essay ways to make pocket money

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How to Earn Pocket Money

Last Updated: July 29, 2024 Approved

This article was co-authored by Jessie Davidson . Jessie Davidson is a Child Care Specialist and the CEO and Founder of BabysitPro, which provides online courses for current and aspiring babysitters. Jessie has over 20 years of childcare experience and specializes in best practices for sitters of infants, toddlers, preschoolers, and grade-schoolers. BabysitPro’s courses are unique and age-specific so babysitters can learn detailed information relevant to the children they babysit. Jessie holds a BA in French Studies from Wheaton College and an MA in Visual Anthropology from The University of Southern California. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 20 testimonials and 92% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 218,004 times.

Though it may not be possible to get a proper job just yet, there are still ways for you to earn some spending money while helping your family and community. With a little creative thinking, you can find the perfect money making opportunity for you. Here's how to look to parents, neighbors, and friends not for handouts, but for opportunity.

Earning Money From Your Parents

• Negotiate a fair amount of money for the work that you do. Don't expect them to pay you $/£20 for nothing. They may expect you to complete a few more household chores since they are paying you regularly.
• Think about how you will justify this allowance. Why do you need it? Why do you deserve it? Be prepared to give your parents good reasons if asked.
• Common tasks that parents pay their children allowance to complete include: cleaning your room, emptying and loading the dishwasher, vacuuming, washing and folding laundry, and dusting. [1] X Research source

• If your parents send you into a store to pick up a few items, ask them if you can have the change. If they expect the money back, ask them can you keep the coins. Pennies, pounds and other coins quickly add up.

Earning Money from Your Community

• Taking care of lawns. You can mow them, rake leaves, clean up debris, and shovel snow. Charge different prices based on the size of the yard and the size of the job. Remember, always be fair and reasonable. [2] X Research source
• Pet walking and pet sitting. Offer to walk dogs for your neighbors, or feed their cats or dogs when they go out of town. If you pet sit, you can charge by the day. Just make sure you like animals because pet sitting can get a little dirty.
• Dog washing. Wash dogs for your neighbors, and even brush them afterwards.
• Washing cars. Wash the outsides of cars, and even clean the insides, too. If you get a few friends together, you can hold a community car wash.
• Spray painting numbers on curbs. This could help emergency vehicles find homes if the numbers are not obvious on the house or mailbox. All you'd need is a couple of cans of spray paint and a number stencil.

• Think of reasons why you are qualified for babysitting. Most parents will want to know that you are responsible and have worked with children before. If possible, put together references of people you have babysat for before, or family members who have watched you babysit younger cousins during family events.
• Make sure you are prepared for babysitting. It is not an easy job, but a huge responsibility. You are responsible for the safety and well-being of the child while they are under your care. If you're not comfortable with that, find an alternate job.

• You might want to use your computer to print up fliers or business cards to distribute around the community. On the flier or business card, describe who you are, what you are offering to do, and how to contact you.
• Go door to door to introduce yourself. When you first start a business, you need to promote it. In addition to fliers, try going around to the houses in your neighborhood to introduce yourself. People might be more willing to hire you if they see your face and meet. [3] X Research source
• Don't be discouraged if people say no.

Making Money Other Ways

• Get your parents to help you sell it on eBay or Craigslist. You can sell everything from clothes to toys on there.
• Sell it at school if its allowed. Your peers will be into similar things and just because you are finished with something does not mean that someone else wont want it. [4] X Research source
• Take your clothes and shoes to a consignment shop. Consignment shops pay money for quality, second-hand items. Some consignment shops will even take toys. Make sure the items are in good quality so you get the best price.
• Sell your old video games and video game systems back to gaming stores. Or try selling them on eBay or Amazon.
• Have a yard sale. This might not be easy since your parents will have to do a lot of work, but maybe you can convince them to share some of the profits from their sales if you do a lot of the organizing work. [5] X Research source

• Offer your musical services for a fee at local events. Play the piano at a reception, play the guitar at a wedding, or play the violin at a local festival.

• If you're good at drawing and painting, think about painting faces at birthday parties and other events for a small fee.

Join the Discussion...

Expert Q&A

• Be patient when you're trying to find work, as it can take a while. Thanks Helpful 2 Not Helpful 0
• Make a budget. Prioritize things you want to buy so you don't spend your money on unnecessary things. Thanks Helpful 0 Not Helpful 0

• These may not be the quickest ways of earning money, but if you're persistent, spend wisely and save even more than you spend, you'll be on the way to financial responsibility. Thanks Helpful 223 Not Helpful 42

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• ↑ http://www.femalefirst.co.uk/parenting/news-on-parenting-282965.html
• ↑ http://www.thriftyfun.com/tf437665.tip.html
• ↑ http://www.eruptingmind.com/how-to-make-money-for-kids-teens/
• ↑ https://makemoneyas.com/how-to-earn-money-as-a-kid
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• ↑ http://howkidscanearnmoney.com/blog/

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Essay on “Pocket Money” for School, College Students, Long and Short English Essay, Speech for Class 10, Class 12, College and Competitive Exams.

Pocket Money

Pocket money is a small amount of money that young children spend on the required things. Such money can be spent on what they like without giving the account to their elders. Generally, as far as teenagers are concerned, pocket money is given by their parents to help them pay independently for their requirements. However, the amount of pocket money depends on what one needs to pay for. It also depends on how much the parents can afford. Such kind of money may be given on a weekly, fortnightly or monthly basis.

Within the limits, children can always ask their parents for some money. Parents believe that their children have very few needs, other than food they have to buy from the school canteen. However, when teenagers go out with their friends they have more things to pay for like snacks, entertainment such as cinema tickets, purchasing or hiring audio or video CDs, books, magazines, etc. Other items they need to pay for may include recharge in their mobile phones, travel expenses, gifting friends on their birthday, etc.

Some youngsters may help their parents with household tasks to support their pocket money. However, up to some extent it is not sensible to attach an economic value to the household tasks. Some children find it as a fun to earn their own money whatever the amount is. They constantly look for different ways to earn extra pocket money.

There are several ways of earning pocket money. Some of them may help their neighbours or old people in the neighbourhood. Helping them in weekly shopping is another way of earning some pocket money. With the permission of parents, one can also do some cutting of the grass for the neighbour or looking after their home when they are away. Teaching other students is a good way of supplementing our pocket money. These are some of the sensible ways of earning some extra pocket money.

