Many people don’t learn about how to budget and pay bills until they start earning paychecks and are out on their own. This mom's not wasting any time, she's already teaching her little girl about financial responsibility.
Lynn Brooks shared in a Facebook post the smart budgeting lessons she came up with for her daughter and parents are loving her idea.
Brooks created a poster board with a “work schedule” – which includes chores and school. Her daughter, Londyn, earns $1 a day and gets “overtime” rates on weekends of $2 and bonuses for good grades in school. She even gets a weekly paycheck on Fridays from mom and everything, showing how all her earnings add up.
Brooks is also teaching little Londyn about contributing to the bills. She gets money taken out of every paycheck, $1 each for power, water, and Internet. But that money really goes into a savings account for the girl.
This mom says she got the idea from another mom on Facebook and that her daughter has been learning a ton with the project. “Not only is my daughter learning responsibilities, she’s also learning her math in the process,” Brooks explains. “If she gets in trouble, she’ll have to forfeit a weeks’ pay.” Seems like good motivation to me.
Source: Scary Mommy