How Pocket Money Can Be Pocket-Friendly…A Few Tricks!

by Emma Anderson Short Term Loan Solutions with Loan

Remember the days when you waited for a few pounds from your mum or dad every week or month-end?

Or when you have been a teenager and your mum and dad surprised you by raising the amount a little bit?

It is likely that you’re not a kid anymore reading this blog. However, even if you are, then know this money is earned with a lot of effort, and those efforts are wasted when we are not careful with the money we earn.

Whether or not you get it from your parents or you keep an amount aside from your monthly or weekly earnings, money is ultimately money, and that can offer you the best privileges if you save it more and spend it less.

And this habit can start with little things like being careful in dealing with pocket money.

· How to Manage Pocket-Money to Contribute to its Growth

It’s easy once you know how to do that.

Pocket money is usually meant for spending.

That’s the approach we have with money.

We think of spending money or putting it to use whenever we gain an amount from our funds or from a loan or the pocket money we keep for ourselves.

Let’s change it to saving than spending.

Yes, you can take an online loan in Ireland to save it. You can start a new savings account or use a part of that money to reinforce your saving habit.

We’re going to take the same approach for pocket money.

Here are a few ways we can follow:

· Make a Savings Target

· Determine When to Use Pocket Money and How to Use It Minimally

· You Can Find a Freelance Job Just to Earn Your Pocket Money

· Make a Spending Target

Let’s read about these points.

1. Make a Savings Target

You can take up a strategy to save an amount of money from the pocket money you use.

Let’s suppose you pick 20 to 40 pounds each month to keep in your pockets.

You can set a goal to use the money but target 50% of it to put in your piggy bank or deposit in your savings account.

You can keep the goal higher to 60% in order to reinforce this habit.

Let’s suppose your income increased, and you can now keep a complete 50 pounds as your pocket money.

Aim for saving 65% of it then at the end of the month (if possible).

2. Determine When to Use Pocket Money and How to Use It Minimally

Pocket money can be used at causes that are necessary and not impulsive.

A simple example can bring this to your attention. It may sound harsh. But it is going to do you good.

You can eat out if you’re hungry or don’t have cooking facilities in your home.

Eating out just for the sake of a colourful and pompous Instagram Post isn’t necessary, is it?

You can still cook your favourite meal at home and post that photo instead.

3. You Can Find a Freelance Job Just to Earn Your Pocket Money

Thanks to the Internet, freelancing can be a great way to earn money, and it is probably the best way to earn pocket money while still being productive.

It just can make you a little stressed at first. But with a little organisation and the expectations of the reward you get, freelancing can be just as fun.

To bring some spice into this case, you can freelance on something a bit alternative to what you do in your day job or your business.

Find freelance work from sites like Fiverr and Upwork.

A freelance Graphic Designer can earn up to 33 pounds in the usual sense.

That’s enough pocket money, don’t you think?

4. Make a Spending Target

Remember the first point?

Yes, it said target savings.

Similarly, you can calculate your expenses for a month, taking in some (just a few) of the impulsive actions.

Be organised about those impulsive actions like going to a movie hall or occasionally going to the pub.

Are the expenses calculated? Good!

Now, aim for not spending more than that. You can keep a few of those activities for the next week or month.

· To Conclude

If taking out loans for bad credit in Ireland is a way to elevate your low credit score, then this blog can be a way to help you save pocket money.

Just don’t forget one golden rule: ‘Spend money when necessary’.

Enough said.