Allowing children to earn, save and spend pocket money benefits both parents as well as the children. Pocket money helps to recognize the value of money in early years of life. They learn to be independent and may appreciate their parents as the breadwinners. They also learn the importance of being responsible for what they do, either at school or at part-time work.

Whether parents should allow teenagers to earn pocket money depends on the family conditions. However, at times, pocket money can prove to be a nuisance because no matter how much they get, sometimes it never seems enough.

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Pocket Money Essay | Essay on Pocket Money for Students and Children in English

February 13, 2024 by sastry

Pocket Money Essay: ‘Pocket Money’ is the term for the money that parents give to their children to spend every month. In America, they call it ‘allowance’. A child can spend this money in anyway he or she likes. Sometimes parents guide their children and help them decide how the money should be spent.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

Short Essay on Pocket Money 200 Words for Kids and Students in English

Below we have given a short essay on Pocket Money is for Classes 1, 2, 3, 4, 5 and 6. This short essay on the topic is suitable for students of class 6 and below.

I also get a fixed amount of pocket money every month from my parents.

I don’t spend all my pocket money. I put some of it in my piggy bank. Since I love chess, I use my pocket money to buy books about the game. Now I have a very good collection of books on chess. Sometimes, I go out to watch a film with my friends. Often we go out for lunch to some restaurant. If I like some music, I use my pocket money to buy tapes and CDs.

Since my sister is still too young, she does not get any pocket money. So, sometimes, I give her some money to spend or buy some things for her. During some months, I’m able to save most of my pocket money. At times I’m not able to save anything at all.

Overall, the concept of pocket money is good. It helps children understand the value of money and how one should plan for the entire month. It is important that parents are strict and do not give children more money once they have finished their pocket money.

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How to Earn Extra Pocket Money as a Student

Whether on or off campus, there are many different ways… Read More »

Whether on or off campus, there are many different ways to bring in extra cash without compromising your grades!

All you need is the power of technology, creative thinking, and some good old-fashioned elbow grease..

Alright, you’re halfway through your semester, funds are running at an all-time-low, and you’re trying your best to avoid being that broke student everybody always claims they are… Don’t worry, we’ve all been there. Luckily, whether on or off campus, there are many different ways to bring in extra cash without compromising your grades! All you need is the power of technology, creative thinking, and some good old-fashioned elbow grease.

So, how do you make money in uni?

1. Get paid to be the school mascot

Do you have the sort of enthusiasm that could hype up a whole stadium, but don’t exactly have an outlet for release? Why not pick up a part-time gig as your school’s mascot? Even if you’re not quite the athlete yourself, as the mascot you’ll get the chance to attend all sorts of events, from swim meets to football games!

2. Become a teacher’s assistant

If you’ve impressed your professors with your high academic standing, consider becoming a teacher’s assistant to earn some extra cash on campus. Tasks could include grading assignments and exam papers, helping with research, or carrying out administrative tasks for the class. Speak to your professors to find out more!

3. Do some part-time tutoring

While you might excel in a particular subject, chances are other students might need a little extra help. Sunway University, for example, offers peer-assisted courses, where you can get paid about RM7.50/hour to work with other students as a tutor. Some students might also be willing to pay for private tutoring lessons too. Rates? Negotiable!

4. Work at campus cafés

Most campuses have their own on-campus cafés (read: part-time employment opportunities!).

If you’re a student at Sunway University, check out Starbucks and The Lunch Box for an opportunity to work in between classes or during your free time. #lifeasaparttimebarista

5. Drive for Grab

You have a driver’s license, a decent car, and you think you got what it takes to become a Grab driver? Have a go at it! Besides earning extra cash, it’s a good platform to brush up on your soft skills as you meet new people along the ride. Who knows, one of them could be your future employer!

6. Sell your pre-loved items

Don’t just throw out things that no longer spark joy. Make some money while you #KonMari your life! Consider putting your pre-loved items on Carousell or Instagram, or better yet, free pop-up booth on campus. “One man’s trash is another man’s treasure”, remember.

7. Sell your notes & old textbooks

Students spend an absurd amount of money on textbooks each semester… But when the semester is over, and you’re moving forward in your studies, you’re left with a stack of books you’ll most likely never open again.

Instead of letting them collect dust on your bookshelf, why not sell them? For all you know, it might help other students who are in need. #angel

Bundle it up with your notes or study guides, i.e. only if you have a nice handwriting and comprehensible notes. DUH.

8. Freelance

Think about a skill or talent that you already have – writing, crafting copy for social media, translating, designing, etc and start looking for opportunities.

Let’s agree that being a student certainly isn’t cheap – especially with all the student loans that you need to take to pay off your tuition fees and the ever-rising costs of living.

But it doesn’t have to be that bad! As of 2018, the Jeffrey Cheah Foundation has awarded more than RM 400 million in scholarships and education funds to thousands of deserving students in various fields of study. Sunway University also offers over 20 types of scholarships for both prospective and current students.

While you’re at it, application for the Jeffrey Cheah Foundation – Sunway Group Scholarship is now open! This scholarship offers an opportunity for Malaysian students to pursue their tertiary education in their preferred universities.

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Sample Essay on How to Save Money: How to Be in Good Funds When You Are a Student

Students are always looking for ways to save money. Some turn to part-time jobs while others resort to reducing their expenditure. This is a sample essay on how to save money that could inspire you to write a masterpiece on this issue.

The life of a college student is not as rosy as most people imagine it to be. Well, there are amazing parties and all sorts of fun things to do when in college, but that’s just it. Students have societal expectations to deal with. They have assignments and projects to deliver and exams to ace. This is no easy task since some of the courses in college are tough and ever-absent professors don’t make things easier as well. There is also the issue of student finances to deal with. Without a steady income, college students are forced to rely on student loans and funds from their parents to see out a semester. These funds, however, are not always enough and students are forced to turn to unorthodox means to make sure they have enough for their education. Students are forced to reduce their spending on certain items, and this usually comes with harsh consequences.

