A mother recently gained some popularity on TikTok for a unique parenting hack with the intent of teaching her daughter about the value of earning and saving money. Parenting expert Dr. Deborah Gilboa weighs in on whether having her daughter pay for bills is the best way to do it.
This mom shares that she's teaching her kids the value of money by assigning her 7-year-old daughter chores, and if she completes the chores daily, she gets $7 at the end of the week. Her daughter is then required to pay her bills for living in the house paying a total of $5 for food, water, electric, internet and rent. She shares that her daughter is left with $2 that she can save or spend. Mom then takes the $5 for bills and puts it in a savings account for her daughter who will get the money when she turns 18.
Dr. Gilboa shares that she loves that this mom wants her daughter to think about the money she earns, but likely this 7-year-old is not thinking about what it means to pay her bills. Dr. Gilboa shares that with her own kids she doesn't ask them to pay any household bills, but if her son wants a cell phone she asks him to pay 1/3 of the bill, so her son has to decide does he want a phone, or does he want an extra $10 in his pocket every month.
Dr. Gilboa says that she doesn't agree with paying money for chores, sharing that her kids do chores because they are members of a household, and everyone contributes. "Do you get paid to take out your garbage," Dr. Gilboa laughs, sharing that she does recommend parents give an allowance separate from chores so that they can also learn about money. How much should allowance be? Find out in the video above.