One of the main challenges at the format level has been, and continues to be, the lack of financial education. For this reason, more and more families are turning their home into a kind of financial school for their children. Aware that ignorance about saving, the value of money or managing a basic budget leaves young people in a vulnerable position regarding their future, many parents have taken on the challenge of teaching them these skills.
This is the case of Ellen Beardmore, who he started paying his daughter for housework when he was 5 years old. Every week, the little girl has a short list of tasks, such as feeding the cat, making the bed, mopping the kitchen floor or setting the table for dinner. For doing these tasks, they pay him a small reward on Saturdays, between $2 and $2.70 a week, which is deposited into an account in his name associated with a prepaid debit card. “It may not seem like much, but the money soon adds up,” he says in the first person for ‘Business Insider‘.
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Upon sharing this money, a few cents are automatically donated to a children’s charity, and the rest goes to your savings. “Every few weeks, he decides to buy something and takes out his debit card to pay for it when we go shopping,” he adds, acknowledging that, since he has earned it, he has to “bite his tongue when he chooses another stuffed animal or a ukulele.”
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Ellen assures in the aforementioned medium that, as a mother, she is seeing that the benefits of this practice go much further than the economic one. In this sense, she explains that, when she finishes her tasks, although she may be tired one day, her daughter understands the feeling of having done a good job. “This has enhanced their independence and their feeling of being a capable and indispensable part of a team,” he says.
In fact, he claims that he now offers his help for other things, giving him the opportunity to earn more money by helping out when he has events on the weekends. “When we go to the stores, it’s wonderful to see her interact confidently with the cashier and use her debit card. Of course, her family always treats her to something. But there’s something especially satisfying about buying yourself those little luxuries,” she adds proudly, hoping that all of this will help her in the future when it comes to making money, budgeting, saving, and donating.
In short, it can serve as a basis for making sound financial decisions. For now, she feels satisfied with the results: “When I see her pink bed, perfectly made, with the stuffed animals carefully placed on the pillow, my heart fills with pride,” even an acknowledgment that, being small, she sometimes has to be reminded of her chores, or receives complaints.
Surprise between parents
Ellen knows perfectly well that this practice is not without controversy. Thus, she says that most people are surprised to meet her. “Some parents say their children simply wouldn’t do their homework if they were asked. Not even for money. Others have said they don’t believe it, or that young children should be children, without responsibilities,” he alleges.
Regarding the latter, he feels completely in disagreement, considering that this does not create functional adults: “When there are adults who do not know how to prepare a cup of tea and university students continue to take their laundry home for their mother to wash, life skills are essential.”
In this sense, he argues that it is up to parents to teach their children to become complete adults, while knowing that they can always turn to them for support. Along these lines, she confesses that at home they are already thinking about how to expand the list of tasks for her daughter. “My daughter has suggested adding sweeping and washing dishes to the rotation. Eventually, I would love for her to prepare simple meals. Whatever we decide, the tasks should appropriately challenge her as she grows and teach her skills that will help her be self-sufficient,” he says.
Finally, she argues that this routine also teaches them to share the burden of the household: “In a world where people are just beginning to talk about the relentless impact of the mental burden, which falls mainly on women, why wouldn’t we want to teach the next generation to contribute?” she concludes.