In an attempt to save more, students would resort to cheap meals or even skip some of them altogether. These cheap meals are usually very unhealthy, and the students miss out on the vital nutrients that are needed for healthy growth and development. Some of the cheap meals that students turn to in an attempt to save money include fast foods such as French fries and burgers. These meals are unhealthy, and their regular consumption has a bad impact on people’s health.

Cutting out on entertainment is another ‘luxury’ that students do away with to save money. Movies and music concerts cost money and students avoid them so as to save as much as they can. Some even avoid going out with their friends and spend most of their time in their rooms. Entertainment, however, is very important for the emotional development of a human being, and students are advised to take time for entertainment. A lack of entertainment among college students may cause depression and other emotional issues since all that the students will be thinking about is books and their academic assignments.

Students also turn to free software and applications so as to save money. These non-premium versions, however, come with a lot of bugs and students are at risk of virus attacks to the minimum.

Some would even terminate their gym membership to save money. Most colleges have gyms on campus, but they are usually in a poor state and that is why students visit gyms that are off campus. When times get tough, most students would terminate their membership so as to save as much as they can. Without working out, students get unhealthy, and this brings a lot of challenges.

Tough times call for tough measures. Students resort to the above-mentioned activities to save money, but these methods have some harsh consequences attached to them.

References:

• Boatman, A., Evans, B., & Soliz, A. (2014). Applying the lessons of behavioral economics to improve the federal student loan programs: Six policy recommendations. Policy report written for the Lumina Foundation .
• Buckley, A., Soilemetzidis, I., & Hillman, N. (2015). The 2015 student academic experience survey. The Higher Education Policy Institute and Higher Education Academy .
• Duclos, R., & Khamitov, M. (2016). Is Cash Almighty? Effects of Hard vs. Soft Money on Saving/Investment Behavior.
• Fagerstrøm, A., & Hantula, D. A. (2013). Buy it now and pay for it later: An experimental study of student credit card use. The Psychological Record , 63 (2), 323.
• Garbinsky, E. N., Klesse, A. K., & Aaker, J. (2014). Money in the bank: Feeling powerful increases saving. Journal of Consumer Research , 41 (3), 610-623.
• Karlan, D., & Linden, L. L. (2014). Loose knots: strong versus weak commitments to save for education in Uganda (No. w19863). National Bureau of Economic Research.
• Thompson, S., Cross, W., Rigling, L., & Vickery, J. (2017). Data-informed open education advocacy: A new approach to saving students money and backaches. Journal of Access Services , 14 (3), 118-125.

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20 ways for kids & teens to make extra pocket money

It's common as kids and teens get older for them to start thinking about how to earn extra pocket money. However, as your child can only get a part-time job once they turn 13 doing paid chores can be a popular way to make money. 

If you feel conflicted over paying for chores, bear in mind that paying teens to do tasks can be a valuable way for them to learn the power of earning alongside real-life skills, like responsibility which will help them when they  leave home. 

Earning also allows them to recognise the link between work and earning. Beth Zemble, VP for Education at GoHenry agrees, “As teens develop and begin to make financial decisions to reach their goals, the need to include money that they have earned (rather than been given) in their spending plans  helps them to understand both the value of earning and  the connection between their labour and the financial gain.

Helping your kids and teens find the best ways to make extra income will also help send home the message that hard work pays off. Here's how your kids earn their pocket money.

Related: How much pocket money should we give to kids?, GoHenry pocket money app

Teenagers and kids can make extra pocket money in many ways, such as:

Babysitting siblings

Tutoring siblings

Washing cars

Household tasks

Helping with meals

Hoovering the house

Changing their bedsheets

Cleaning windows and mirrors

Taking the bins out

To see our full list of pocket money ideas, read on to find out.

How kids and teens can request pocket money

At some point, the conversation about pocket money will likely come up, which is why it helps to be prepared and know the benefits of pocket money and your own position on it. 

Pocket money is a great way to teach your kids about money management and financial responsibility, so start by encouraging your kids to think about what they are prepared to do around the house to earn their pocket money. They can talk to their friends or research what other kids in their area are paid for chores. This will give them a good understanding of what they can offer and how much they can earn.

Take it one step further with teens and ask them to approach the conversation with a plan. They should explain what they want the extra money for, what they will use it for and how they plan to earn it. For example, they might want to buy new clothes or have money to pay for cinema trips with their friends or even save for a bigger ticket item. From this point, they can then suggest ways to earn pocket money.

Of course, opinions on paying children for chores can vary from family to family. Some parents believe everyone should pitch in with chores without getting paid, while others believe kids and teens should earn their pocket money.

Ultimately, the decision of whether or not to pay your kids for chores is up to you. But if you're looking for a compromise, you could pay for extra tasks outside of the chores you expect your kids to do or find other ways for your teens to make pocket money. 

Whatever you decide:

Start small and gradually increase the amount of pocket money you give your child. Doing this will help them learn the value of money and how to manage their finances.

Set clear expectations about what chores/tasks your kids need to do to earn pocket money. This will help avoid arguments and misunderstandings.

Be flexible and willing to negotiate. 

Use pocket money as an opportunity to teach your kids about financial literacy. Talk to them about the importance of saving, budgeting, giving and investing.

How much pocket money should kids and teens ask for?

There's no hard-and-fast rule regarding how much pocket money kids and teenagers should get at what age. How much pocket money you decide is suitable will depend on your family's budget, the tasks they will be expected to do, their age and what the pocket money will pay for. Our research found that in 2023, the average weekly pocket money for teenagers in the UK by age is:

Age 6 - £3.04

Age 7 - £3.26 

Age 8 - £3.67

Age 9 - £4.12 

Age 10 - £4.90 

Age 11 - £6.21 

Age 12 - £8.14 

Age 13 - £10.31 

Age 14 - £12.15 

Age 15 - £13.76 

Age 16 - £14.68 

Age 17 - £14.48 

Age 18 - £12.28 

For some kids and teens, pocket money earnings depend on their chores. Here are some of the most popular tasks and the going rate for each job:

Tidying room - the average per task is £1.02

Making the bed - average £0.81

Load / empty dishwasher - average £0.88

Put clothes away - average £0.71

Homework - average £1.18

Brush teeth - average £0.72 

Read every day - average £0.96

Rubbish/recycling - average £0.77

Get ready for school - average £0.77

Feed pets average - £0.92

If you don't want to pay your kids and teens for chores, teens can always consider making money in the summer or making money online .

