One Georgia mother has gone viral for a Facebook post in which she described how she was teaching her 5-year-old daughter about financial planning.
Essence Evans took to Facebook on January 14 explaining how she gave her daughter $7 allowance every week but required $5 back to pay toward the family’s rent and expenses.
“I explained to her that in the real world most people spend most of their paycheck on bills with little to spend on themselves,” Evans wrote. “So, I make her give me $5 dollars back. $1 for rent $1 for water $1 for electricity $1 for cable and $1 for food.”
Evans’ daughter gets $2 every week that she can spend on herself or use to save.
But the $5 isn’t just used for a symbolic lesson on financial responsibility. Instead, Evans is using it to put aside some money for her daughter’s future.
“Now, 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,” she wrote. “So if she decides to move out on her own she will have $3,380 to start off. This strategy not only prepares your child for the real world. But when they see how much real bills are they will appreciate you for giving them a huge discount.”
Good parenting or unnecessary anxiety?
The Facebook post went viral, with several people weighing in on the idea. Some commenters praised her for teaching her daughter responsibility and for planning ahead for the future, but others weren’t so sure about the idea.
“My father did that with me. I never complained. But when he died. He left me close to $28,000.00 I was shocked,” wrote Jim Koloski, according to WSBTV.
“The mother’s got the right idea about savings but the wrong approach to instill it. A 5YO child shouldn’t be told she has to ‘pay’ for basic necessities like shelter and food. This could set the stage for undue anxiety and fears about her security,” wrote Lyn Powell.
Grio fam, what do you think? Is this good parenting, or is it too early to try to teach a child about money matters?