A parenting expert has revealed why you should never give your child money for cleaning up around the house – while sharing a series of tips for how you can help kids learn to manage their finances from a young age.
Lisa Bunnage is a US-based coach who frequently shares parenting tips on her TikTok account where she boasts 505,000 followers.
Most recently, the mom-of-two went viral with a video in which she urged parents to stop giving your kids an allowance for doing chores.
In the viral clip that garnered 482,000 views, Lisa revealed that you are better off keeping ‘allowances and chores separate’ because it helps them ‘understand and respect money.’
Lisa Bunnage has revealed why you should never give your child money for cleaning up around the house
She is a US-based coach who frequently shares parenting tips on her TikTok account where she boasts 505,000 followers
Most recently, the mom-of-two shared that you should stop giving your kids an allowance for doing chores
Is this the key to teaching the importance of money? How a parenting coach used ‘mom’s bank’ to teach her kids
- The parenting coach explained that she would give them a weekly allowance that was the same amount as their age.
- When they got to $100, she would give them $10 interest, $900, she gave them $90, $1000, she gave them $100.
- She then only paid $10 on the next hundred after $1000.
- The parenting coach added that her children had to check with her before buying something.
- She would explain to them how much their balance would go down and how long it would take to get the interest back.
- She cashed her two kids out when they were 15 years old.
‘Allowance and chores should be kept separate. You don’t give allowance for doing chores, because you want them to understand that chores are just something you should do just because you’ve got to contribute to the household,’ the mom explained.
She added that you should never pay your children to ‘clean up after themselves.’
Lisa explained that things like putting their clothes away are just given things they should be doing.
And while she doesn’t think you should be paying your kids for doing their chores, she does note that you should be giving your children an allowance.
‘Allowance is something I believe all children deserve to learn how to manage and spend money responsibly,’ Lisa said.
The mom-of-two noted that she began teaching her kids the importance of managing money as early as three years old.
Her key parenting hack was to start something she called ‘mom’s bank.’
Holding up a notebook, she explained that she would use one side for one child and one for another.
‘So I [would] put date, description, debit, credit, [and] balance,’ she said.
Then, Lisa explained that every Saturday morning she would call her kids over for ‘mom’s banking time.’
‘So I’d say here’s your allowance and here’s the new balance. When they got to $100, I gave them $10 interest. When they got to $900, I gave them $90, when they got to $1000, I gave them $100, and then I only paid $10 on the next hundred, so I treated it like 10 per cent, until they got to $1000,’ she explained.
The mom-of-two said that she didn’t recall exactly how much money she gave her children, but she thinks it was ‘their age’ or ‘half their age.’
Her key parenting was to start something she called ‘mom’s bank’. She said she would keep track of her kid’s allowances by and even gave them interest
She explained that this system helped them to learn the importance of money and taught them how to be responsible
The parenting coach added that her kids would always check with her before buying something
Lisa explained that you never give them cash, ‘it all goes in mom’s bank.’
The parenting coach also said that she had a say in what they bought, noting that they couldn’t ‘just take out $100 and buy candy.’
She explained that they had to come to her and tell her what they wanted to purchase.
Lisa said that she would then break down the cost of the item by showing them how much their bank would go down and how many months it would take them to earn back the interest.
She added that usually her kids would then decide they didn’t need the item.
‘It made it a conscious spending instead of just having cash and just blowing their money.
‘They started to understand and respect money,’ the parenting coach explained.
In addition to helping her children learn the importance of managing money, Lisa said it was a ‘great leadership role.’
‘It sets you up as a leader once again because you are in charge of something fun,’ the parenting coach added.
Viewers rushed to the comments section to gush over her parenting tip that saw their children learning how to manage money
Lastly, the mom explained that she ‘cashed’ her kids out when they were 15 years old. She noted that once they began working, they were in charge of their money.
‘They were both really good with money. They both learned to respect and understand money from a very young age,’ she added.
Viewers rushed to the comments section to gush over her parenting tip that saw their children learning how to manage money.
One viewer said: ‘I love how you said you don’t want to make everything easy for them, it’s not fair to your kids. That’s so true!’
‘I love this! As a 35-year-old woman, I still struggle with money management. I want to do better by my kids,’ commented one viewer.
Another person wrote: ‘Preach this, chores and responsibilities are not the same.’
‘Love this so much. Thank you for sharing!’ added another user.
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