What are the benefits of pocket money for kids and teens?

When kids and teens bring up pocket money, it can be helpful to highlight some of the many benefits of earning pocket money . For example:

Financial decision making: Pocket money gives kids and teens the ability to learn about budgeting, spending, saving and money management.

Teaches financial responsibility: Pocket money can help your child learn the value of money and how to manage their finances. They will learn to budget, save, and spend their money wisely.

Developing independence: Pocket money can help your child develop a sense of independence as they will learn to make their own decisions about how to spend their money, and they can buy the things they want or need without asking you for money.

Promoting responsibility: Pocket money can help your child learn responsibility as they will be responsible for doing chores to earn their pocket money, and they will be responsible for managing their own money.

Encourages saving: Pocket money can encourage your child to save for a specific item, such as a new toy or a video game. 

Building self-esteem: Pocket money can help your child build self-esteem. They will feel good about themselves when they can earn money and buy what they want.

Chore ideas to make pocket money

When kids and teenagers start earning pocket money by doing housework tasks, it can be challenging to keep track of what they have done and haven't. This is where a chore chart or chore cards can come in handy. If you're still wondering about chores to give your child or teen, here's our best chore list.

1. Babysitting siblings

Depending on age and maturity, many teens can earn pocket money by babysitting their young siblings. It could start with just a couple of hours during the day and then build up until both teens and parents feel confident to leave them home alone for longer periods. 

2. Tutoring siblings 

Helping younger siblings with reading, spelling, and general homework is another excellent way for teens to earn pocket money and take some pressure off them.

3. Washing cars

Save yourself the hassle and additional expense of taking your car to the car wash and pay kids' and teens' pocket money to give the family car a good wash and clean. Be sure to set expectations for how you want the job done.

4. Gardening

Depending on their age and ability, many kids and teens can help with various gardening tasks, from mowing and weeding to watering and planting. 

5. Household tasks

Kids and teens can also help with various housework tasks, including tidying, dusting, and putting things away after they use them (especially in the kitchen).

Get kids and teens to help with laundry, as there are a wealth of tasks here. Smaller kids can help carry laundry and load the washing machine. Teens can help empty the washing machine, hang clothes to dry, and sort and fold dry clothes.

7. Cooking meals

All kids can help with mealtimes. Younger kids can help you, while older kids can offer to cook a meal once or twice a week. Cleaning up after everyone has eaten can be another task that kids are paid for, and older teens can go shopping for groceries.

8. Hoovering the house

Younger kids may be able to do light household chores like dusting and tidying. At the same time, teens can hoover the house and mop floors.

9. Changing their bedsheets

Changing bed sheets is an underrated life skill that all kids should learn to do. Young or old, kids can help change their sheets and learn to put duvet covers and pillowcases on as a paid chore.

10. Cleaning windows and mirrors

Everyone loves clean mirrors, so show your kids how to clean these with no streaky marks. Internal downstairs windows are the next step forward for older teens.

11. Taking the bins out

Bins may not be anyone's favourite job, but according to The GoHenry Youth Economy Report taking the bins out has a going rate of around £0.76. You could delegate responsibility for recycling too.

12. Sweeping 

Getting the brush out and sweeping around the house gets your children outside and into the fresh air. Younger kids could offer to sweep up grass cuttings and leaves in the autumn.

13. Looking after pets

Whether it's cleaning the fish tank, feeding the cat or playing with the dog - looking after their pets is a good task for kids of all ages. Give them the responsibility, and ensure they follow through.

14. Watering plants

Helping to look after house plants is another great chore. Show your kids how to water each plant before you start. Too much water and plants may die; not enough, and they will go the same way.

15. Cleaning their room

This is a classic chore that all kids should learn how to do (but many avoid). Younger kids can learn how to make beds and put away their clothes and toys. Teens can learn to dust, wipe, and declutter their rooms.

16. Running errands

Errands are a great way for kids to learn independence and responsibility. Teens can run errands like going to the grocery store or post office for you. Younger kids can post letters or get things for you around the house.

17. Replacing toilet rolls, and soap 

Running out of bathroom supplies is a pet hate for many parents. Task your teen or child with ensuring bathrooms are stocked every day,

18. Bringing dirty mugs and plates to the kitchen

A classic teen chore, ensure that all mugs and plates are brought down from their rooms daily and placed in the dishwasher.

19. Dishwasher duties

Ask kids and teens to take charge of loading and unloading the dishwasher and putting items away in their correct place.  

20. Your pet peeve

In every family, one chore drives parents crazy; it could be empty milk cartons in the fridge, wet towels on the bathroom floor, crumbs on surfaces or lights left on. Whatever it is, make this a chore and task your child or teen with it!

How GoHenry can help

If you're struggling to motivate your child or teenager to do their chores , GoHenry can help. With GoHenry , you can assign and keep track of chores with the paid tasks feature. This also allows you to set rewards so your teens receive pocket money when they mark tasks complete. This is a great way to encourage your teen to learn the importance of responsibility and the value of money.

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What age should I start giving pocket money?

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Not that I was materialistic: money was a symbol of freedom. Be it a date with a girlfriend, a new video game I wanted to buy, a pair of sneakers, or anything else, I needed money desperately. And, as any teenager, I could not ask my parents for it that easily: first of all, I did not want to be a freeloader (although I was–all kids are, until a certain age), and secondly, I did not want to involve my parents in things I was into. So, at some point, I realized I needed to start making my own money. Even today, I think this was one of the best decisions I ever made.

Why? Mostly because I learned there is no such thing as easy money. When you are given some, you take it easy. When you earn some, you start valuing every dollar. So, I tried a number of legal ways to earn money, and here is what I did.

I always liked to draw. I never attended any art school, and no one taught it to me, but I remember myself with a pencil in my hands since the age of four. Starting from doodles and ugly stuff, I gradually learned the basics of composition, sketching, and shading. I bought a book on anatomy for painters, and tried copying muscles, bones, and tissues from there. I learned to draw human bodies–although facial features are something I cannot draw well enough, even today. Anyways, I figured out I could earn money by drawing. Given that my surrounding consisted mostly of guys, the top things for me to draw was concept art with half-naked women or fully-armored fantasy/science-fiction warriors. Depending on the complexity of work done, I charged people up to five dollars per poster. I even participated in several contests, but I never won anything.

