The Concept of Pocket Money
Pocket Money, also known as allowance, is a small amount of money given to children by their parents or guardians for their personal expenses. It is a way for children to learn financial responsibility and budgeting, as well as a means for parents to teach their children about money management. As children grow older, their Pocket Money may increase as they take on more responsibilities and expenses. In India, the concept of Pocket Money is prevalent, with parents giving an average of Rs. 2000 to Rs. 5000 per month to their 18-year-old children.
The Average Pocket Money for 18-Year-Olds in India
The amount of Pocket Money given to 18-year-olds in India may vary depending on factors such as family income and location. However, based on a survey conducted by Ipsos, a global market research company, the average Pocket Money for an 18-year-old in India is Rs. 3500 per month. This amount may seem small, but it is a crucial factor in developing financial literacy and independence among young adults.
How to Earn Money from Pocket Money App
In this digital age, there are numerous ways for 18-year-olds in India to earn money from their Pocket Money. One of the most convenient and popular methods is through Pocket Money apps. These apps offer various tasks and activities for users to complete in exchange for monetary rewards. Here’s a step-by-step guide on how to earn money from Pocket Money apps:
- Download a reputable Pocket Money app from Google Play Store or Apple App Store
- Create an account and complete your profile
- Browse through the available tasks and select the ones you are interested in
- Complete the task or activity according to the instructions given
- Once the task is verified, the amount will be credited to your account
- Some apps may have a minimum payout threshold, so make sure to reach that amount before requesting for a payout
Some examples of tasks and activities offered by Pocket Money apps include watching videos, taking surveys, playing games, and downloading and trying out new apps. These tasks may vary in difficulty and the amount of time needed to complete them. It is essential to read the instructions carefully to ensure that the task is completed successfully and the rewards are credited.
Earning Money Online with Money Earning Apps
Aside from Pocket Money apps, there are also money earning apps that offer various ways to make money online. These apps provide opportunities to earn through freelancing, taking online surveys, participating in online contests, and many more. Here are some tips on how to maximize your earnings from money earning apps:
- Create a schedule and stick to it. By setting a specific time for completing tasks and activities, you can ensure that you are making the most out of your time and effort.
- Choose tasks and activities that match your skills and interests. This way, you can complete them with ease and have a higher chance of earning more rewards.
- Participate in referral programs. Some money earning apps offer rewards for every successful referral. Invite your friends and family to join and earn extra money.
- Explore different apps. Don’t limit yourself to one money earning app. Download multiple apps and compare the tasks, activities, and rewards they offer. This way, you can choose which app works best for you.
- Be patient and persistent. Earning money from money earning apps may not make you rich overnight, but with dedication and consistency, you can slowly build your earnings and savings.
Saving and Investing Pocket Money for a Better Future
While it is essential to earn money and build financial independence as an 18-year-old, it is equally crucial to learn how to save and invest wisely. Here are some tips on how you can save and invest your Pocket Money for a better future:
- Create a budget plan. Before spending your Pocket Money, set aside a portion for savings and investments first. This way, you can control your expenses and save for the future.
- Choose a savings account with higher interest rates. When saving your Pocket Money, it is best to opt for savings accounts that offer high-interest rates. This way, your money can grow faster.
- Start investing. With the guidance of a financial advisor, you can invest your Pocket Money in various instruments such as stocks, mutual funds, or real estate. This will help you grow your money and achieve your long-term financial goals.
- Be disciplined. Stick to your budget plan and remain disciplined in managing your finances. Avoid unnecessary expenses and create a habit of saving regularly.
In conclusion, Pocket Money is not just about receiving a fixed allowance from your parents; it is about developing financial responsibility and making the most out of what you have. With the rise of digital tools and platforms, earning and saving money as an 18-year-old in India has become more accessible and convenient. Use these tips and strategies to earn, save, and invest your Pocket Money wisely, and you can pave the way for a better financial future.
