A parenting expert has revealed why you shouldn’t give your child money to clean around the house — while sharing a series of tips on how to help kids learn to manage their finances from a young age.
Lisa Bonnage She is a US-based coach who frequently shares parenting tips on her TikTok account having 505,000 followers.
Recently, the mother-of-two went viral with a video in which she urged parents to stop giving your kids allowance to do the chores.
In the viral video that has garnered 482,000 views, Lisa reveals that it’s best for you to keep “allocations and tasks separate” because it helps them “understand and respect money.”
Lisa Bonnage revealed why you shouldn’t give your child money to clean around the house
She is a US-based coach and frequently shares parenting tips on her TikTok account where she boasts 505,000 followers.
Recently, a mother of two shared that you should stop giving your kids allowance to do the housework
Is this the key to teaching the importance of money? How a parenting coach used her “mother’s bank” to educate her children
- The parenting coach explained that she would give them a weekly bonus equal to the same amount as their age.
- When they reached $100, she would give them $10 interest, $900, $90, $1,000, $100.
- Then you only pay $10 on the next hundred after the $1,000.
- The parenting coach added that her kids should check with her before buying something.
- She would explain to them how low their balance was and how long it would take to recoup the interest.
- She dismissed her two children when they were fifteen years old.
Allowance and housework must be separate. “You don’t give an allowance for doing chores, because you want them to understand that chores are just something you have to do just because you have to contribute to the house,” explained the mother.
She added that you should never pay your children to “clean up after them.”
Lisa explained that things like putting their clothes away are just things they should be doing.
And although she doesn’t think you should pay your kids to do the housework, she notes that you should give your kids an allowance.
“The reward is something I think all kids deserve to learn how to manage and spend money responsibly,” said Lisa.
The mother of two indicated that she began teaching her children the importance of money management from the age of three.
Her major parenting hack was to start something she called a “mother’s bank.”
Holding a notebook, she explained that she would use one side for one child and one for another.
`So (I will put in) the date, description, debit, credit and balance,’ she said.
Then, Lisa explained that every Saturday morning, she called her kids to “bank time for mom.”
So I say here’s your allotment and here’s the new balance. When they reached $100, I gave them $10 interest. When they got to $900, I gave them $90, when they got to $1,000, I gave them $100, and after that I only paid $10 on the next hundred, so I treated it as 10 percent, until they got to $1,000,” he explained.
The mother-of-two said she didn’t remember exactly how much she gave her children, but believed it was “their age” or “half their age”.
Her primary parenting role was to start something she called a “mother’s bank”. She said she would track down her child’s allowance and even give her a benefit
She explained that this system helped them 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
You never give them money, Lisa explained, “everything goes to my mom’s bank.”
The parenting coach also said she had a say in what they bought, noting that they couldn’t “just have $100 and buy candy.”
She explained to them that they had to come to her and tell her what they wanted to buy.
Lisa said she would then split the cost of the item by showing how much their bank would drop and how many months it would take them to recoup the interest.
She added that her children usually then decide they don’t need the item.
I made it conscious spending instead of just getting cash and wasting their money.
“They’re starting to understand and respect money,” explained the parenting coach.
In addition to helping her children learn the importance of money management, Lisa said it was a “great leadership role.”
“This puts you as a leader again because you’re in charge of something fun,” added the parenting coach.
Viewers took to the comments section to gush about the parenting advice that saw their kids learn how to manage money
Finally, the mother explained that she “distracted” her children when they were 15 years old. She noted that once they start working, they are responsible for their money.
They were both really good with the money. They both learned to respect and understand money from a young age.”
Viewers took to the comments section to gush about the parenting advice that saw their kids learn 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.” this is exactly right!’
‘I love this! As a 35-year-old woman, I still struggle with money management. One viewer commented, “I want to do better than my kids.”
Another person wrote: “Preach this, chores and responsibilities are not the same.”
‘I like this very much.’ Thank you for sharing!’ Another user added.