How to make the most of your pocket money!

June 7, 2017 • by Shubhodeep Dasgupta
saving money from pocket money

I get it. It’s not enough for you, is it? No matter how much you get, compared to that one rich guy, or girl, in your class, it’s nothing at all. You just simply don’t understand why your parents cannot spare more for their own child. Oh, the travesty! But, worry not, my friend. I’m here to let you in on some secrets about making the most of your pocket money. Here we go.

1. Manage your expectations: The thing to make yourself understand, first and foremost, is that your pocket money quota is all you’re going to get at the start of the month. Not more, and certainly not less; though the latter depends on your behaviour, I guess! It’s better to stand in front of the mirror at the start of every month, and look at the balance in your bank account, and give yourself a little pep talk that ‘Dude, this is it’. No matter what you do, that amount of money is not going to increase on its own magically. Once you’ve talked yourself into it, in comes point #2.

2. Schedule and prioritize: It’s a tough task, I know. Schedule? Prioritize?! These words might seem foreign to you, but spending five little minutes on these seemingly never ending tasks, can save you a lot of money. I know the lure of spending money on a whim, but the trick here is that the “Whim Balance” can become one of the items in your itinerary. This balance will simply help you gauge how much you can spend on moments when the hunger bug is simply too much to bear, or when there’s that one thing in the clothing store that you really, really want.

3. Grab those deals like a child grabbing at balloons in the air: Did those words create a visual in your head? Good! The same ferocity is required here. We are in an age where companies and brands are going against the grain to make sure that they create a strong base of customers. As such, they have all shifted to an ad based model, and are offering deals and incentives like crazy! Pick any one, and there are deals to suit every need you might have. So, it’s extremely wise to get your hands on an app that will offer you these deals in all your favourite place, and make sure to cash them in every time you visit these places. From restaurants, to movies, to shopping; there’s no deal that goes missing! Remember when I told you that the balance in your account will not grow magically? With this trick, it just might. Caution: What you do need to be careful about is not falling into a trap. Shop only when absolutely necessary and not because you saw a great deal. There will always be fabulous deals somewhere or the other.

4. Convince your parents to a bi-monthly or weekly allowance: This has double the benefit! Not only will you be able to properly fund your entire month, knowing exactly how much you can spend in a given week, even your parents will be happy to see that their kid has finally come to senses! Moreover, you can even convince them to cough up a little more in certain weeks when you feel especially indulgent.

So, there you have it; the secrets to utilise your pocket money to its full potential! These are all the points you really need to consider. Telling you that you should eat out less or that you should only spend on the more important things is irrelevant. Everything is important! Follow these tips and that pocket money will start looking that much bigger!