I charge my kids rent each week – trolls say it’s ‘not right’ but I’m just teaching them about real life
A MUM has caused controversy online, after revealing that she charges her children rent each week.
Milly, shared details of her unconventional parenting strategy via a video posted to her TikTok channel, which she often uses to share money making tips and tricks.
TikTok/@budgetwithmillyMilly gives her kids £5 each week[/caption]
TikTok/@budgetwithmillyEvery month, they are charged for rent, food and bills[/caption]
The mum of three revealed that each her daughters get given £5.
They then get charged £1 for rent, £1 for food and £1 for utility bills.
Milly has made her youngsters Stiffany, Jordan and Hannah, budget binders, which they use to track their outgoings.
The binders have three labelled pockets in them, one for rent, one for food, and one for bills, and they place their cash in the relevant binders.
Then, on the first of the month, Milly collects the money from them.
The children place the remaining £2 into a separate pocket, for their savings.
Milly said that to make saving “fun” she has created little challenges for her daughters, such as giving them another binder which encourages them to save £100.
Discussing why she has decided to charge her kids rent, Milly said: “We wanted them to learn about expenses and bills in a safe environment and this method has worked amazingly for us.”
“This is something the education system won’t teach them”.
Milly’s, which was posted under the username @budgetwithmilly, has likely struck a chord with many people, as it has racked up over 592,000 views on the video sharing platform.
TikTok users raced to the video’s comments section to share their thoughts, and opinions were divided.
Some suggested that it is not fair to charge children rent, such as one user who said: “Seriously, that’s not right they are children.”
Another person said: “I don’t know this seems a bit too much can’t they just be kids and then once they become teenagers you can start teaching them about money?”
A third said: “I think it’s awful. There. I said it.”
However, others were supportive of the mum charging rent.
One said: “Every parent should do this. Teaches them life skills for when they get older.”
Talking to your children about money: Six tips to follow
PSYCHOLOGIST Emma Kenny shares her top tips for talking to your children about money:
1) Introduce your child to the concept of money as early as possible.
Whether it’s through play or simple observations in and outside of the home – try to look for opportunities to introduce your child to the concept of money.
2) Help your child appreciate the value money by reaching small goals.
Whether you give your child a little pocket money for good behaviour – or for doing small chores around the house, such as keeping their room tidy – earning a small reward helps to bring a sense of satisfaction when they finally reach that all important goal
3) Try using the three “w’s” to show them why we use money.
When your child asks for a particular item, a practical tool you could use to help them think more about how they are spending their money is the three W’s:
What is it they want?What is it for?Why do they need it?
4) Make learning fun through play.
Interactive activities, such as counting money, playing shop or reading a poem or rhyme, are tried and tested methods of helping children to better understand the concept of money.
The benefits of bringing learning to life through interactive play are multi-fold and include children becoming better problem solvers.
5) Show how money can be budgeted and spent in different ways.
To help your child understand that the family budget accounts for more than just the physical items they can see – such as the weekly food shop – you could share practical examples of your family budget, that are easy to understand, and that your children can get involved with.
This could be something as simple as allocating a small amount each month to a family day out or activity and then involving your children in deciding on what the day out should be.
6) Help them understand different ways to pay, such as digital and contactless
When you next talk to your child about money – or play shop – you could try using a range of different payments – including cashless payments such as contactless and card transactions – so it becomes familiar territory.
Another person said: “I think this is a great idea teaching children how to budget ready for adulthood.”
A third added: “I think this is a great idea!”
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