Children at Tennyson Road Primary school in Luton are earning paper money, for things such as looking smart or helping others, throughout the Week. At the end of the Week they will be able to purchase prizes with the money they have banked. A local bank employee is also going into the school to take to the children, and a trading game is being played.

Everyone has questions about money, whether they are 13 or 30! That’s why we had the Agony Aunts and Uncles, our team of financial specialists, answer all your money-related questions during My Money Week 2010.

From budgeting and part-time jobs, to saving to go to university — they have an answer for everything!

Don’t believe us? Just have a look through the questions below!

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Q. I have an Xbox 360 and i love buying all the new games,shall I by Fifa World Cup?

A. Kadeem:  You shouldn't buy the fifa world cup because in a few months time a new fifa (Fifa 11) will be released and will probably be better. I would suggest you wait a few months and buy fifa 11.

Q. What is the best way of making money saving up pocket money or doing jobs every day? Which one would make more money and get money quicker?

A. Jasmine's response: I think it's best to do both actually. If you just save your pocket money then that will build up slowly (and although you get a bit of interest in savings accounts, it's not very much right now). However, if you make money and then just spend it you won't have anything left. So I suggest that you do some jobs here and there to make extra money to add to your pocket money then decide how much of the total amount you are going to save and how much you are going to spend. So say, for example, you get £2 in pocket money each week but you make £10 through jobs each week, you could add those together (£12) and decide to save half each week (£6) and spend the other half (£6). That would mean you could build up your savings over time but you still get to buy things you like every now and then.

Ruta: i would suggest doing both, but it all depends on how much you get for pocket money and how much you would earn for the jobs. but everyone knows that doing jobs everyday and putting your pocket money aside is hard and then saving that money and not just spending it in one go is even harder so make sure you know how much your going to spend in one week and how much you are going to save (make sure you dont go over your spending budget).

Q. How can I buy new DVDs when I spend all my money on other things and how can I get money when my mum gives me not a lot?

A. Jasmine's response: You are going to have to stop spending all your money on other things! The big secret about managing your money (and lots of adults don't know this so pay attention!) is that you need to think about what you really want to have, spend your money on those things and then don't spend it on things you could do without. So if you really want to buy DVDs you will need to give up something else that you don't want quite so much. However, if you went for secondhand DVDs (perhaps through Amazon or eBay or sites like that) then you could probably have those and buy other things as well. Or, even better, how about just swapping your DVDs with other people's DVDs? That way you get to see their films for a while for nothing. When you get yours back you can swap them again with someone else's and so on. By swapping you get to see lots of films for absolutely nothing and you can spend all your money on lots of other things!

Keara's Response: You're going to have to stop spending ALL your money on other things... Try putting some aside then you can still buy what you want without worrying about spending all your money.

Q. How do you buy fashionable clothes without spending millions of pounds?

A. Jasmine's response: Good question! Happily there are lots of ways of doing that now. For a start there are really fashionable, really cheap shops like New Look and Primark that have great clothes for just a few quid. You do need to be careful though because a lot of their clothes don't last well. After a while you will get clever at spotting things that won't be worth it because they won't last. Then there's charity shops. I love charity shops because you never know what you might find. It's a good idea to have a good rummage in a range of charity shops because you can often pick up some amazing stuff for very little. Do you try eBay too? You can literally get clothes for pennies there if you go for the right things. It's important to measure yourself really well so that you know what will actually fit you before you bid. If you're not sure about something then email the seller with lots of questions. There are also some really fashion websites that have amazing offers on designer clothes or just plain fashion stuff. See our article here http://www.moneymagpie.com/article/22553/top-ten-money-saving-fashion-websites/ on the top ten money-saving fashion sites for ideas.

Clarice: As a Young Member of the NCB I have definitely been through the same situation. I see clothes that are really nice, I then look at the price tag and think 'forget it' but there are cheaper ways of getting fashionable clothes without spending hundreds of pounds. Its totally fine to have a look at expensive clothes but before you buy it, keep it in mind and take a look in other cheaper shops like Primark, Tescos and charity shops etc. See if you can find a cheaper deal as well as a funky and a fashionable top. I hope this advice helps :).

Q. My dad gives me £5.00 a week and sometimes he doesn't, sometimes he misses two or three weeks and when he comes to pay me again he only gives me the £5.00. Do you think that is fair?

