Making A 5-Year-Old Pay Rent????
@danishcanadian (28955)
Canada
January 19, 2018 12:49am CST
In the past couple of days, a very interesting story has been circulating on American news programs. A mother in the United States gives her 5 year old daughter $7 a week, but makes the kid give $5 back to her, to teach the child about paying bills.
$1 Rent
$1 food
$1 water
$1 cable
$1 Electricity
the child can save or spend the remaining $2 any way she wants.
Personally, I think this is a wonderful idea!!! hearing the lead-up headline can be rather shocking, much in the same way as my headline on here probably made you click on this to see what it was all about. However, now that I know exactly what it is all about, I think it's absolutely great!!! As a 5-year-old in 1987 I only got around 25 cents a week. 30 years later, $2 seems only fair. Also, this will teach the child to understand that when she earns money, she will have financial obligations as an adult. Some say let kids be kids, but I think this is a gentle way of teaching a valuable lesson. What's more, the $5 the child gives back to the mother every week will be deposited into a savings account that will be presented to the child when she turns 18.
What do you think of this idea? Why or why not?
9 people like this
12 responses
@danishcanadian (28955)
• Canada
19 Jan 18
Yeah! They won't be so shocked when they get out on their own. I've heard of a lot of young people getting jobs, and just spending everything, not having a reason to save. This would instill the idea in them early.
2 people like this
@BarBaraPrz (47670)
• St. Catharines, Ontario
19 Jan 18
Back in the 60s, I had a friend who got a whopping 50¢ a week allowance, but with the stipulation that she had to put half of it in the bank.
1 person likes this
@danishcanadian (28955)
• Canada
19 Jan 18
That’s absolutely brilliant!!! I love that idea.
1 person likes this
@BellaDoc (762)
• San Diego, California
19 Jan 18
When I saw your headline, I thought to myself...wow - even I wouldn't do that. However once I read your explanation and the break-down, I thought "perfect - now to convince my husband of this for our almost-eight year old".
EDIT: However, the child should have more to ensure there are pots for saving, investing and giving. Life is not just about bills etc now, but also what our life will be in the future, and also others' lives.
1 person likes this
@danishcanadian (28955)
• Canada
19 Jan 18
I came up with that headline on purpose. Worked perfectly!!!!!
Good idea in hiving and investing. With what things cost, she’sneed around $11 or so to do all they, but I see your point.
@gimitchelray (244)
•
19 Jan 18
My wife read this story to me earlier today and I also think it's a good idea. I wish my parents would have done this for me. It would be great to have parents that get their children ready for the real world so they're not completely lost when the time comes for them to be on their own.
2 people like this
@danishcanadian (28955)
• Canada
19 Jan 18
I totally agree. My parents raised me in such a way that I can relate to the values of the1930s. We didn’t have the financial troubles of the 30’s, but we got the values.
1 person likes this
@KrauseHome (36447)
• United States
24 Jan 18
Excellent idea. We would have less Lazy kids as they become Teens and young adults this way, and they in turn would be more ready financially for College and life. Smart parents
@scarlet_woman (23463)
• United States
19 Jan 18
my folks never charged me rent-but i did have to work my butt off to get an allowance..
@danishcanadian (28955)
• Canada
19 Jan 18
That’s also away to learn responsibility.
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
19 Jan 18
An outstanding idea and more parents ought to do it. Unfortunately most kids today thing they 'deserve' to get money and not have to do a thing for it @danishcanadian . If you ask them to take out the trash, you'd think you were asking them to cut their arm off.
@paigea (36315)
• Canada
21 Jan 18
I think it is a fine idea. I appreciate everything my father taught me about money.
He didn't give me cash for my allowance. I had to enter it in my "accounts" book, and add it to my balance. When I wanted to spend my money, I had to withdraw it by entering that withdrawl in my account.
He would point out what I had accumulated and ask if I really wanted to waste my money on junk.
I didn't have to pay for any household stuff, just extras.
.
I didn't have to pay for any household stuff, just extras.
.
@kobesbuddy (78871)
• East Tawas, Michigan
19 Jan 18
This is a pretty young age, to start teaching a child about financial responsibility. I'm not sure if this child will comprehend exactly what's going on, but it's definitely worth a try. It surely can't her them, in any way.
