If you were lucky enough, your parents would give you a bit of pocket money to spend on whatever you wanted. Usually, you'd have to complete some chores and you'd get some cold hard cash. In adult life, a fiver or tenner doesn't get you much, but for a young kid that can buy you the world.
But imagine if you were forced to give back more than half of that money to your parents to cover rent, food and utilities. While that might happen to some kids, you wouldn't expect it for a five-year-old.
Well, Essence Evans has caused a bit of a stir on social media after revealing that she gives her young daughter $7 every week. But unfortunately for the youngster, she has to give $5 back to her mum.
Writing on Facebook the mum said: "I explained to her that in the real world most people spend most of their pay check on bills with little to spend on themselves.
"The other $2 she gets to save or do what she wants with. Now, what she doesn't know is 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."
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To be fair, not many people I know were given much advice on how to manage their finances and it was more or less a 'figure it out as you got older' type situation. This sounds like a pretty decent way to learn how to control your money - however it seems as though opinion on the technique is divided.
One person wrote: "Probably will build resentment over time. I don't think that's fair to a child when a parent is supposed to be a provider."
Another agreed, saying: "How about saving that lesson for a few more years. I absolutely agree with teaching your children life lessons...maybe at 13 or so, for now let the child be a child.
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"They will have their whole life to learn about how much living cost. Let kids be kids, they should not be burdened with such things at that young of an age."
However, one hit back at the haters, writing: "Kids nowadays feel entitled to all kinds of expensive items and have no idea of how hard we work for them. It will make them think twice before asking for something."
Another backed her up, saying: "I think this is absolutely amazing. It is a great way to teach her how the real world works and to get her a little savings account of her own, so she has a good start when she moves out or goes to college."
Whatever your thoughts are on Essence's financial tactic, the mum hopes her daughter grows up with a good understanding of making her money stretch as far as possible.
This little girl will probably be an absolute wizard during university when every dollar counts.
Featured Image Credit: Essence Evans/FacebookTopics: Money, Interesting, Community