Most of us grew up living rent free. Our parents took care of the cost of shelter. We left home before we were saddled with the responsibility of paying rent. Being expected to come up with a large sum of money each month can be an adjustment. But one mom on TikTok shared that she’s getting a head start on preparing her son for the real world, and that includes charging him a nominal fee for rent.
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This mom says her hack has been extremely successful.
The mom, who goes by the name @craftedandcozy on TikTok, shared a parenting hack that has sparked some discussion online. The TikToker shares that in order to teach her 7-year-old financial responsibility, she charges him rent and utilities every month.
“It is something that I’ve incorporated in my household for the past two months and it’s been extremely successful,” she says in the video.
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Her son earns allowance for completing the items on his daily task list.
She explains that her son has a daily task list, which includes things like making his bed, brushing his teeth, cleaning his bathroom, and putting his dirty clothes in the laundry bin. If he completes everything on the list, he receives $1 a day. The list can be adjusted if the mom would like to teach her son a new skill.
"If I see that he's being challenged in any area, for instance, if he gets out of the shower [and] drops the towel right next to the towel hook, it's going on his task list next week,” she says in the TikTok.
He has a fun bucket and a bill bucket.
At the end of the month, he’s responsible for bills. Her son pays for rent, electricity, and the Wi-Fi to use his iPad. To make sure her son allocates his money properly, he has two buckets. One is used for fun and the other is designated as bill money.
Rent costs $5 a month, and electricity and Wi-Fi costs him $2 each. His total expenses each month are $9, or 30% of his income. She displays his expenses throughout the month so he knows what he has to do. The mom says her son has never missed a payment, but if he ever comes up short, she has a plan.
“What I believe I’ll do is give an extension for the next month and then have that conversation at that time,” she says.
She doesn't actually take her son's money.
Although the mom may seem like a strict landlord, her son’s money is actually going to a savings account.
“He’s paying himself. That [bill money] goes to his savings, which he’s going to get one day,” she explains.
Still, there were people who took issue with her approach.
“I’m going to let my kids be kids and teach them that when they get older,” one user commented.
“Those are valuable times to enjoy not be thinking about 'bills,'” someone else wrote.
The mom added that even though she respects everyone’s opinions, these activities make up a very small portion of her son’s very privileged life. She still wants him to learn responsibility.
Someone suggested that if we don't learn financial literacy at home, where will that learning happen?
Others agreed that the hack was brilliant.
“This may seem extreme to some but financial literacy is not taught in school so where is it going to be taught? At home! This is a good way to start,” one TikToker shared.
We can’t think how these rules and responsibilities could cause any type of significant damage. And there are certainly more than a few adults who could have benefited from this type of instruction. Does this seem like something you’d implement in your home?
