Teaching kids about money is just one piece of the puzzle. So when it comes to teaching kids about money we need to be patient and understanding for everything to fall at the place.
Talking to and teaching kids about money isn’t an easy task for parents.
But one mom on Facebook has shared her method, and it’s taking the popular social media site by storm.
In her post, which has been shared more than 300,000 times, the mom, Essence Evans, talks about how she’s turned her daughter’s allowance into a lesson that will “prepare her for the real world.”
“Every week she gets $7 dollars in 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 in the Facebook post. “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.”
The $5 is actually going into a savings account for the girl, which Evans said she’ll give to her when she’s 18.
While I applaud this mom for actively seeking opportunities to give her daughter a good start, I don’t personally agree with the method. I feel it’s too complicated for a 5-year-old.