It’s always important to teach children the value of a dollar. And although money isn’t everything, we all need to have some funds for essential things such as food, shelter, and clothing. To avoid any financial heartache, it’s good to start learning these principles at a young age.
In a TikTok video captioned “Parenting Hack”, Felicia Farley divulged some tactics that she is using to help her 7-year-old daughter understand the concept of money.
“Every week, my daughter has a list of chores,” Farley begins. “If those chores were completed daily, she will then get seven dollars at the end of the week,” she continued.
So with her daughter’s weekly salary of seven dollars, she collects five dollars of that money for bills. This includes rent, food, electricity, water, and electricity. Her daughter then has two dollars left over to do what she pleases with it.
The five dollars is actually put into her daughter’s savings account to teach her how savings works and why it’s essential to save your money.
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Smart! Here’s what some people had to say in the comments.
Others were interested in knowing the types of chores that she had her daughter do for the money. In a recent video, Farley showed an example of her searching for age-appropriate chores on good old Pinterest and switches them up from time to time so that it’s always engaging.
Farley also reassures that the chores her daughter completes, such as cleaning her room, takes approximately 15 minutes or less. However, it’s worth knowing that when children do these tasks, they may get the wrong idea that every task they complete should come with a reward, but getting paid for small things is fine.
Naturally, some people still believed that it takes away from childhood. So in a clarifying video, Farley explained that if her child does miss a day of chores, she just won’t get paid for that day.
She was also flabbergasted that people could assume that she doesn’t take care of her child. Farley also states that she still buys things for her daughter and that her child isn’t living off two dollars a week. The money is just for her child to have some extra cash while learning financial values.
Eventually, what made people have a bit of a change of heart in the comments was that the idea of bills is actually a way for Farley to put the money into savings which will be given to her daughter when she turns 18, which will be a good chunk of change saved up.
There are benefits to giving your children an allowance to do chores. It’ll teach financial responsibilities without real-life consequences of debt. It also acts as a way to ensure that they’re doing their chores while also motivating them to work hard.