Defining a price for my magazine

I would have to ensure my music magazine is of a reasonably cheap price due to my target audience being teenagers; they are likely not going to be able to afford a magazine that is published every week at £3.50 for example. I would like my magazine to be published monthly, which is likely to increase the price slightly, but it will make the audience more likely to be able to afford it; they will not have to fork out a few pounds every week to pay for the magazine for example. Also, my magazine will be more likely to contain a greater, more “juicier” content as the magazine will be thicker (which I am hoping will be a good selling point).
NME, a competing magazine, is a weekly magazine costing £2.20. Personally, I feel this is a reasonable price for a weekly magazine, but considering the target audience, I think it could be considered slightly expensive (target audience is also teenagers). I would have to make sure that my price is justifiable; being a similarly-aimed music magazine, so I would have to make sure it is not too expensive or too cheap in comparison.
This being said, I feel that £3.00 is a reasonable price for my monthly magazine. It is not a lot higher than the NME price (although that is a weekly magazine) so I don’t think it is too expensive for teenagers to be able to afford every month, but it would also ensure reasonable printing quality (the magazine would not look cheap with this price).