A. Jasmine's response: No I don't think that's fair. This is something that parents do quite often and it's not fair to kids. However, your Dad's probably busy and thinking of all sorts of things so that could be why he keeps forgetting. One way round it, if you're old enough to have your own account, is to ask your Dad to put the money through what's called a 'standing order' from his bank account to yours. Standing orders are regular payments you get your bank to do automatically without you having to think about it. That would take it off his mind and make sure you got your cash! If you don't have an account and you want the money in actual cash anyway, have a chat with him about it. Tell him that it's not fair that he misses out on some weeks. See if he will agree to give you the money on one particular day each week, like every Monday or every Friday. If he forgets on that day then ask him for it. If he still doesn't give you the cash, write down the amount and the date that he's missed. When he comes to give you money the next week, show him your note and tell him that he owes you extra. If it's written down he can't argue!

Jhon: You are getting more money than some people! Always thank him when he pays you, but ask him if you did something wrong to not get last weeks. Before you ask, think about if your Dad is having any money issues - is he paying off a lot of bills, buying a new car or moving house? That might affect it. If none of the above work, remind him at the end of every week or on payday!

Q. What is the best way to make money?

A. Jasmine's response: It depends how old you are, what skills you have and how much time you have. Probably the best way for anyone to make money is to do a job that you really love and get paid for it at the same time. That's like being paid to play! So have a think about what you actually like doing - do you like being out on your bicycle and riding around? Then you might enjoy a paper round. Do you like little children? Then you could make some money as a babysitter (although it depends on your age). Do you like making things? You might be able to make money by baking cakes and selling them at car boot sales with your parents. If you're an older teenager and you're a real whizz on the computer you could make good money by teaching adults how to use their computers or mending them for them. Have a look at our article on Ways for Kids to make Cash for more ideas here http://www.moneymagpie.com/article/864/asd/

Blessing: This really depends on your age, skills or talents you have. You could use your experience or talent to make money which will be easy because you'll enjoy what you do. If you have got experience that you think will benefit a company you could try get a job with them which could help you in getting some cash. Its all about thinking what you like doing. If you're a person who is into music you could run clubs for under 18, most young people enjoy socializing and having fun. So basically it would depend on what your interested in and you need to believe in yourself that you can do it. Make sure you think about what you want to do clearly then start it.

Q. My brother is a mechanic and fixes cars and cleans them for people, I sometimes help him and get paid £2.00 a day for doing three hours. Do you think its a fair amount?

A. Jasmine's response: I think that £2 is probably not enough for doing three hours but it's possible that your brother gets paid very little to do the job himself so he can't afford much more than £2. See if you can find out how much he's paid to do these jobs and if he is paid decent money then ask him for a pay rise. Tell him that although you like working with him, you think you should be paid at least £1 an hour, ideally £2 an hour. Have a think about what actual work you do for him - is it really useful to him? Is it really good work? If you think you've done some good work for him, point that out and say that you're obviously worth more more than £2 for three hours. If he says no then have a think about how much you really want to work with him. Could you get better-paid and more interesting work elsewhere, like doing a paper round or washing cars for neighbours?

Tina: I think Jasmine's given some excellent advice here. Another thing which you may want to consider is whether you are allowed minimum wage, which since 2009 has been £3.57 an hour for 16-18 year olds. If you are younger there is no legislation to say how much you get paid by your employer (your brother) and he can pay you whatever he likes. Remember, if you feel really uncomfortable being paid £2 for 3 hours, you can always quit and find a job elsewhere!!

Q. How will I pay rent and bills when I leave home?

A. Ruta and Aisha: You can use your wages from your job and also apply for benefits if you’re unemployed, a student or on a low wage. You can ask for help from your parents, or keep costs down by staying at home.

Jasmine: Budgeting is vital when you leave home. Make sure you write down all your outgoings and work out how much you’ll have left afterwards — you’ve got to eat after all!

Q. Why do some countries have more money than others?

A. Young Advisers: Different countries manage their money to different regimes (Capitalism, Communism) all have an impact on monetary issues. Sometimes they work and sometimes they don’t — ask your history or economics teacher to tell you more!

Q. Should I buy new songs or top up my mobile?

A. Aisha and Ruta: Write down the pros and cons of each. Which do you need more? Compare the costs and then make your decision.

Jasmine: Working out if you really need something is always the best place to start. You might need that phone to call your parents if you’re late back from a friend’s. The songs will still be there when you have a bit of spare cash.

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