Updated: [Current Date]
Originally Published: Jan. 15, 2018
Have you ever had that moment as a parent when you feel like you’re truly mastering this whole parenting thing? Your children are mostly well-behaved, they haven’t taken scissors to their hair in ages, and they’ve actually eaten a decent portion of the dinner you prepared. But then you come across a story about a mom who is taking parenting to a whole new level by making her five-year-old pay “rent,” and it leaves you questioning your own methods.
That’s exactly what happened when Sarah James shared her innovative approach on social media. “I MAKE MY 5-YEAR-OLD PAY RENT,” she boldly declared. Intrigued? Here’s the scoop:
Each week, Sarah gives her daughter a $7 allowance. However, she explains to her that in the real world, adults often allocate much of their income to bills, with little left for themselves. To illustrate this, she has her daughter return $5 of that allowance. This breakdown includes $1 for rent, $1 for water, $1 for electricity, $1 for cable, and $1 for food. The remaining $2 can be saved or spent as her daughter sees fit.
As adults, we quickly learn how challenging it is to manage finances. The realization that we must pay utility bills and that groceries, like avocados, come with a hefty price tag can be overwhelming. So, why not impart this wisdom to our kids early on? This method not only teaches them the importance of money management but also fosters a sense of responsibility.
Before critics voice their concerns about letting kids be kids, Sarah emphasizes that she is preparing her daughter for the future. “What she doesn’t realize is that the $5 is actually being saved in an account for her, which she will access when she turns 18,” Sarah explains. “By then, she will have around $3,380 to kickstart her independence. This approach equips her for the real world, and when she sees how high real-life bills can be, she’ll appreciate the lessons even more,” she quips.
This concept mirrors the importance of chores, work experience, and teaching children the value of money rather than indulging their every whim. We aim to raise children who are not only grateful for what they have but are also responsible contributors to society. The journey toward raising well-rounded individuals can begin as early as possible.
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In summary, Sarah James’s approach to teaching her daughter about money management is an innovative way to instill financial responsibility at a young age. By introducing the concept of “rent,” she prepares her child for adulthood while ensuring she understands the value of saving and spending wisely.