A savvy mom is teaching her five-year-old daughter the importance of money by making her ‘pay rent.’
Essence Evans took to Facebook to share that she takes the majority of her daughter’s allowance for ‘rent.’
But in truth she is secretly tucking the money away in a savings account for her little girl.
Essence believe she is preparing her little one for the real world.
‘I make my five-year-old pay rent,’ Essence wrote online.
‘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.’
‘I make her give me $5 dollars back. $1 for rent $1 for water $1 for electricity $1 for cable and $1 for food,’ she said.
After her ‘bills’ are paid, Essence’s daughter can choose to save the remaining $2 how she pleases.
‘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,’ Essence explained.
‘So if she decides to move out on her own she will have $3,380 to start off.’
Essence believes her daughter will be grateful to her in the long run for teaching her the value of money.
‘When they see how much real bills are they will appreciate you for giving them a huge discount,’ she noted.
Essence ecouraged other parents to start doing the same thing with their own children.
The Facebook post has been shared more than 320,000 times.
Thousands of people have praised the mom for teaching her daughter about money at an early age.
‘You are brilliant for teaching this to your child in this way!’ Melissa Thomas wrote.
‘I have done similar with my kids, and I am now the proud parent of two young ladies who know and respect what they can earn more than something given to them.’
However others worried Essence’s strategy was putting unnecessary stress on her daughter.
‘Its YOUR job to raise your child,’ Stacey Branan Taylor commented.
‘Put the money in a savings account if you want, but no child should be made to feel that they should pay for what a parent should provide.’