Another way I tried to make money was working as a courier. You have probably seen guys like me in movies: a teenager boy on an old bike throwing newspapers anywhere but where he is supposed to. Well, that was me. I did my best for several months, but I still gave up in the end. I hated it. Waking up early in the morning, getting out regardless of the weather outside, riding back and forth past barking dogs–I think I experienced all the stereotypes about delivery boys. And it did not pay well either. After this job, I tried a plethora of other ones: washing cars, working at my local grocery store, helping people clean their garages or walk their dogs, and so on. It was more fun than throwing newspapers around because I could meet new people, many of which were nice.

Another thing I did was tutoring. I was pretty good at math, so I helped younger children in the neighborhood to get on track–and their grateful parents were kind to pay me for this. And although I am sure I had little talent in teaching, I like to think I helped someone.

Anyways, there are many ways for a teenager to earn extra cash. My firm belief is that the earlier one starts doing it, the better. Working in teenage years is like a demo-version of what awaits for you in the future, and it is in your best interest to adapt to it –and obviously, such labor should be voluntary.

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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8 ways to increase your pocket-money earnings.

• Pierre Noronha
• July 20, 2021
• Last Updated: January 1, 2024

Table of Contents

With the Internet influencing a large part of our lives, the scope for earning money online has increased multifold. The whole work from home set-up and the new norm of social distancing, all because of the coronavirus pandemic, has nudged more people to look for ways to earn money online. That’s why, we’ve come up with an article that encompasses all the tips and tricks you need to know, in order to increase your pocket-money earnings, online! So, let’s get started. wait, before that.

One of the best ways to increase your pocket money earnings is by – 

1. Freelance Writing

As a university student, you can expect to be writing a lot of assignments. With practice, comes fluency. And when you are fluent in something, you can make money out of it. So when you become a proficient writer, why not consider taking freelance writing gigs? It is easily one of the best paying online jobs for students who have a knack for writing and possess good grammar and research skills. The best part? You will only need a computer with the Internet to get started! 

There are a number of writing jobs on various writing jobs and freelancing sites online. Most freelance writing jobs include writing blog posts, articles and copies for web pages. Do note, however, that you will be given a deadline to complete an article. Usually, freelance writing jobs pay per word, article or project basis, or based on an hourly rate. 

Another great way to earn some extra money is by being proficient at – 

2. Data Entry

Lately, the importance of simple data has become paramount. Huge corporations are investing millions of dollars in obtaining useful information from the data that they collect. This is called Data Science. However, in order to extract useful information from data, the data first needs to be fed into the system. Here is where you come in and here is where you can easily earn a quick buck. 

Data entry is a straightforward task that students with basic computer knowledge and fast and accurate typing skills can do from the comfort of their computer. Typically, data entry entails quickly and accurately typing in data for clients. Many students supplement their income by working part-time jobs in data entry. On the following websites, you can discover legitimate data entry jobs:

• The Smart Crowd 
• PeoplePerHour

Being a freelance writer or working in data entry isn’t doing it for you? Don’t worry, you can always try being a – 

3. Virtual Assistant

A virtual assistant is someone who provides professional administrative, technical, or creative assistance to clients remotely from home. The good thing about this job is that you do not require secretarial or administrative skills to get started. University students can use their organizational and communication skills they have developed while studying to do virtual assistant jobs for people and businesses. They can offer a huge ambit of services such as social media management, research, website maintenance and other services.

Payments vary based on the tasks or services provided, hours done, and other factors. You can work with a single or multiple clients, based on your need for income.

Come on, we’re almost halfway there! Check out – 

4. Translation Jobs

If you are already bilingual or are learning a second or third language, you can use your language talents to supplement your income. 

Fun fact: A person who knows and is able to use several languages is called a polyglot.

Many businesses, such as 1-800-Translate and World Lingo, require assistance in translating a variety of documents, academic papers, audio files, and other materials into another or multiple languages. What’s more? These jobs pay really well! 

If you are fluent in an in-demand language, then you can supplement your income by offering translation services in your spare time. Joining translation companies or freelance sites might help you get translation jobs. Depending on your skill set, you can choose from a variety of translation jobs.

Here’s one of the best online jobs that require minimal effort. Did you know that you can make good money by –

5. Taking Surveys Online

Participating in paid internet surveys is one of the best ways for students to make money quickly. There are numerous genuine survey companies or websites that will allow you to create an account. If you fit the demographic that a survey is looking for, you will almost certainly be eligible to participate. The payouts from taking online surveys won’t push you to financial freedom overnight, but completing surveys for money could provide a small financial boost when you need it. Some of the best websites for taking surveys online are –

• InboxDollars

Here’s another great online pocket-money earning opportunity – 

6. Tutoring Online

A great way to make money is by being an online tutor . As a student, there are plenty of reputable online tutoring jobs you can join to find clients that need tutoring in subjects you are particularly knowledgeable about. These organisations will allow you to apply to become an online tutor and will connect you with students or clients who require assistance in your area of expertise. You can do this job part-time and earn some extra cash to help pay your bills.  

You will require a Zoom/Google Meet account and a high-speed Internet connection to offer tutoring in academic or non-academic subjects. 

Almost home.. Here is the 7th best way to increase your pocket money earnings – 

7. Selling Items on Marketplaces Online

Students can sell not just their old belongings or undesirable products on eBay and other online markets, but also items that they have made themselves. They can also purchase things in bulk from another supplier or at cheaper prices and resell them at higher prices. Moreover, students may get some additional cash by selling their old items on the internet.

You can sell only specific items via some marketplaces while others let you sell a wide variety of used and unused things. For instance, you can sell your used books . Other items include your own products, used clothes, textbooks, unused gift cards, old CDs and DVDs.

The last and final (awesome) way to make some money online is – 

8. Doing Micro Jobs Online

One of the most effective ways for students to supplement their income is to perform tiny chores or provide modest services to businesses and individuals through a micro gig site. There are numerous respectable micro job sites where you may advertise your abilities and services by advertising any job or service that you can offer for a certain amount of money per work or service delivered.

