Why This Mom Makes Her 5-Year-Old Daughter Pay ‘Rent’

She's given $7 every week as an allowance.

It's never too early to teach kids about money — and how to spend it. This mom is starting her child's financial education at just 5 years old and her method is brilliant. 

Essence Evans recently wrote a Facebook post which details why she asks her daughter to pay "rent." Every week, Evans gives her 5-year-old a $7 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," 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. The other $2 she gets to save or do what she wants with." 

Worranan Junhom / Shutterstock.com

What her daughter doesn't know is that the $5 she gives her mom each week is actually going toward her future. Evans is putting it away in a savings account for her daughter that she'll give to her once she turns 18. 

"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," Evans wrote. "But when they see how much real bills are, they will appreciate you for giving them a huge discount."

The strategy helps to teach her daughter about the value of money, responsibility, and, ultimately, the importance of saving. It might just make them appreciate what they have, and make informed choices once they're the ones paying for rent, utilities, and groceries. 

Cover image via artpixelgraphy Studio / Shutterstock.com 

(H/T: Scary Mommy


Subscribe to our newsletter and get the latest news and exclusive updates.