Mum makes her 5-year-old daughter pay rent for the best reason

Do your kids get pocket money? Would you consider taking some of it back each week?

Teaching children good spending and saving habits is important and this mum's hack to show her little one the value of money is genius. Essence Evans, a mum from the US, shared on Facebook this week that she gives her five-year-old daughter $7 in allowance each week but makes the little girl give back some of it as 'rent'. "I explained to her that in the real world most people spend most of their paycheck on bills with little to spend on themselves," she wrote. "So I make her give me $5 dollars back. $1 for rent $1 for water $1 for electricity $1 for cable and $1 for food. The other $2 she gets to save or do what she wants with." Taking money off a five-year-old might seem a little mean but what Essence's daughter doesn't know is that her mum isn't really putting the money towards household bills. "The $5 is actually going away in her savings account which I will give back to her when she turns 18. "So if she decides to move out on her own she will have $3,380 to start off. "This strategy not only prepares your child for the real world. But when they see how much real bills are they will appreciate you for giving them a huge discount!" How brilliant is that? Not only will she have a serious savings fund but we bet that little girl will grow up with a serious appreciation for every penny she has, thanks to her clever mama.