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.