent and bills:

“Agree with this but I would say 5 is a little young. My son is 13 and looking for a paper round, to do it to his age I fully agree with – but man, let a 5 year old be a kid x”

What do you think?

Hmmm – this one’s turned out to be quite the talker. But where do you stand? Is 5 the right age to start teaching kids about the ‘real world’ when it comes to money – or just a bit young?

Tell us in the comments below or over on Facebook

Source: Essence Evans on Facebook

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