You can use micro gig sites to offer different types of freelance services or to do different types of jobs via your computer. You can do micro gigs for various services such as:

• Editing articles, academic papers, etc
• Writing blogs and providing other content support to companies.
• Designing websites
• Video editing
• Designing logos
• Social media marketing
• SEO services
• Maintaining social media profiles

1.How can I earn pocket money online?

It has become super easy for students to earn some extra income on the side with the sole help of the internet. From freelance writing jobs to data entry to tutoring online, there is a multitude of ways you can stock up that savings jar in the corner of your room.

2.Ways to earn pocket money daily?

There are a lot of unique avenues that help you earn some extra cash on the side daily. If you are not looking to get tied down in the form of a part-time employment opportunity, you can look to blogging, starting a YouTube career and even doing paid surveys where the organisation pays you for participating in their surveys. The internet has made earning pocket money daily easily accessible.

3.How can I earn pocket money through Google?

Google has expanded to include a variety of services under its umbrella including payment services, advertising services and many more entertainment services. Two interesting and very simple ways you can earn money from Google are by inviting users to GooglePay where you can earn as many as 100 referral rewards and through Google AdSense where you can connect their account to your search engine which helps you earn money by helping them showcase relevant advertisements in your search results.

4.How can I earn money as a student?

Opportunities to earn money are galore with the aid of the Internet. Being tech-savvy, students can make the most of these opportunities. Some of the ways students can channel their resources towards earning some extra bucks are data entry jobs, freelance writing gigs, taking paid surveys online, blogging and online tutoring among several other options.

And there you have it! 8 fantastic ways to increase your pocket-money earnings by simply working from home! Let us know in the comments section below if you found this article worthwhile.

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30 Easy Ways to Earn Extra Pocket Money (for Kids & Adults)

by Saeed - Verified & Updated November 1, 2023 (This post may contain affiliate links.)

If you are just looking to earn a few extra fun dollars on the side, these are some great ideas you can try.

None of them are intended to make you rich – but they are really fun things that you can try to earn cash while meeting people and developing new skills.

Most of those listed are free to begin, meaning your creativity, time and effort are all you will need to get started.

Remember, this is a guide only. All the approximate numbers given are a guide only, and you may find that you have more or less success with certain tactics.

Table of Contents

A. Mobile Gigs

Your smartphone opens a huge number of opportunities for you to make money at times when you might be unproductive, commuting, or wasting time.

Gigwalk is one example of a program you can use, posting tasks that range in payment between $3 and $90 that you can complete while you’re out.

Tasks include shopping, rating, completing store surveys, taking photos, testing mobile apps, etc. To take part, you just need an iPhone or Android device.

You can also try Field Agent and Easy Shift, which pays in items like gift cards and has easy to find tasks to complete.

• CheckPoints
• Field Agent

B. Incentivized Freebie Websites

Incentivized Freebie Websites (IFW) (also known as GPT – Get Paid To), are both loved and hated by some.

IFW sites are basically online rewards programs that reward you for taking certain actions. It can be taking a survey, visiting a website, watching a video, signing up for a trial offer,…

And there are many of them around. Sifting through them to find the ones that are legit and actually pay can be a tedious task.

I have been using a number of IFWs for years and I can say that they are a great source for earning little pocket change and free gift cards.

• QuickRewards
• Vindale Research

C. Listen to Music

If you love listening to and discovering new music, there are ways you can make a little money while doing so.

Some sites will allow you to review and rate new releases.

Generally reviews begin at about 5 cents, but as you gain a profile and background you can move up and earn a bit more.

Advertisements

You stand to earn $30 to $40 a month in extra pocket money for something you might be doing anyway!

• Slicethepie

D. Complete Paid Surveys

Customer feedback is a valuable resource for any business, and they get the feedback by paying market research companies to conduct surveys for them.

And to give people an incentive to participate, the market research companies pay people with some of the money they get from companies and businesses.

You can sign up for multiple websites to try your luck and see which type work best for you.

Once signed up with a site, you will usually receive emails with surveys available for completion and details of what you will earn.

Some surveys take under a minute, others can be much longer or multi-stage.

Generally, payment per survey is relatively small (between $1 and $5) but rises with more complex studies. Some companies offer gift cards or incentives in lieu of cash.

Surveys are definitely not a source of income you can rely on entirely, but they can bring you a nice sum of pocket money each month depending on how many you complete.

• SurveySavvy
• PineConeResearch
• Global Test Market

E. Microjobs

As more and more people begin to work from home, the “microjobs” or freelance, single-job marketplace is growing bigger every day.

There are many jobs you can complete and plenty of places to find them.

In many cases, you can list your available services or apply for available jobs. TaskRabbit even provides offline jobs for you to complete.

Generally, these small jobs pay between $5 and $50 and can often be completed within an hour.

F. Enter Competitions

In your spare time, it can be worthwhile to enter the free contests and competitions that are often offered by companies and retailers as a promotion.

Generally, you can enter by just providing a little bit of information, and the results can pay off hugely if you’re lucky.

You don’t have to spend a lot of time looking for these contest. There are many sites that aggregate information on local deals, coupons and contests. Sign up and enter whatever catches your eye, and you stand to make a lot.

Remember, this is more of a fun shot-in-the-dark than something you can depend on for usable income.

When getting started, you might consider setting up a separate email account to ensure that you don’t receive too many notifications or newsletters in your regular inbox.

• SweepsAdvantage
• UltraContest

G. Pay to Click Earning

If you spend a lot of time online, getting paid to click on advertisements might be a great option for you!

Generally, you will be required to click on advertisements and view them.

Each click takes only a few seconds, and the earnings per click are very low. If, however, you are willing to dedicate time while you listen to music or watch TV, you stand to earn a few extra dollars without much mental or physical effort.

I should also mention that most paid to click sites have evolved to offer other opportunities as well.

For example, InboxDollars, started as a site where they would pay members to click on the ads in their newsletter emails. But these days, InboxDollars is a complete online rewards program where you can earn by doing a variety of stuff, like taking surveys, playing games, shopping, etc.

• InboxDollars
• SendEarnings

H. FreeLancing

Freelancing has been growing as a profession immensely for the past few years.

There are tons of different things you can do as a freelancer, from writing simple articles to designing logos, to building websites and more.

You normally set your own prices, and can work from anywhere, anytime.

• People Per Hour

Have you ever used any of these pocket-change money-making ideas?

What do you do when you need a little extra cash?

