Pocket Money is a topic that has been debated among parents for years. Some believe that giving Pocket Money to children is a good way to teach them financial responsibility and independence, while others argue that it can lead to spoiled and entitled behavior. In this article, we will explore the advantages and disadvantages of providing children with Pocket Money, using the monthly Pocket Money of two brothers, Ravi and Sanjeev, as examples. We will also take a look at some online money earning websites without investment that can help children learn about financial management.
The Benefits of Giving Pocket Money
There are several benefits to giving children Pocket Money. One of the main advantages is that it teaches them the value of money. When children are given their own money, they become more aware of how much things cost and are more likely to think twice before making impulsive purchases. This can help them develop important financial skills that will be useful in the future.
Giving Pocket Money to children also gives them a sense of independence. They learn to make their own decisions on how to spend or save their money, which can boost their confidence and self-esteem. It also allows them to learn from their mistakes, as they are less likely to make the same financial mistakes if they are using their own money.
Another benefit of giving Pocket Money to children is that it can help them understand the concept of budgeting. By receiving a fixed amount of money each month, children can learn to allocate their funds for different purposes, such as buying snacks or saving for a bigger purchase. This teaches them the importance of planning and managing their finances, which is a valuable life skill.
The Case of Ravi and Sanjeev: A Comparison of Monthly Pocket Money
Let’s take a look at the monthly Pocket Money of two brothers, Ravi and Sanjeev, to further understand the benefits of giving Pocket Money to children. Ravi, a 10-year-old, receives Rs.500 every month from his parents. He is allowed to use this money however he pleases, whether it be spending it on toys, buying snacks, or saving it for something bigger.
On the other hand, Sanjeev, an 8-year-old, does not receive any Pocket Money from his parents. Instead, he has to ask for money whenever he wants to buy something, and his parents will decide whether to give it or not. As a result, Sanjeev is more likely to throw a tantrum or beg for money whenever he wants something, compared to Ravi who has learned to plan and budget his money.
This comparison shows that giving Pocket Money to children can teach them the importance of financial planning and decision-making, while not receiving Pocket Money can lead to impulsive and entitled behavior.
Online Money Earning Websites Without Investment for Children
With the rise of technology, there are now many online money earning websites that children can use to earn some Pocket Money. These websites often do not require any investment and can be a great way for children to learn about the value of hard work and earning money. Some examples of these websites include online surveys, virtual tutoring, and freelance projects.
However, it is important for parents to monitor their children’s activities on these websites and teach them about online safety and avoiding scams. It is also crucial to set limits on the amount of time children spend on these websites, as they should not replace other important activities such as studying and socializing.
The Drawbacks of Giving Pocket Money
While there are many benefits to giving Pocket Money to children, there are also some drawbacks that should be considered. One of the main concerns is that children may become materialistic and focus too much on having the latest and most expensive toys or gadgets. This can lead to a constant demand for more Pocket Money, which may not always be sustainable for parents.
Another concern is that children may not understand the value of money and may be careless with it. This can lead to wasteful spending and a lack of appreciation for the hard work that goes into earning money. It can also create a sense of entitlement, as children may come to expect Pocket Money without any effort on their part.
Conclusion
In conclusion, the decision to give Pocket Money to children is a personal one that should be based on each family’s values and circumstances. While there are potential drawbacks, the benefits of teaching financial responsibility, independence, and budgeting skills through Pocket Money should not be overlooked. Parents should also consider using online money earning websites as a tool to teach children about the value of hard work and earning money. At the end of the day, it is important for parents to find a balance and teach their children the importance of money and how to handle it responsibly.
