Mum sparks furious debate online after she revealed she teaches her daughter the value of money by making her pay money towards the household bills.
A mother has sparked a fierce debate online after she revealed that she teaches her daughter the value of money by making her pay money for the household bills. The woman, who remains anonymous, took to TikTok to explain that her daughter is expected to contribute to the family’s living expenses.
She added that her daughter is also required to do chores around the house in order to earn her allowance. Supporters of the woman’s approach argue that it is a good way to teach children the value of money and the importance of budgeting.
However, critics argue that it could put unnecessary financial pressure on young children. What do you think? Is this a good way to teach kids about money, or is it too much too soon?
Posting on TikTok she said: “Every week my daughter has a list of chores. If those chores were completed daily she will get $7 at the end of the week.”
She is then required to pay money towards the bills for living in the house, Felicia explained.
How much she charges
She goes on to explain how much she expects her young daughter to pay for the weekly bills.
“$1 for food, water, electricity, internet and rent – so in total, she pays $5 for bills.
“She has $2 leftover which she can keep and save or spend.”
Felicia then takes that $5 and puts it into a savings account for her daughter so that when she turns 18, she’ll know that she earned all of that money herself and learn the value of money.
She explained that she only makes her child do “age-appropriate chores” that she has found on Pinterest.
These jobs include vacuuming, cleaning toilets, taking out the bins, meal prepping, making her bed every day and picking up after herself.
The reaction was very mixed
Since being posted, the video has attracted over 1.6 million reactions and more than 10,000 comments from divided users.
Whilst some people loved the idea, others thought her little girl was “too young to be paying for a life she didn’t ask for”.
“That’s cute and all, but your kids are way too young to be paying for a life that they didn’t ask for. You’re supposed to provide for your children.”
One person said: “I wish my job paid this much.”
Another wrote: “This is actually genius… I turn 18 March 1 and still know nothing about proper finances and have had to learn from minor mistakes.”
How young is too young to start learning about money and financial responsibility?
Many adults find themselves struggling with money and financial responsibility, so it’s no surprise that there is a lot of debate about when children should start learning about these topics. Some believe that young children are not capable of understanding the complexities of financial responsibility and that they should wait until they are older to start learning about money.
Others argue that the earlier children start learning about money, the better equipped they will be to make sound financial decisions later in life. There is no easy answer, and ultimately it is up to each parent to decide when their child is ready to start learning about money. However, there are a few general guidelines that can help parents make this decision.
- First, consider your child’s maturity level. If they are able to understand and follow simple rules, they may be ready to start learning about money.
- Second, think about your own financial situation and whether you feel comfortable discussing it with your child. If you are comfortable talking about money, your child is likely ready to start learning about it as well.
- Finally, consider what resources are available to you. If you feel confident in your ability to teach your child about money, then you can start whenever you like.
However, if you are not sure where to start, there are many excellent resources available online and in libraries. Ultimately, there is no wrong time to start teaching your child about money and financial responsibility. The important thing is that you begin when you feel comfortable and have the resources necessary to provide a thorough education.
Why you should be investing in your child’s future
While it may sound extreme, what this mum is doing really does make sense.
Growing a “nest egg” now for your children’s future really could make a world of difference for them later on in life.
It could even…
- help them with a home deposit
- assist with education costs (private school or uni)
- give them better choices in later life
- allow them to start a career or business they always dreamed about
We recently shared some great tips on ways to encourage kids to save money – check them out here.
It’s never too early to start thinking about your child’s future. After all, the decisions you make today will have a profound impact on their future wellbeing. One of the most important things you can do is to start investing in their future. This can take many forms, but one of the most important is to begin saving for their education.
Even if you’re only able to put away a small amount each month, it can make a big difference down the road. Another way to invest in your child’s future is to make sure they have access to good quality health care. This includes regular checkups and vaccinations, as well as dental and vision care.
By making these investments now, you’ll help ensure that your child has every opportunity to grow and thrive.