These days we regularly hear of all kinds of crazy things that young parents are doing to raise their children that make us shake our heads. At first glance, we might just assume the same about THIS STORY. Evidently, this mom by the name of Essence Evans makes her five year old daughter pay rent. “Pay rent” you say, “that’s outrageous!” Before you rush to call social services on this mom, she has a reason…and a very good one at that.
Each week, Essence Evans gives her little daughter $7 in allowance, and then she asks for $5 back for “rent”. After the fee is collected, her daughter is free to do whatever she wants with the leftover two bucks. The best part? The rent that Essence is collecting is actually going into a savings account in her daughter’s name. She plans on giving the money to her daughter on her 18th birthday, so that when she does leave the nest to go pay real rent, she’ll have a nice amount of cash saved up to start off with. How smart is that?
Essence explains in her Facebook post: ” 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.”
So basically, Essence took the idea of putting away money for her child’s future and turned it into a weekly teaching moment for her daughter. By the time her daughter reaches adulthood, her money management skills are sure to be ahead of the crowd.
I don’t know about you, but I wish I would have thought of that when my kids were little. If you have kids that are young, maybe you can start doing this very soon.
Bravo Essence Evans, you’ve inspired us all!