Clcik for Sign Up Bonus!

It’s funny, I started doing freelance video production in high school, just to make a few dollars here and there. Ten years later I’m a television producer in Los Angeles! Just goes to show where life can take you if you allow yourself to become passionate about something and continue to pursue and grow at it.

Hard work pays off. I am glad you are doing good Jonathan.

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Essay On Pocket Money

• Post category: Essay
• Reading time: 6 mins read

Set 1: Essay On Pocket Money

Pocket money is a small amount of money that young children spend on the required things. Such money can be spent on what they like without giving the account to their elders. Generally, as far as teenagers are concerned, pocket money is given by their parents to help them pay independently for their requirements. However, the amount of pocket money depends on what one needs to pay for. It also depends on how much the parents can afford. Such kind of money may be given on a weekly, fortnightly or monthly basis.

Within the limits, children can always ask their parents for some money. Parents believe that their children have very few needs, other than food they have to buy from the school canteen. However, when teenagers go out with their friends they have more things to pay for like snacks, entertainment such as cinema tickets, purchasing or hiring audio or video CDs, books, magazines, etc. Other items they need to pay for may include recharge in their mobile phones, travel expenses, gifting friends on their birthday, etc.

Some youngsters may help their parents with household tasks to support their pocket money. However, up to some extent it is not sensible to attach an economic value to the household tasks. Some children find it as a fun to earn their own money whatever the amount is. They constantly look for different ways to earn extra pocket money.

There are several ways of earning pocket money. Some of them may help their neighbours or old people in the neighborhood. Helping them in weekly shopping is another way of earning some pocket money. With the permission of parents, one can also do some cutting of the grass for the neighbour or looking after their home when they are away. Teaching other students is a good way of supplementing our pocket money. These are some of the sensible ways of earning some extra pocket money.

Allowing children to earn, save and spend pocket money benefits both parents as well as the children. Pocket money helps to recognize the value of money in early years of life. They learn to be independent and may appreciate their parents as the breadwinners. They also learn the importance of being responsible for what they do, either at school or at part-time work.

Whether parents should allow teenagers to earn pocket money depends on the family conditions. However, at times, pocket money can prove to be a nuisance because no matter how much they get, sometimes it never seems enough.

Set 2: Essay On Pocket Money

Every student in school and college is provided with some pocket money to meet his small expenses. I am provided the pocket money by my elder brother. Though the amount is meager it helps me very often to buy something of great use.

The pocket money provided by my brother is only five rupees out of which I spend two rupees towards my Tiffin. With the remaining three rupees I spend according to my own sweet will either in visiting a a movie e of my great importance or on an outing or in visiting places of historical or cultural importance.

I do not make careless use of the pocket money given to y own way me to spend it in my own way. I save money out of my pocket expenses prudently after meeting my normal needs. I have cultivated this habit of saving from an early age. I do not make willful waste that brings woeful wants to men. I do not save money as a miser but save for future use.

Since I am not aware of the problems of the future I save money for the days of woes. I deposit the excess money in the passbook maintained in a bank. I spend the money in purchasing good books, dictionary and pen for my use. I derive great pleasure out of my pocket money. The money gives me the opportunity of doing something good to society in which I live.

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How I Spent My Pocket Money (Essay Sample)

Table of Contents

Introduction

If you had your own pocket money, how would you spend it?

This essay focuses on how to spend money, and how to do so wisely. In this piece, we share a person’s experience of being taught to spend money wisely and what he would buy when he was given a regular allowance.

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How I Spend My Money essay

One of the most exciting events in a young one’s life is when their parents give them an allowance. No matter the amount, an allowance gives us the opportunity to spend on small things that make us happy as a child.

The joy that an allowance brings is more than just the amount itself. It’s really rooted in the experience one gets in choosing how to spend it. First, there’s the anticipation of receiving an allowance. Next, there’s the excitement of thinking about all the things you’ve been wanting to get for yourself. Third, there’s the delight of actually receiving the allowance. Finally, there’s the sheer thrill of choosing what to buy and taking it home.

How and when an allowance is given, and how much is gifted to the child, depends on the guardians’ principles. There are those who provide an allowance for children to buy basic needs. But there are some who might give a little extra to give the child an opportunity to learn how to handle money well.

It must be said that not all children are privileged to have an allowance to spend on themselves. If they come from a poor family, the guardians may not have any extra finances to give. They may save up for this just once in a while.

I am very blessed that my parents gave me an allowance on a regular basis. My allowance has really taught me financial stewardship at a very young age. They also allowed me to make decisions regarding my finances, even if I made mistakes.

Saving Money at a Young Age

While my allowance isn’t a fixed amount, I have since learned that the first thing I should do is set aside a portion of it for savings. I get a third of whatever amount I get and earmark it for saving.

To make sure that I won’t be tempted to use it, my mom helped me open a bank account where I deposit the money. They opened a time deposit account, which means I cannot just withdraw from it anytime. Whenever I hesitated to go to the bank, my dad would remind me that my small deposits would turn into one big bulk of cash that could someday be used for a rainy day, or for strategic investments.

How I Spend Money with Whatever is Left

With what’s left of my allowance, I usually buy books. These are mainly documentary magazines, which I read during my leisure time. It is actually one of my hobbies. I have made it a personal tradition to always purchase a documentary magazine each time I get my regular allowance. I particularly enjoy news magazines and feature magazines. I am a lover of general knowledge. I love knowing about everything, how and why things are the way they are – whether about nature, politics, science, or geography. It is always a first on my list of hobbies.

The other bit of my regular allowance goes towards the purchase of snacks. I love yogurt and ice cream. The refrigerator at home always has a shelf specifically reserved for my yogurts.

The remainder of my allowance goes towards others. These include my family and friends. I try to buy them something nice as a way of thanking them for taking good care of me.

I also go out of the way to purchase some gifts for my siblings as well as my parents. I want to gift them with simple things, even if they were the ones who gave me my allowance. Doing this for them gives me so much satisfaction since I love making them happy. After all, what is life without happy family and friends?

Regular allowances taught me how to make wise spending decisions. I know how to handle and spend my cash, whatever amount it might be. Therefore, I am confident that when I start handling larger amounts of money in the future, I won’t be as overwhelmed. I will make it a point to remember the financial lessons I’ve learned as a child. I hope to also be able to teach others who to use their money wisely.

