Handling your Finances

How I handle my finances

SFE + Parental Contribution

I currently receive a maintenance loan of £4,915 – that’s the minimum for living away from home, outside of London. I also receive money from my parents – £500/month.

They came up with this figure using the MSE University Parental Contribution Calculator – parents are expected by the government to contribute to these costs – yet this isn’t made explicit. Here’s one quote Martin Lewis included in his post, from a young student talking about his parents’ view on the situation:

“They can, but their view is I’m 18 now and at uni, and believe I should stand on my own two feet.”

In total, that works out to £6,000 from my parents, and £4,915 from SFE – £10,915 in all.

Part-time work

Freelancing

To supplement my income, I also work freelance. I list my services on my site key2.com. I offer services such as Tutoring, Website Design & SEO, Social Media Management, and more. If you’re another student interested in working as a freelancer, please do get in touch with me – I’d love to help you get into this line of work – it’s very rewarding!

Through this, I made £637.50 from July 2025 to February 2026. However, when you’re just getting started out as a freelancer, it’s very difficult to form a network through which to get work. I managed to build this network with help from professional career advisers at my school/uni, friends and family, and through networking with local businesses.

Disclaimer

Please note that none of the below is, or should be construed to be, financial advice. Please always do your own research, and consult a finance professional. Also, some links below may be affiliate links, which may result in me receiving a commission if you make a purchase (at no extra cost to you).

Earnings on MyPocketSkill

I would highly recommend MyPocketSkill (referral link here). NB: if you use my referral link, you’ll get £5 upon signing up. I was actually featured on the Lloyds bank x MyPocketSkill student account page – you can read what I had to say about MyPocketSkill below:

I’m a Geography student at a Top 10 UK Uni. I love the range of tasks available on MyPocketSkill; through tutoring, social media management, photography, and admin tasks, I’ve made over £4600

Should I use MyPocketSkill?

Through MyPocketSkill, a variety of tasks are available – pretty much anything worth doing as a freelancer is available.

However, the main advantage of MyPocketSkill is the client base. As I mentioned above, getting clients is incredibly difficult – and is very hard if you don’t already have an extensive network. However, through MyPocketSkill a number of tasks are listed everyday – for example, looking at the platform now (09/02/2026 at 17:15) 22 listings were posted in the last 23 hours – that’s almost one an hour!

When is it easiest to get bookings on MyPocketSkill?

The platform also gets busier – in the run-up to exams, parents start looking for more support with tuition. Clients also start looking for photographers for weddings and other events in the warmer months.

What can I do on MyPocketSkill?

As mentioned above, plenty of tasks are available on MyPocketSkill. However, if you’re new to freelancing, you may be unsure of what to do. I remember one of my friends during A-Levels who was interested in freelancing was saying to me he had no idea what he’d even do, although he did like the idea.

If you’re sitting in this boat, one of the easiest tasks to get into is tutoring. You’ll have an intimate knowledge with the course, considering you’re either currently doing it, or very recently have. That means you understand which topics are difficult, and how ideas can be explained in a way that makes sense – something older tutors might not be as able to offer. You understand study pressures, and can better emphasise with your tutees.

If you’re interested in doing other tasks types, and would like to have a chat about what you think you might be good at, feel free to get in contact with me here. I’m always happy to have a chat with other students and help them get started!

How much can I earn?

MyPocketSkill have an amazing approach to earnings, which I was really impressed with when I started working with them – and still am! They operate using a levelling up system.

When you start on their platform, they’ll automatically level you up based on your experience and age – e.g. if you have a DBS, you can start doing Babysitting at level 2. If you’re a Uni student, you start tutoring at Level 4. Also, their rates are always above minimum wage for the task type – that means you’ll be earning more, working from home, than you would be as a barista in a café!

They provide a levelling up calculator, where you can input your age so you can see what your earnings will be on the platform.

As you complete tasks, receive positive reviews, and get rebooked, you’ll either be automatically levelled up by the system for tasks like tutoring, or manually for tasks such as social media management.

Is MyPocketSkill better than other platforms?

Personally, I feel that for students, MyPocketSkill is by far the best choice.

When it comes to fees, they’re incredibly low – just 3%! Fiverr charge 5.5% in comparison!

Additionally, the platform is made for students, by a local, friendly, UK team. When you’re talking to clients, the Community Team is on hand to make sure everything goes smoothly – if you’d like to put a face to a name, you can learn all about MyPocketSkill here.

