Teaching kids the importance of money is vital. No matter how many times we say money isn’t the world’s most important thing, our existence is controlled by it. Therefore, to help refrain our children from creating financial mistakes, it’s best to start at their early stages of life.
A mom going by the username @feliciaraefarley started doing that. In a video, she shows us how she pays her daughter a salary each week and then asks money for bills. Actually she returns the money back into her daughter’s savings, so she will also learn how to save and learn money’s value. Some disagreed with her idea and therefore everyone had different reactions towards it.
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This mom used tik tok to teach other parents on how they can help children learn the value of money
This mom whose name is Felicia goes by her username @feliciaraefarley on tik tok. She uploads inspiration, parenting experiences and just everyday thoughts on her account. One of her videos gained extra attention that has 7 million views and 1.7 million likes. In that specific video, Felicia promotes how you can teach your children to value money.
The mom’s daughter was given chores and a salary payment for them, which some of it she gets for bills.
Felicia assigns her daughter with some daily chores and if she finishes those chores everyday she would get paid. She is paid 7$ at the end of each week for her work. Anyway the daughter will have to pay the bills. 5$ from her salary has to be for electricity, water, internet, rent and food. She can do anything she wants with the remaining 2$.
Many people were curious to know the kind of chores the mom gives her. So, in another video Felicia showed everyone an example. She revealed that she finds chores suitable for her daughter’s age using Pinterest. She also said she shuffles them, so it won’t get boring for her.
Felicia finds chores suitable for her daughter’s age using pinterest and interchanges them to not be repetitive.
There are advantages of paying your children to do chores. They will learn financial responsibility without having to deal with any real consequences. They too can learn the bond between labor and money. Certainly they will become more motivated to do chores which later can become habits.
But children may start to think that every work needs to be rewarded. Children may also not perform tasks if they aren’t getting paid or if they have saved up. Therefore paying them for doing chores around the house must be more educational than only chasing money.
People who commented were also curious to what happens if the daughter carries out the chores. They also wanted to know if there will be some sort of a punishment. To clarify Felicia makes a video to show that it’s not the case. She added that the weekly ‘salary’ isn’t that serious. The daughter just doesn’t get paid for chores.
The mother was surprised as to how people could think she wouldn’t take care of her daughter if she misses a day of chores. Felicia tells her viewers that she still buys stuff for her child, so she won’t have to depend on $2 a week to live.
She also mentions a number of times that her daughter takes pleasure in doing chores. According to Felicia her daughter takes only 15 minutes to do them. The 2$ she gives are something additional to have of her own and learn money’s worth the same time.
The money she gets for bills falls into savings and the daughter will receive all the money when she becomes 18
One thing which made everyone’s mind change was the $5 that falls into savings. The daughter will get back all the money she worked for once she becomes 18.
Felicia stated in the comments she began to pay for the given chores when her daughter was 5. Uptil now she had been saving up for her daughter for 2 years. If the child doesn’t miss any work days she will have $3000 with her for her 18th birthday.
Even though there were mixed opinions from the people who commented, most of them applauded Felicia. She received praise as she was teaching her child financial management from a small age. People who criticized this teaching method said that it’s too early for a 7 year old to think about bills. What is your opinion about this topic? Share with us in the comments!
Many praised the mom for her idea while some were skeptical about it.