Understanding pocket money and Its Importance
pocket money, also known as an allowance, is a small amount of money given to children by their parents or guardians for their personal expenses. It is an essential way of teaching children financial management and responsibility from a young age. This small amount of money may seem trivial, but it can have a significant impact on a child’s financial habits in the future. In India, the concept of pocket money has become increasingly prevalent, and on average, Indian children receive a significant amount of money as pocket money each month. Let us explore the average pocket money in India and ways to earn extra pocket money through instant and online methods.
The Average pocket money in India
The amount of pocket money given to children in India varies depending on several factors, such as the child’s age, location, family income, and the parents’ concept of pocket money. According to a recent survey conducted by a leading financial website, the average monthly pocket money given to Indian children ranges from 500 to 2000 rupees. Children in metro cities like Mumbai, Delhi, and Bangalore tend to receive a higher amount of pocket money compared to those in smaller cities. The survey also showed that the amount of pocket money increases with the child’s age, and teenagers receive nearly double the amount of younger children.
Ways to Earn Instant pocket money
With changing times, the concept of pocket money has also evolved. Children are not just limited to receiving a fixed amount of money from their parents; they can now earn instant pocket money through various means. One of the most popular ways is to take up small tasks and chores around the house, like cooking, cleaning, or running errands for a set amount of money. Many parents believe that giving their children an opportunity to earn pocket money teaches them the value of hard work and money. Moreover, it also instills a sense of responsibility and helps children understand that money needs to be earned.
Online Methods for Earning pocket money
In today’s digital age, many children are tech-savvy and spend a considerable amount of time online. Instead of scrolling through social media or playing online games without any benefit, parents can encourage their children to use the internet to earn some pocket money. Several online apps and websites offer easy and quick ways to make money without any investment. Online money earning games without investment are a popular choice among teenagers. These games offer cash prizes or rewards for completing specific tasks or winning levels. Some online apps for earning money, such as Google Opinion Rewards and mCent, also provide a great way to make some extra pocket money by completing surveys or watching advertisements.
Managing and Saving pocket money
While earning pocket money is important, teaching children how to manage and save it is equally essential. Parents must encourage their children to make a budget and stick to it. Children must understand the difference between needs and wants and learn to prioritize their expenses. It is also crucial to teach them the importance of saving for the future and how to invest their pocket money wisely. Parents can also introduce their children to piggy banks or savings accounts as a means to save their pocket money. By inculcating good financial habits in children from a young age, parents can set them on the path to a secure financial future.
In conclusion, pocket money is not just about giving children a small amount of money; it is about teaching them the value of money and how to manage it. By earning pocket money through household chores or online means, children not only learn the importance of hard work but also develop their financial skills. Parents must play an active role in guiding their children on how to spend and save their pocket money effectively. With proper guidance and financial education, children in India can develop a healthy relationship with money and become financially responsible adults in the future.
