Many parents try to instill really important life lessons in their children from an early age. Many parents like to teach their kids the “value of a dollar” and how to save and budget so that when they’re older, they are financially savvy.
In today’s day and age, money management can be hard.
Many kids grow up with a lot of financial struggles as college has become more expensive and in many cities, the price of rent is on the rise.
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Teaching children money and financial independence is a valuable life skill.
Many parents think that teaching their kids lessons about money is incredibly important and can help them out down the road.
Recently, one mom on TikTok opened up about how she teaches her daughter about money management.
Felicia Rae Farley says that she charges her seven-year-old rent. At first glance, many people. on TikTok were outraged. But, after hearing the full story, they were inspired.
The mom says she pays her daughter for doing her “household chores.”
“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 said.
Out of her money, Farley then charges her for her “household needs.”
Farley charges her daughter a dollar for food, water, electricity, internet, and rent. That totals up to $5 in bills.
Her daughter keeps her leftover $2 for whatever she wants.
“She has $2 left over, which she can keep and save or spend.
I then take that $5 and put it into a savings for her, so that when she turns 18 she can learn that she made all that money on her own and know the value of money,” the mom said.
Many people online had mixed feelings about Farley’s plan.
Some said that kids shouldn’t be worrying about bills and finances and should “just enjoy being a kid.” Many said that $5 seems like a lot for all of those things parents “should be providing” for their children.
Some were skeptical at first.
Some were saying it was “harsh” until they found out that Farley was putting all the money into a savings account for her daughter.
Others, who had no budgeting or financial knowledge, loved it.
Others said that their parents “never taught them” the financial lessons they needed in their life and are now still not sure about how to manage their finances. So, they thought this was an incredible lesson from Farley.
What do you think? Do you think it’s smart parenting or too harsh?
