A mother has caused controversy online after revealing that she charges her children rent every week.
Milly shared details of her unconventional parenting strategy through a video posted to her TikTok channel, which she often uses to share money-making tips and tricks.
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The mother-of-three revealed that her daughters each receive £5.
They then pay £1 for rent, £1 for food and £1 for utility bills.
Milly has turned her children Stiffany, Jordan and Hannah into budget binders, which they use to track their expenses.
The binders have three labeled pockets, one for rent, one for food, and one for bills, and they put their money in the relevant binders.
Then, on the first of the month, Milly collects their money.
Children put the remaining £2 in 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 that encourages them to save £100.
Discussing why she decided to charge her children rent, Milly said: “We wanted them to learn about expenses and bills in a safe environment and this method has worked wonderfully for us.”
“That’s something the education system doesn’t teach them.”
Milly’s, which was posted under the username @budgetwithmillyit probably struck a chord with a lot of people as it racked up over 592,000 views on the video-sharing platform.
TikTok users rushed to the video’s comments section to share their thoughts, and opinions were divided.
Some have suggested that it’s not fair to charge kids rent, like one user who said, “Seriously, this isn’t right, they’re kids.”
Someone else said: “I don’t know this seems a bit much, can’t they just be kids and when they become teenagers you can start teaching them about money?”
A third said: “I think it’s horrible. There. I said it.”
However, others supported the mother’s rent collection.
One said: “All parents should do this. It teaches them life skills 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 kids about money:
1) Introduce your child to the concept of money as early as possible.
Whether through play or simple observations inside and outside the home – try to look for opportunities to introduce your child to the concept of money.
2) Help your child appreciate the value of money by achieving small goals.
Whether you give your child a small allowance for good behavior — or for doing small household chores like keeping their room tidy — earning a small reward helps 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 specific item, a practical tool you can use to help them think more about how they are spending their money are the three W’s:
What they want?
What is it for?
Why do they need it?
4) Make learning fun through play.
Interactive activities such as counting money, playing shopping or reading a poem or rhyme are tried and tested methods for helping children better understand the concept of money.
The benefits of bringing learning to life through interactive play are multiple 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 represents more than just the physical items they can see – like the weekly grocery shopping – you can share practical examples of your family budget that are easy for your child to understand and understand. can obtain. involved with.
This could be something as simple as allocating a small amount each month for a day out or family activity and then involving your children in deciding what the day off should look like.
6) Help them understand different forms of payment, such as digital and contactless
The next time you talk to your child about money – or play shop – you can try using a range of different payments – including cashless payments such as contactless and card transactions – so that it becomes familiar territory.
Another person said, “I think it’s a great idea to teach kids how to budget ready for adulthood.”
A third added: “I think this is a great idea!”
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