Would you charge your five-year-old RENT...?

MSE_Kelvin
MSE_Kelvin Posts: 340 MSE Staff
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'Here at MoneySavingExpert.com we're all about the importance of financial education. But one American parent's approach has prompted fierce debate.

'A Facebook post by Essence Evans, from Atlanta in Georgia, is currently going viral. Written on Sunday, it now has more than 300,000 shares and counting; and it's all because of her novel approach when it comes to pocket money...'

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Comments

  • onlyroz
    onlyroz Posts: 17,661 Forumite
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    I think there are better ways to teach your kids about money management. So give them a reasonable allowance but tell them what they are expected to buy with it. E.g. don't buy them sweets, comics, ice-creams etc. This comes from the allowance.

    They need a pair of trainers - you agree that they can have a basic pair but if they want something fancy then the rest must come from their allowance. They want some expensive toiletries (Aldi shampoo not good enough?) - then they pay the extra themselves.

    If they want more money then give them odd jobs around the house. Or perhaps link their pocket money to academic attainment. In our house one school "house point" is worth an extra 50p. A good grade in a school project might be worth more.

    And if you go on holiday perhaps give them (say) £20 extra - but when it's gone it's gone.
  • No.

    Ridiculous idea.
  • Pollycat
    Pollycat Posts: 34,637 Forumite
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    No.

    Ridiculous idea.

    +1 to this ^^^^>

    Someone clearly wants their 15 minutes of fame. Silly woman.
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    A 5 year old? Hell no.

    The women has perhaps the right idea - that you should prepare your kids for adulthood (rather than todays common approach of doing everything for them/making excuses for them then wondering why they're not a sensible adult the day they turn 18), but it needs to be relative to their age. So at 5 you can perhaps have your kids help with the dusting/making sure they clean up after themselves to earn pocket money.

    I wouldn't even find it that bad if perhaps she gave her an allowance every month for toys and was teaching her daughter how many weeks/months she would need to save to buy x toy and did that seem like good value for money. But charging your 5 year old rent off pocket money just seems OTT.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • Marvel1
    Marvel1 Posts: 7,170 Forumite
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    What’s more, there’s an added bonus in store for her daughter. What Essence hasn’t told her is that the $5 she’s paying each week towards rent and household bills is actually getting stashed away in a savings account, so that when she turns 18 she’ll have at least $3,380 (£2,443) to get her started “in the real world”.

    Not really teaching her anything.
  • pollypenny
    pollypenny Posts: 29,393 Forumite
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    As stupid as her name.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
  • Definitely better ways to educate young ones about the value of money...
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  • God no , there's a time and a place for teaching things like this and 5 years old is not that time.
    What an absolutely ridiculous idea.
    Cant even get my head around someone thinking it is! :eek:
    ,
    Fully paid up member of the ignore button club.
    If it walks like a Duck, quacks like a Duck, it's a Duck.
  • lincroft1710
    lincroft1710 Posts: 17,611 Forumite
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    It's probably as sensible as threatening to charge MSE Kelvin and all the other MSEs £1,000,000 each for starting these ridiculous threads!
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Kim_13
    Kim_13 Posts: 2,382 Forumite
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    Madness. Especially the $1 for cable (I assume this is paid for TV, same as the UK.) If so, how does she know that the child wouldn't opt for free alternatives given the choice?
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