Teaching kids the value of money is an important thing. It doesn’t matter how many times we repeat to ourselves that money isn’t the most important thing in the world; in reality, our survival does depend on it. So to avoid seeing your kids making financial mistakes, it’s great to start at a young age.
A mom on TikTok, whose user name is @feliciaraefarley, is doing just that. In a video, she shared her tactics of giving her daughter a weekly salary and then taking money for bills, which she actually puts back in her daughter's savings so that her daughter will see how savings work and learn the value of money. However, not everyone liked this idea and people had mixed reactions.
More info: TikTok
This mom on TikTok shared her parenting hack to teach children the value of money
Image credits: feliciaraefarley
The TikTok user @feliciaraefarley goes by Felicia and she is a mom. On her account, she shares her parenting experiences, inspiration, and just everyday thoughts. One of her videos really blew up. It currently has 7 million views and was liked by 1.7 million people. In this video, Felicia shares a tip on how to teach your children to value money.
The mom gives her daughter chores and pays a salary for them, from which she takes a part for bills
Image credits: feliciaraefarley
Felicia explains that she has some daily chores for her daughter and if those chores are completed every day, the child will get paid $7 at the end of the week. However, the daughter has to pay bills: $5 in total for food, water, electricity, internet, and rent. The she has $2 left and can do anything she wants with them.
A lot of people in the comments were interested to know what kind of chores the mom gives to her daughter and in a different video, Felicia showed an example. She said that she searches for age-appropriate chores on Pinterest and interchanges them so that it won't get boring to do them.
Felicia searches age-appropriate chores on Pinterest and interchanges them to not be repetitive
Image credits: The Crafting Chicks
There are benefits of paying your children to do chores. It surely teaches them financial responsibility without any real consequences yet. They also learn the relationship between money and labor. Of course, it makes them more motivated to do the chores which then can become habits.
But children may get the wrong idea that every task or duty they do must be rewarded. They may not do those tasks if they think they don't need more money or they still have some saved up. So paying children for doing small things around the house should be more educational rather than only about the money.
Image credits: feliciaraefarley
People in the comments were concerned what happens if the daughter doesn't do the chores and if there's some kind of punishment. Felicia makes a video clarifying that it's not the case at all and the weekly 'salary' isn't that serious. The daughter just doesn't get paid for that chore.
The mom was surprised how people could think that she doesn't take care of her child if she misses a day of chores. Felicia reassures her viewers that she stills buys things for her child and she doesn't live off $2 a week.
Also, she mentions a couple of times that her daughter loves doing the chores and they don't take her even 15 minutes to do. Those $2 are just something extra to have of her own and learn the value of money at the same time.
Image credits: feliciaraefarley
The money she takes for bills go to savings and the daughter will get all the money when she turns 18
Image credits: feliciaraefarley
But the thing that made people change their minds and love this idea is that the $5 for 'bills' actually goes into savings and the daughter will be given all the money she earned when she turns 18.
Felicia mentioned in the comments that she started giving chores and paying for them when her daughter was 5, so she has been saving up for her daughter for 2 years now. If we do the math and assume that the kid doesn't miss any days, she will get more than $3,000 for her 18th birthday.
Commentators' opinions were divided; however, the majority were praising the mother for teaching budgeting from a young age. The ones that were doubting this method of teaching were of the opinion that it's too early for a 7-year-old to be thinking about bills. Do you have an opinion on this topic? Share it in the comments!
Many agreed that the mom's idea was great, but there was a significant number of people who were skeptical
