A young mother named Essence Evans recently posted on Facebook that she charges her five-year-old daughter $1 each for rent, utilities, food, water, and cable out of her weekly $7 allowance. The remaining $2 is the child’s money to spend however she wishes. The $5 that Evans takes for “bills” actually goes into a savings account she’ll give to her daughter when she turns 18.
The internet went berserk. Some people loved this idea, while others thought it took things too far. Whether you agree or disagree with the method, something has to be said for the initiative Evans is taking to teach her young daughter money management and the value of a dollar.
Should you follow her example and charge your little ones “rent?” Here are five important lessons you’d be teaching them by having them “pay bills.”