Introduction
As parents, one of the most crucial lessons we want to instill in our children is the value of money and how to handle it wisely. And what better way to teach that than through the concept of pocket money? In this modern age, even young kids have access to their own money through the generous allowance provided by parents. In this article, we will explore the topic of pocket money and how online free money earning apps can be a valuable tool in teaching kids smart financial habits. We will also take a look at an example of the monthly pocket money distribution of two brothers, Ravi and Sanjeev, and how it reflects their understanding of money management.
What is pocket money?
pocket money is the amount of money given to children by their parents on a regular basis for their personal expenses. It is usually a small amount of money that children can use to buy snacks, toys, or any other items they want. It serves as a way for parents to teach their children how to use money wisely and responsibly. By giving an allowance, parents are giving their children the opportunity to learn how to budget, save and spend money in a controlled setting before they have to deal with larger amounts in the future.
The Importance of pocket money for Kids
There are several reasons why pocket money is important for kids and their development:
1. Financial Literacy
Schools may teach math, but they rarely touch on the concept of budgeting or managing money. pocket money serves as a practical way to teach kids about financial literacy, such as setting priorities, budgeting, and delayed gratification. It helps children understand the value of money and how it should be used for their needs and wants.
2. Responsibility
With pocket money comes great responsibility. By giving them an allowance, children learn to be responsible for their own possessions and expenses. If they want something, they have to save up for it. This teaches them to consider their purchases and make good decisions about how they spend their money.
3. Independence
pocket money allows children to have more control over their own decisions. They learn to make choices and deal with the consequences of those choices. This promotes independence and self-reliance, which are important traits to develop as they grow up.
4. Family Dynamics
Having a set allowance for each child in the family promotes equal treatment and prevents any potential feelings of favoritism. This helps maintain a harmonious and fair environment within the household.
The Monthly pocket money of Ravi and Sanjeev in Ratio
Ravi and Sanjeev are two brothers aged 12 and 15, respectively. Their parents have been giving them pocket money since they were 8 years old. Ravi receives Rs.500 ($6.78 USD) per month, while Sanjeev receives Rs.800 ($10.84 USD) per month. Given that their ages have a difference of 3 years, the ratio of their pocket money is kept at 3:5.
This distribution may seem unfair at first glance, but upon closer examination, it is a perfect illustration of the concept of pocket money. When we divide their monthly allowance into weekly allocation, Ravi and Sanjeev are actually receiving the same amount, making their ratio equal to 1:1. This shows equal treatment and fair distribution of pocket money between the two brothers. At the same time, it also reflects the difference in their maturity levels and spending habits, which their parents recognize and take into account.
The Distribution of Weekly pocket money
Given below is the distribution of the weekly pocket money of Ravi and Sanjeev:
| Age | Ravi’s Weekly pocket money | Sanjeev’s Weekly pocket money |
|---|---|---|
| 8 | Rs.125 | Rs.200 |
| 9 | Rs.167 | Rs.267 |
| 10 | Rs.250 | Rs.400 |
| 11 | Rs.333 | Rs.533 |
| 12 | Rs.417 | Rs.667 |
| 13 | Rs.500 | Rs.800 |
| 14 | Rs.583 | Rs.933 |
| 15 | Rs.667 | Rs.1067 |
As the children get older and their weekly pocket money increases, so does their demand for higher-priced items. This poses a challenge for their parents in ensuring that their allowance lasts until the next payout. At the same time, it also teaches the children the importance of budgeting and managing their money effectively.
Using Online Free Money Earning Apps to Supplement pocket money
In this digital age, children are exposed to all sorts of apps and games that can consume their time and money. However, there are also online free money earning apps that parents can use to help their children supplement their pocket money. These apps provide opportunities for kids to earn money through simple tasks and activities. Some examples of these apps are:
1. Kids Earn Money
This app offers simple tasks like watching videos, taking surveys, or downloading apps to earn money, which can then be redeemed for gift cards or PayPal cash. What’s great about this app is that it is designed for kids aged 8 and up, with parental consent and supervision. Parents can also link their own PayPal account to manage their child’s earnings.
2. Swagbucks
Swagbucks offers several ways for kids to earn points, such as watching videos, answering surveys, or even shopping online. These points can then be redeemed for PayPal cash, gift cards, or even charitable donations. This app is suitable for older kids, as it requires some form of online shopping or payment method to redeem earnings.
3. CashPirate
With CashPirate, kids can earn money by completing simple tasks, such as playing games, trying out new products, or participating in surveys. The earned money can be withdrawn through PayPal, gift cards, or even Bitcoin. This app is suitable for teens who have a better understanding of how to manage their money and are interested in cryptocurrency.
4. Ibotta
Ibotta is not exactly a money-earning app, but it is a helpful tool in teaching kids how to save money. This app offers cashback on purchases made through the app, which can then be used to save towards future expenses. Parents can use this app to help their children track their spending and make wise purchasing decisions.
Earning Money Online: A Valuable Learning Opportunity
The use of online free money earning apps can provide a valuable learning opportunity for kids. Aside from helping them supplement their pocket money, it can also teach them various skills, such as time management, attention to detail, and responsibility. It also highlights the importance of leveraging technology for positive outcomes, rather than just being a source of entertainment.
Moreover, it encourages creativity and resourcefulness in finding ways to earn money. By completing tasks and earning money online, children are developing a mindset that opportunities are everywhere and that they have the power to create their own success. This can be a valuable lesson that they can carry with them throughout their lives.
Conclusion
pocket money serves as an effective tool in teaching kids responsible financial habits. By providing kids with their own allowance, it enables them to learn the value of money and how to handle it wisely. The monthly pocket money distribution of Ravi and Sanjeev is a perfect illustration of how pocket money can be used to teach kids about budgeting and spending. Furthermore, the use of online free money earning apps can complement pocket money and offer a valuable learning opportunity for kids. As parents, it is our responsibility to guide our children in using these tools effectively and to instill in them the value of money from a young age.
