Introduction
Pocket Money is a small amount of money given to children by their parents on a regular basis. It is seen as a way to teach children financial responsibility and to give them a sense of independence. However, for many 12-year-olds, Pocket Money may be the first source of income they have. It is important for them to understand the value of money and how to manage it wisely. In this article, we will discuss how much Pocket Money is appropriate for a 12-year-old, how to save it as a student, and some creative ways to earn money online through games and apps.
How Much Pocket Money for a 12-Year-Old?
When it comes to Pocket Money, there is no one-size-fits-all answer. The amount of Pocket Money a 12-year-old receives may vary depending on factors such as their family’s financial situation, the cost of living in their city, and their spending habits. On average, a 12-year-old in the United States receives around $9 to $13 per week as Pocket Money. However, this amount can range from $5 to $20 per week.
It is important for parents to discuss and negotiate the amount of Pocket Money with their child. Setting a reasonable budget that covers their basic needs and some wants can help children understand the value of money and make responsible decisions. Parents should also consider increasing the amount as their child grows older and their expenses increase.
How to Save Pocket Money as a Student
As a student, it can be tempting to spend all of your Pocket Money on the latest gadgets or trendy clothes. However, learning to save money is an important life skill. Here are some tips on how to save Pocket Money as a student:
- Set saving goals: Decide on what you want to save for, whether it’s a new video game or a trip with friends. This will motivate you to save a certain amount each week.
- Create a budget: List down your necessary expenses, such as lunch money or school supplies, and set aside that amount. The rest can be saved.
- Keep track of your spending: Use a budgeting app or a simple notebook to keep track of your expenses. This will help you identify areas where you can cut back on spending.
- Resist impulse purchases: Before buying something, ask yourself if you really need it or if it’s just an impulsive buy. If you can live without it, put the money towards your savings instead.
- Start small: If saving money seems overwhelming, start with small amounts. For example, set aside 10% of your Pocket Money each week and gradually increase it.
Earning Money through Online Games and Apps
The internet has opened up many opportunities for children to earn money in a fun and creative way. Online games and apps are not only entertaining, but they can also be a source of income. Here are some ways to earn money through online games and apps:
- Become a game tester: Many gaming companies hire players to test their games and provide feedback. This is a great way for children to earn money while playing their favorite games.
- Participate in online surveys: Some apps offer reward points or cash for completing surveys. This can be an easy way for children to earn money in their free time.
- Create digital content: If your child is interested in graphic design, coding, or video editing, they can use their skills to create digital content and sell it online. This could be anything from custom Minecraft skins to video game mods.
- Join an online marketplace: Platforms like Fiverr and Etsy allow children to sell their handmade items or digital services, such as drawing portraits or creating logos.
- Use money earning apps: There are many apps that reward users for completing tasks, such as watching videos, playing games, or taking surveys. Parents should research these apps to ensure they are safe for their child to use.
Conclusion
Pocket Money is an important part of a child’s financial education, and it should be treated as such. Parents should have open discussions with their child about budgeting, saving, and earning money. Setting a good example by practicing good money management habits can also make a significant impact. Children should understand that earning, saving, and spending money are all interconnected and that it is important to be responsible with their Pocket Money. With proper guidance and education, children can learn to become financially responsible adults.
In today’s digital world, Pocket Money doesn’t just have to come from parents. Children can use their skills and interests to explore various opportunities to earn money online. However, it is important for parents to monitor and guide their child’s online activities to ensure their safety and well-being. With a combination of saving, budgeting, and earning money, 12-year-olds can learn to manage their Pocket Money and develop lifelong financial management skills.
