A mum in Florida has explained why she makes her young son pay for rent, electricity and for the amount of internet he uses when on his iPad. You can hear her reasonings for yourself below:
In a series of videos posted on TikTok, the woman revealed how her seven-year-old son has a list of daily chores to complete, which earns him one dollar at the end of the day.
His chores include making his bed, brushing his teeth, cleaning his bathroom, and putting his dirty clothes in the laundry bin.
She said: "At the end of the month, he realises he has bills to pay. He pays those bills to me.
"He has rent, he has electricity for his room and he also has internet for his iPad. He then understands that throughout the month he has two buckets. He has his fun money and his bill money."
It's then up to the kid at the end of the month how he uses those buckets.
Rent is $5 a month, electricity is $2 and the WiFi for the iPad is $2, which means he should have more than $20 to enjoy in his savings when everything is paid off.
The mum then said if he fails to pay his rent for one month, then he will have to ensure he repays his debts when the next month is up, otherwise, they're going to 'have a chat with him'.
She added: "I don't do anything with his money except for put it right back in his savings account. It has taught him the value of a dollar and responsibility.
"I am so pleased with the results, hopefully it's something that can help you out as well."
It's no secret that many people complain that school doesn't teach them how to manage their finances or deal with real-world experiences like taxes, rent and bills.
So in theory, this woman's idea of raising her son to understand the importance of how money works is pretty great.
However, some people have taken issue with the idea of forcing the seven-year-old to grow up too fast.
One person commented: "Okay but he's seven. Why not just let him be a kid and then do this when he's a teenager or something."
Another viewer added: "Kids should be kids. They can worry about bills when they're older."
While the mum highlighted that the system has 'worked wonders' in her household, she cautioned it might not be for everyone.
She also reminded viewers that her son will eventually get a decent amount of savings 'one day' because all that cash he earns in his bucket will eventually be his.Featured Image Credit: TikTok/@craftedandcozy