A MUM has revealed how her 12-year-old daughter has saved £5,000 by doing side hustles in her free time.
Milly, who shares her money tips at @budgetwithmilly, revealed this money was on top of the rent and bills she pays being at home too.
In a clip, Milly shared: “I said my 12-year-old daughter saved £5,000, and everyone went crazy.”
She showed how the young girl had completed the “100 envelopes challenge”, which is where you tick off numbers one to 100 by adding the number of pounds on the front.
Milly then explained that her daughter has been making money with side hustles, including babysitting, selling sweets, washing cars and washing windows.
The mum continued: “This week, Stiffany made £300.
“We only allow her to spend 20 per cent on anything she wants, and the other 80% goes into her savings challenge.
“We do this to teach her to create positive spending habits so she doesn’t struggle in the real world.
“All the money she saved in her saving book will be a surprise for her when she’s older.”
Milly added that she also charges her kids rent and bills – which has previously caused raised eyebrows from other parents.
She shared: “So let me explain. My kids get a five-pound allowance if they complete their chores around the house.
“We charge our kids for rent, food, and utilities—£1 each.
“With the remaining £2, they put this money in other categories like saving, investing, and spending.
“One question in my previous video was: when did we start charging our kids rent?
“It was when they had a basic understanding of maths.
“My daughter Stephanie started at the age of seven.”
Different parenting techniques
Here are some widely recognised methods:
Authoritative Parenting
This technique will often foster independence, self-discipline, and high self-esteem in children.
It is often considered the most effective, this technique is where parents set clear expectations – enforcing rules – whilst also showing warmth and support.
Authoritarian Parenting
This is opposite to authoritative parenting, as it is where the parent sets high demands but is low on responsiveness.
It involves ensuring the child is obedient and often employ punitive measures. While this can lead to disciplined behaviour, it may also result in lower self-esteem and social skills in children.
Permissive Parenting
Permissive parents tend to be indulgent and lenient, often taking on a role more akin to a friend than an authority figure. They are highly responsive but lack demandingness, granting children a lot of freedom. This method can nurture creativity and a free-spirited nature but may also result in poor self-regulation and difficulties with authority.
Uninvolved Parenting
Uninvolved or neglectful parenting is marked by low responsiveness and low demands. Parents in this category offer minimal guidance, nurturing, or attention. This often leaves children feeling neglected, which can have significant negative effects on their emotional and social development.
Helicopter Parenting
Helicopter parents are extremely involved and overprotective, frequently micromanaging their children’s lives. Although their goal is to protect and support, this approach can hinder a child’s ability to develop independence and problem-solving skills.
Free-Range Parenting
Free-range parenting encourages children to explore and learn from their surroundings with minimal parental interference. This method promotes independence and resilience but requires a safe and supportive environment to be successful.
Attachment Parenting
According to Marriage.com, Attachment parenting focuses on physical closeness and emotional bonding, often through practices such as co-sleeping and baby-wearing. This approach aims to create secure attachments and emotional well-being, but demands significant time and emotional commitment from parents.
Each of these parenting techniques has its own set of strengths and weaknesses. The key is to find a balanced approach that aligns with the family’s values and meets the child’s needs for a healthy, happy upbringing.
Many people took issue with this, with one saying: “RENT AT 7.”
A second commented: “Do they lose their house if they don’t pay rent?”
However, others praised it, with one writing: “tbh i wish my parents wouldve done this.”
Others were impressed with Stiffany’s side hustles at the age of 12.
One wrote: “300 quid a week is mad.”
