A parenting expert has revealed why you should never give your child money to tidy up the house – while sharing a series of tips on how to help children learn to manage their finances from a young age.
Lisa Bunnage is a US-based coach who regularly shares parenting tips on her TikTok account, where she has 505,000 followers.
Recently, the mother-of-two went viral with a video of her urging parents to stop giving your kids pocket money for doing chores.
In the viral clip that has been viewed 482,000 times, Lisa revealed that it’s better to “keep fees and chores separate” because it helps them “understand and respect money.”
Lisa Bunnage has revealed why you should never give your child money for cleaning up the house
She is a US-based coach who regularly shares parenting tips on her TikTok account where she has 505,000 followers
Recently, the mother of two shared that you should stop giving your kids pocket money for doing chores
‘Allowance and chores must be kept separate. You don’t give permission to do chores because you want them to understand that chores are just something you have to do just because you have to contribute to the household,” the mother explained.
She added that you should never pay your kids to “clean up after themselves.”
Lisa explained that things like putting their clothes away are just given things they should do.
And while she thinks you shouldn’t pay your kids for doing their chores, she does note that you should give your kids an allowance.
“Allowance is something I think all kids deserve to learn how to manage and spend money responsibly,” said Lisa.
The mother-of-two noted that she started teaching her children the importance of managing money as early as age three.
Her main parenting hack was to start something she called “Mommy’s Couch.”
She held up a notebook and explained that she would use one side for one child and the other for another.
‘So I [would] set date, description, debit, credit, [and] balance,” she said.
Next, Lisa explained that every Saturday morning she would call her kids for “mom’s couch time.”
‘So I would say, here’s your pocket money and here’s the new balance. When they hit $100, I gave them $10 interest. When they reached $900 I gave them $90, when they reached $1000 I gave them $100, and then I only paid $10 for the next hundred, so I treated it like 10 percent, until they reached $1000, ‘she said. explained.
The mother-of-two said she couldn’t remember exactly how much money she gave her children, but she thinks it was “their age” or “half their age.”
Her main parenting career was to start something she called “Mommy’s Couch.” She said she would keep track of her children’s allowances and even give them interest
She explained that this system helped them learn the importance of money and taught them to be responsible
The parenting coach added that her children would always check with her before buying anything
Lisa explained that you never give them cash, “it all goes in mom’s bank.”
The parenting coach also said she had a say in what they bought, noting that they couldn’t “just grab $100 and buy candy.”
She explained that they should come to her and tell her what they wanted to buy.
Lisa said she would then break down the cost of the item by showing them how much their bank would lose and how many months it would take to recoup the interest.
She added that most of the time her kids would decide they didn’t need the item.
“It made it a conscious expense rather than just having cash and just blowing their money.
“They started to understand and respect money,” explains the parenting coach.
In addition to teaching her children the importance of managing money, Lisa said it was a “great leadership role.”
“It makes you a leader again because you’re in charge of something fun,” the parenting coach added.
Viewers rushed to the comments section to discuss her parenting tip teaching their kids how to manage money
Finally, the mother explained that she “cashed in” her children when they were 15 years old. She noted that once they started working, they were in control of their money.
“They were both very good with money. They both learned to respect and understand money at a very young age,” she added.
Viewers rushed to the comments section to discuss her parenting tip that taught their kids how to manage money.
One viewer commented, “I love how you said you don’t want to make it easy on all of them, it’s not fair to your kids. That is so true!’
‘I love this! As a 35-year-old woman, I still struggle with money management. I want to do better with my children,” said one viewer.
Another person wrote, “Preach this, chores and responsibilities are not the same thing.”
‘Love this so much. Thanks for sharing!’ added another user.