They say it’s never too late to start learning. Especially if it’s about how to handle money. A survey done by OnePoll for BOK Financial revealed that 85% of parents believe their children should learn the value of the dollar and how to manage it before they become teenagers. And 82% of respondents agreed that financial literacy starts at home.
One mother on TikTok shared her strategy to teach her kids about handling money. But not everybody agreed with her. “I charge my kids rent and utilities,” Samantha Bird Shiloh claimed in her video, which got mixed reactions from netizens. Read on to find a more detailed description of how she teaches her kids financial literacy and what people think about her approach.
Teaching kids financial literacy from a young age can be beneficial
Image credits: Oleksandr P / Pexels (not the actual photo)
This mother shared her method, saying that she makes her three kids pay for rent, utilities, and food
“I said I charge my kids rent and utilities and the Internet kind of freaked out. Some of you were mad mad, and some of you get it. But let me explain.”
Image credits: samanthabirdshiloh
“We charge our kids rent and utilities. My kids get $6 a week for their allowance for chores that they do day to day. $1 per week is expected to go toward their expenses. We charge them each $1 for rent, $1 for groceries and $1 for utilities on the first of each month. They track it on their budget trackers and other spending or categories happen after those payments. They set that dollar in a separate envelope for utilities and then at the beginning of the next month, we charge them for their bills. We want them to learn about expenses and bills and a safe environment now.”
Image credits: samanthabirdshiloh
Image credits: samanthabirdshiloh
“We can simulate paying bills. I charge them once a month for rent and utilities and groceries $1 each. The rest of the money that they earn goes to them to decide to use how they choose.”
Image credits: samanthabirdshiloh
Image credits: samanthabirdshiloh
Image credits: samanthabirdshiloh
“We encourage them in all different categories such as investing, saving, giving and spending.”
Image credits: samanthabirdshiloh
“Why don’t I clear up some common questions that I got.
The first question, what happens if they don’t pay their bills? Nothing, because they’re children. I don’t evict them, as many of you suggested, we work with them to make sure that they set aside enough money. It’s not a problem that actually comes up.”
Image credits: samanthabirdshiloh
“The second question, how old were your kids when you started doing this? I started teaching them about money within the past year, but we’ve talked about money with them their entire lives the same way we would talk about any other tool we’re trying to equip them with. Having healthy relationships, having strong self esteem, positive boundaries, this is no different. It’s just a tool in their tool belt as they get older.”
Image credits: samanthabirdshiloh
“I would rather give my children some money to work with and learn valuable skills than them have to figure it out on their own when they’re adults and the stakes are much higher.”
Image credits: samanthabirdshiloh
Image credits: samanthabirdshiloh
“My boys love doing this. We talk about their money for half an hour each week and then they get to color in their savings trackers or watch their investments and take their spending money to the store with them. This is light-hearted and fun before anything else. They’re gonna have positive associations with managing their money and being responsible.”
Her video about how her boys are learning to budget racked up over 5 million views
@samanthabirdshiloh We increased the boys allowance to accommodate them paying “mock” bills. I want them to have a sense of responsibility and learn how to manage expenses in a safe environment now! #budgeting #finacialfreedom #parenting #kidstiktok #kidsoftiktok #kidspersonalfinance #financetiktok #moneytips #debtpayoff #debtfree #debtfreejourney #debtfreecommunity #investingforkids #investing #personalfinancetips #moneymindset #moneymanifestation ♬ original sound – Samantha BirdSamantha also clarified her teaching strategy in another video
@samanthabirdshiloh I didn’t expect this to be so controversial, but here we are 😅 #budgeting #finacialfreedom #parenting #kidstiktok #kidsoftiktok #kidspersonalfinance #financetiktok #moneytips #debtpayoff #debtfree #debtfreejourney #investingforkids #investing #personalfinancetips #moneymindset #moneymanifestation ♬ original sound – Samantha BirdSome folks disagreed with her methods, saying the kids might be too young for this
Others praised the mom for educating her kids about finances from an early age
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