Short Essay About What You Would Spend Your Money On

Did you grow up being taught about the value of saving money? If you were like me, your mom and dad probably gave you a regular allowance. They also probably gave you free rein to use your money in whatever way.

Growing up, I deposited regular amounts into my savings account the moment my allowance was handed to me. I did not want to be tempted to splurge on all the food I was craving for while holding all of my money. Personally, apart from fast food, I enjoyed treating myself to books. In fact, I made it a regular tradition to purchase a book every time I got my allowance.

I remember being taught how to make a personal budget out of my allowance. Exactly how much money was given to me didn’t matter as much as the main principle they passed on: save money. They didn’t care if I used the rest of my allowance on junk food or other types of impulse buying. All that mattered to them was whether or not I set aside a portion to put in a savings account. And so I did.

How To Write An Essay About Money

There are so many ways to write a piece about finances. It depends on the lens you are viewing the topic from. Are you an adult looking back at your childhood and remembering important lessons learned? Are you a financial expert looking to give some advice on how to maximize your cash? Are you a student wanting to teach people how to set aside an amount in case of an emergency? Are you a parent who discovered creative hacks in your finances to make ends meet? Find your angle and work it.

How To Spend Money Wisely As A Teenager

When you are young and still living under your guardians’ roof, thinking about contingencies or other things you may be needing to buy before your next allowance comes may not come naturally to you. It is so important to learn how to handle your personal finances even at that age because that sets the direction of your spending in the future. When you start getting a monthly income, the weight of the responsibility is even greater as you start to live independently. Even as a teenager, learn to set financial goals and think of the long game. Even if you have to put money inside a piggy bank to avoid temptation, do so. Track your expenses and make adjustments according to your level of contentment. Learn the art of investing from an expert. Finally, don’t shop ’till you drop. It’s a trap.

Home — Essay Samples — Economics — Money — Methods of Making Money

Methods of Making Money

• Categories: Money

About this sample

Words: 568 |

Published: Dec 18, 2018

Words: 568 | Page: 1 | 3 min read

Works Cited

• Fidelity Investments. (2022). Understanding investment options. https://www.fidelity.com/learning-center/investment-products
• Investopedia. (2022). How to invest in stocks. https://www.investopedia.com/articles/basics/06/invest1000.asp
• Kiyosaki, R. T. (1997). Rich dad poor dad. Tech Press.
• Mullainathan, S., & Shafir, E. (2013). Scarcity: Why having too little means so much. Macmillan.
• O’Leary, K. (2011). Cold hard truth: On business, money & life. Doubleday Canada.
• Ramit Sethi. (2019). I will teach you to be rich: No guilt, no excuses-just a 6-week program that works. Workman Publishing Company.
• Seligman, M. E. (2011). Flourish: A visionary new understanding of happiness and well-being. Free Press.
• The Balance. (2022). Guide to investing.
• The Penny Hoarder. (2022). Make money online. https://www.thepennyhoarder.com/make-money/
• The Simple Dollar. (2022). Investing.

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Essay on Pocket Money Advantages and Disadvantages

Students are often asked to write an essay on Pocket Money Advantages and Disadvantages in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Pocket Money Advantages and Disadvantages

Introduction.

Pocket money is a small amount of money given to children by their parents. It’s an effective tool to teach kids about financial responsibility.

Pocket money can teach children to manage money from an early age. They learn to save, spend wisely, and understand the value of money.

Disadvantages

However, pocket money can also lead to bad habits. If not monitored, kids might spend it all at once or buy unnecessary things, thus not learning proper money management.

250 Words Essay on Pocket Money Advantages and Disadvantages

The concept of pocket money.

Pocket money is a widely accepted practice where parents give a certain amount of money to their children for their personal expenses. It is seen as a tool for teaching financial responsibility and independence.

Advantages of Pocket Money

Disadvantages of pocket money.

On the flip side, pocket money can also have its drawbacks. If not monitored, it can lead to a sense of entitlement or promote materialistic attitudes. It might also lead to poor spending habits if children are not guided properly. In extreme cases, it could even lead to financial recklessness, as some children might assume that money is easily available.

Striking a Balance

The key to leveraging the benefits of pocket money lies in striking a balance. Parents should provide guidance and establish rules about spending and saving. They can use this as an opportunity to teach their children about the importance of charitable giving.

In conclusion, while pocket money has its pros and cons, it is an effective tool for teaching financial responsibility if used judiciously. The advantages can significantly outweigh the disadvantages with the right guidance and rules in place.

500 Words Essay on Pocket Money Advantages and Disadvantages

Pocket money, often a child’s first encounter with financial responsibility, is a topic of great debate. While some view it as an essential tool for teaching financial literacy, others perceive it as potentially leading to financial recklessness. As college students, understanding the pros and cons of pocket money can provide valuable insights into personal financial management.

The first significant advantage of pocket money is that it fosters financial literacy at an early age. By managing a fixed amount of money, children learn the value of money, budgeting, and prioritizing needs over wants. This early exposure to money management can be instrumental in developing sound financial habits, which are crucial in adulthood.

Furthermore, pocket money can be used as a tool to incentivize good behavior or performance. It can serve as a reward system, encouraging children to complete chores, excel in academics, or engage in other positive behaviors.

Despite the benefits, pocket money is not without its drawbacks. One potential issue is that it can lead to a sense of entitlement. If children are given money without any conditions, they may develop the expectation of always receiving money, leading to a lack of appreciation for hard work and the value of money.

Additionally, pocket money can create social disparities among peers. Children who receive larger amounts may feel superior, while those who receive less may feel inferior. This can lead to social issues, such as bullying or feelings of inadequacy.

In conclusion, pocket money can be a double-edged sword. On one hand, it can foster financial literacy, independence, and responsibility. On the other hand, it can lead to a sense of entitlement, financial mismanagement, and social disparities. The key lies in how it’s implemented. Parents and educators should use pocket money as a tool for teaching financial responsibility, coupling it with appropriate guidance and realistic expectations. As college students, reflecting on our experiences with pocket money can provide valuable insights into our own financial behaviors and attitudes, enabling us to make more informed financial decisions in the future.

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Pocket Money should be given to children. To what extent do you agree or disagree.

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