Who wants to be a millionaire?

Could Your Son or Daughter Be Sitting on a £7,740 Pay Rise?

Right, listen up everyone! I want to talk about missed opportunities and the real-life cash incentives that are staring us right in the face.

I often wonder about saving my way to a million quid, but let’s be honest, unless I ditch the gadgets and the occasional splurge (and maybe the memories of my ex-wife!), that £8k a month target is a non-starter.

But here’s the thing: while you might not save a million tomorrow, your financial future can change in an instant, and for some of you, that instant is now!

Jonathan & Janice: A Case Study in £££ Potential

Take my friends, Jonathan and Janice in the phot above. They’re a hard-working couple in their thirties, juggling a mortgage, bills, and paying back the 'Bank of Mum and Dad.' Their combined take-home pay is around £3,365 a month.

After all the essentials—mortgage, bills, cars, and even that hefty £150 a month for TV subscriptions (we need to talk about that!)—they are left with £545 a month to save. That’s good, but it’s a slow road to that dream life: the wedding, the annual holiday, and a clear mortgage.

The £7,740 Question: Stop Leaving Money on the Table!

Now, here’s the game-changer. Janice has finished her LPC but needs to pass a few final exams. This isn't just about a qualification; it's about a massive, immediate financial turbo-boost for their household.

A newly qualified solicitor outside of London could conservatively expect to earn £35,000 a year, up from Janice's current £25,000.

Let’s see what that does to their bank balance:

• Janice's Current Take-Home: Approx. £1,768/month
• Solicitor Take-Home (on £35k): Approx. £2,413/month
• The Pay Rise: That’s an extra £645 per month—or £7,740 per year!

Suddenly, their monthly savings potential more than doubles from £545 to £1,190!

(Blogger's note: These figures are estimates—be sure to do your own calculations if you're aiming for more money.)

Time is NOT on Your Side

This isn’t just a nice-to-have opportunity—it’s urgent. The legal world is changing, moving from the LPC to the new Solicitors Qualifying Examination (SQE).

If you have those LPC retakes left, you have a window of opportunity to qualify via the old route. Miss it, and you could be facing a whole new set of, more complex, exams.

Here’s the bottom line: That qualification is the key to unlocking an immediate £7,740 a year in extra income for the household. That’s a fund for the wedding, the holiday, and a turbo-charge towards financial freedom.

Stop leaving that money on the table! Find out those retake deadlines, book the exams, and grab that future with both hands.

Your financial destiny is in your control—now go and get it!

Peter

Right then, let's talk about Peter! He’s just hit 18, he’s working, but he’s facing the first big reality check: the lack of a "salary rush" and the inevitable "bank of mum and dad" contribution.

This is a crucial moment for Peter. The Martin Lewis advice here is all about setting up good habits early—making every pound work harder, and focusing on a life-changing savings opportunity that he can only start now.

Here is the essential breakdown for Peter:

1. The Home Contribution

This is the big one. Peter needs to start contributing to the house, he has to contribute and remember its not just a bill, its a fair figure, (according to mum and dad - so it must be true); if you look at the average cost of food, utilities, and a nominal 'rent' share. Let's say he pays £150 a month. This will give a sense of earnings which Peter can factor on living costs that take one's money earned away. he'll have more than that later, that's an assured. However, right now, he really needs a better employment path to feel the end of the month "rush".

2. How on earth does Peter get another and better job ?

The perfect next step for Peter is realise what he has now about managing his current income, but a better job would give him more income to manage!

Peter decides that the best way for an 18-year-old with minimal CV experience to get a new and better job is to focus entirely on transferable skills and target sectors that prioritize fast-track training and progression, specifically Apprenticeships and Entry-Level Roles with Big Employers.

Here is Peter’s plan for job progression:

3. Upgrade the CV: Focus on Transferable Skills

Peter’s current job cleaning and bar work is valuable! He needs to stop listing tasks and start listing achievements and transferable skills. This makes his CV stand out.

So I wonder if Peter knows that at 18 and earning, means he is eligible for a government savings scheme that provides an instant 25% bonus.

• Open a Lifetime ISA (LISA) NOW: Martin Lewis's most urgent advice for young first-time buyers is this: Peter needs to open a LISA immediately.
  • You can save up to £4,000 per tax year, and the state adds a 25% bonus (up to £1,000 a year) towards his first home.
  • The Crucial Rule: He must have the account open for at least 12 months before he can use the bonus money for a house purchase. Even if he can only afford to put £1 in it today, the clock starts ticking immediately. That's why he needs to open it now.

Bloggers Note: it might be a good idea to check for a Child Trust Fund (CTF): If Peter was born between September 2002 and January 2011, he is likely sitting on a Child Trust Fund. He could have up to £2,000 or more and not even know it! He needs to trace and claim it for free on GOV.UK.

So lets say Peter was born on 31 July, 18 years ago (meaning 31 July 2003), his date of birth falls within the entire eligible period for a Child Trust Fund:

The official rule is that a child must have been born between:

1 September 2002 and 2 January 20111 

If does qualify he turned 18 on July 31st of this year (2025), and is now the legal owner of the account.

Next Steps (Immediate Financial Gain):

1. Go to GOV.UK: Peter should search for the "Find a Child Trust Fund" service.
2. Get the Money: If it works this money is his and can be used immediately to help fund his job search, improve his living situation, or pay for training courses to get that better job.

3. The Money Mindset: Auto-Enrolment and Budgeting 📝

Peter's current wage isn't a "salary rush," but he can still secure a hidden pay rise and master his spending.

• The Hidden Pay Rise (Pension): If Peter earns over £6,240 a year, his employer must let him 'manually enrol' into the workplace pension scheme. This is essentially a free pay rise, as the employer has to contribute too. Even at 18, starting a pension now gives his money the longest time possible to grow, thanks to compounding.
• The Budget Basics: He needs a budget. Peter should track every penny he spends for one month. He can use a simple spreadsheet or an app. He needs to know exactly where his money is going to find the "pain-free savings"—cutting costs on things like an expensive mobile contract or unnecessary subscriptions before he has to cut back on fun.
• The Debt Priority: If Peter has any expensive debt (e.g., credit card or high-interest store card debt), that must be the absolute priority. Clear Bad Debt before you focus on general saving.

Peter has time on his side, and that is his biggest financial asset. If he follows these steps, he can turn that humble bar job into the foundation for a brilliant financial future.

[Just to say, I am not a financial expert but, I have this regret of not currently being that millionaire which I could have been if I knew I know to day and of course had all the tech that generation Z's have in the current lives]

POEM #1

The Solicitor's Savings Rhyme

The mortgage bill is on the slate, The savings climb, but oh, the wait! A hundred quid, a careful spare, To reach a million, who would dare?

But look! A chance, a golden key, A higher future, clear to see! The LPC, a stumble past, The time to finish comes up fast.

That little pass, those final fees, Could bring a solicitor to her knees... To earn £7,740 more, And smash that debt right out the door!

The SQE is on the run, The chance to change is nearly done. So grab the books, ignore the dread, Invest in your career instead!

For discipline is the only friend, That helps your savings truly ascend. But a £35k boost, that's the real might, To make your million shine so bright!

POEM #2

The sticks are resting, silent on the snare,

The CTF cash is found—a helpful share.

But rent and bills don't wait for the drum fill,

A better job must pay the bills until...

He lands the role, puts savings in the pot,

For cymbals bright and that tight, backbeat spot.

The rhythm waits, the dream is still his guide,

But work for now, with drumming deep inside.