P is for pocket money

Ok— we are kids, so our no 1 obvious step in gaining income is typically pocket money, so let's start there.

Are you getting any and if so are you maximising your pocket money potential?

If you don't already get pocket money or you do but it hasn't been reviewed for a while, then it's time to do some research. Try searching online to see what the suggested rates are for kids your age in your area, then try having a conversation with your parents or carers about this.

Important: remember everyone's situation is different, so while it's great to have these conversations with your parents its also important to respect their decision.

My first step was to hold a pocket money negotiation meeting with my parents, because my pocket money was set when I was just 7 years old. This proved really beneficial and I managed to increase my weekly allowance from £2.75 to £5.00 per week. That's a whopping £117 a year better off. Result!!

Here are my top tips for upping your pocket money:

• Ask nicely, manners go a LONG way

• Do some research to know what's a good current rate for your age

• Offer something in return (are there jobs around the house you can help with or other ways you can add value to help your family or community?)

• Respect your parents final decision

You can't really expect more money without giving something back so a really good way to get more pocket money is being more helpful and useful around the house.

Take care of the pennies and the pounds look after themselves

Pocket money is a good thing since it's growing all the time (if you store it in a safe place away from your brothers and sisters) and it is a regular income (which is called cash flow).

Where to keep your pocket money:

I am going to do a more detailed blog on this soon when I have carried out more research, but here are some of the places where you might keep your pocket money:

• In a jar or piggy bank in your room

• In a young savers bank account

• In premium bonds

And don't forget you can also add extra bonus money like birthday and Christmas gifts to your savings pot helping you reach that goal quicker.

Always aim high,

BIG Dreamer