The Average Pocket Money in India Per Month
Pocket Money, also known as allowance, is a small amount of money given to children or teenagers by their parents or guardians. It is often seen as a way to teach financial responsibility and good money management skills. In India, the concept of Pocket Money is becoming increasingly popular among families. According to a recent survey, the average Pocket Money in India per month for teenagers is around 1500 to 2000 rupees (20 to 30 USD).
Pros and Cons of Pocket Money
While Pocket Money has its benefits, it also has its drawbacks. One of the advantages of giving Pocket Money is that it teaches children the value of money, as they are responsible for managing it. This can lead to better money management skills in the future. It also gives children a sense of independence and responsibility, as they are able to make their own decisions on how to spend their money.
However, Pocket Money can also have negative effects. If not managed properly, it can teach children to become materialistic and spend money frivolously. It can also create a sense of entitlement, as children may expect more money from their parents without having to work for it.
Pocket Money Loan: A Solution for Emergencies
As children become more independent, they may face situations where they need more money than their Pocket Money allowance. This is where Pocket Money loans come in. Pocket Money loans are small, short-term loans given to children by their parents or guardians. These loans can be helpful during emergencies, such as when a child loses their school supplies or needs money for a school trip.
However, Pocket Money loans should be given with caution. Parents need to make sure that their children understand the importance of paying back the loan and managing their money responsibly.
Online Games for Earning Money
With the rise of technology, children now have more opportunities to earn money through online games. These games range from simple tasks, such as watching advertisements or answering surveys, to more complex ones like participating in online competitions or selling virtual goods. Some popular online games for earning money in India include Dream11, RummyCircle, and Paytm First Games.
While these games can provide a source of income for children, parents should also monitor their children’s use of these games to ensure it does not affect their studies and daily routine.
Online Money Earning Games: A Word of Caution
Although online games for earning money can be a fun and easy way for children to make some extra cash, there are also risks and drawbacks involved. For one, these games may have hidden costs or involve gambling, which can lead to children spending more money than they earn. There is also the risk of cyberbullying or online scams, as these games usually involve interacting with strangers.
Parents should educate their children about the potential risks of online games and set boundaries and guidelines for their use. It is important to remind children that earning money online should not be their only source of income, and they still need to focus on their studies and other responsibilities.
In Conclusion
Pocket Money can be a valuable tool for teaching children financial responsibility and independence. With an average of 1500 to 2000 rupees per month, parents can use this allowance to instill good money management habits in their children. Pocket Money loans and online games for earning money can also provide opportunities for children to learn about financial emergencies and work for their money. However, parents should also be cautious and monitor their children’s use of Pocket Money and online games to ensure they do not have negative effects on their development and daily lives.
In the end, Pocket Money should be seen as a stepping stone towards financial management and independence, rather than a means of buying material possessions. It is up to parents to guide their children towards responsible spending and saving habits, preparing them for a financially stable future.
