What Is Pocket Money and Why Is It Important?
Pocket Money, also known as allowance, is a small amount of money given to children by their parents or guardians on a regular basis. This money is usually used for personal expenses such as buying snacks or small toys. As children grow into teenagers, Pocket Money takes on a new level of importance, becoming a vital tool for them to learn about financial responsibility and independence.
How Much Pocket Money Should a 18 Year Old Receive?
There is no set amount of Pocket Money that is suitable for every 18-year-old. The amount largely depends on the family’s financial situation and the expectations set by the parents. Some parents may give their child a generous amount to spend freely, while others may provide a smaller amount and encourage their child to save or budget for their expenses.
However, it is important to keep in mind that the purpose of Pocket Money is to teach teenagers about managing their own expenses, so the amount given should be enough for them to cover their basic needs, but not so much that they do not learn the value of money. A good starting point is to give an amount equivalent to what the child would earn if they had a part-time job.
What If My Child Needs More Than Their Pocket Money?
As teenagers grow and their expenses increase, it is natural for them to want more than their usual Pocket Money to spend on things such as clothes, gadgets, or going out with friends. In such cases, parents can encourage their child to find ways of earning money online.
Online Money Earning for Students
Gone are the days when teenagers had to rely on part-time jobs to earn extra cash. With the rise of the internet, there are many opportunities for students to earn money online. These methods not only help teenagers make some extra cash, but they also provide valuable skills and experience that can benefit them in the future. Some popular ways for students to earn money online include:
- Taking Online Surveys: There are many websites that offer payment for completing online surveys. This is an easy way for students to earn money in their free time.
- Freelancing: If your child has a talent or skill in writing, graphic design, or coding, they can offer their services on freelance websites and earn money from clients.
- Blogging or Vlogging: If your child has a passion for writing or creating videos, they can start a blog or YouTube channel and earn money through advertisements and sponsorships.
- Online Tutoring: Many students excel in certain subjects and can offer online tutoring services to younger students for a fee.
These are just some of the many ways for students to earn money online. Parents should guide their child in finding the right opportunity and ensure that it does not interfere with their studies.
Pocket Money Customer Care Number
If you have any concerns or questions regarding Pocket Money, many banks and financial institutions have a customer care number that you can contact. Their representatives can guide you on the best practices for giving your child Pocket Money and how to manage it effectively. They can also provide information on any products or services that can help your child save or budget their money.
The Role of Online Games in Pocket Money
With the rise of online games, parents may worry about the impact it has on their child’s Pocket Money. Many online games have in-game purchases, where players can buy items or features with real money. It is important for parents to set boundaries and discuss with their child about the appropriate use of Pocket Money in online games.
Some tips for managing Pocket Money in relation to online games include:
- Set a Limit: Parents can set a limit on how much their child can spend on in-game purchases each month. This teaches children to budget and think carefully before making a purchase.
- Encourage Saving: Instead of spending all their Pocket Money on in-game purchases, parents can encourage their child to save a portion of it for something they really want or need.
- Discuss the Value of Money: It is important for parents to have open and honest conversations with their child about the value of money and how to spend it wisely. This will help them make informed decisions when it comes to their Pocket Money and online games.
In conclusion, Pocket Money plays an important role in the development of an 18-year-old. It not only teaches them about financial responsibility and independence, but it also helps them learn valuable skills such as budgeting and saving. With the guidance of parents and access to resources such as online money earning opportunities and customer care numbers, teenagers can better understand the value of money and be prepared for their financial future.