Photos from MyPocketSkill Office in London, from Roof:

Onboarding

When you start working with MyPocketSkill, they’ll also invite you to an onboarding call – here they show you how the platform works, and you’ll get to meet a member of the team, who can also answer any questions you may have.

I can remember one time where I really found this useful – during my A-Levels, I applied to quite a few listings when I was looking for more work, and then a couple weeks later, some of those clients replied after I’d already found new clients. As a freelancer, the ability to say no to clients is very important – it avoids you over-committing to clients, and then not being able to give the focus and attention each task deserves. The Community Team noticed this, and gave me a hand and some advice on how to manage this workload. However – you don’t want to rely on this! Do yourself a favour and learn from my mistakes, not your own! 😉

Protection

MyPocketSkill also provide protections for you through their terms and conditions – when you work through them, you don’t need your own privacy policy, terms and conditions, and all of the other legal requirements. When on a subscription based booking with a client, the client needs to provide notice of cancellation (which I discuss more below). They’re also there to step in in the very rare case where you have an issue with a client. They’re currently working on integrating video calls through their platform, which will be an amazing additional safeguard for their under 18 users, as well as enabling recordings for sessions and automatic notes via AI – something I’m very impressed with.

Community Engagement

MyPocketSkill are also super engaged and passionate with their mission to create a financially empowered Gen Z – they’re always running events (e.g. their annual Community Day, their recent SkillUp event), looking for (paid!) brand ambassadors (this is a really good way to build up experience and a portfolio for social media tasks – as well as getting to network), and partnering with brands such as Lloyds, as I mentioned above.

Barista

As well as having worked as a freelancer online, I’ve also worked as a barista. While this job did provide benefits – e.g. free coffee, paid break (with food!), and getting to socialise, it did have its downsides. For example, you’re completely dependent on your employer, and them having shifts you can do.

I experienced this the hard way, when one day my employer just removed me from the group chat – without any notice. When you work on these zero-hour contracts, this is the risk you accept – you get no job security.

Freelancing helps mitigate this by having multiple clients – let’s say you have 3 clients, providing 8 hours a month to each, at level 4 – meaning you earn £121.25 per client, totalling £363.75/month. If one of your clients does decide they no longer need your services, that’s not the end of the world. On MyPocketSkill, clients must provide notice before cancelling a booking – meaning you now have a month to find a new client.

Bike Courier

I work with Uber Eats and Just Eat, and am currently applying to work with Deliveroo – although their application process seems to be a bit broken, which I’m trying to resolve with them (with limited success!). In the past, I’ve only worked with Uber Eats, and even when using their ‘opportunities’ (extra earnings at peak times), occasionally I struggle to earn even minimum wage. When I do receive a tip, that does push me slightly closer to minimum wage.

I only really do this because I enjoy cycling, and it means I’m getting paid to cycle. It’s definitely not worth doing for the money, unless you really have no other option.

You also need to purchase your own food delivery bag (although you can get them discounted through your courier company) – which will eat into your initial earnings.

Earnings by Type (part-time)

So, in total, how much have I earnt from each of these? The figures below will be from the last year – so from February 2025 – February 2026.

MyPocketSkill Earnings

£2839.45 – £236.62/month

Freelancing

£637.50 – £53.13/month

Food Courier

In total I have made £212.26 – I tried to find out how much time I’d spent delivering, but Uber don’t appear to make this figure available unless you’re in the weekly view (perhaps tellingly). This figure also wouldn’t have included the time I spend cycling looking for a trip – which brings down my hourly pay.
I have only spent about 3 weeks delivering food – and when I did I would usually spend at least a few hours cycling until my phone died (the Uber app is hard on the battery, and I don’t have an e-bike). Therefore, for the weeks I was consistently cycling, I made £70.98 a week, or £283.95 a month if we assumed I had done an extra week, in which I made the average I did in the previous three weeks. However, for calculating my total annual income and expenses, we’ll only use the figures we have – so £17.75/month.

It’s still a solid choice, though – you can just pick up one trip on your way back home, and you’re not forced to take trips you don’t want to. If you’d like to try it out for yourself, you can sign-up using my link here. By using my link, you’ll earn an extra £100 when you complete you first 50 deliveries within 30 days (not bad, eh?)!

Expenses

Unfortunately, I also have expenses. Below I’ll list each one, and its cost (per week).

1. Accommodation. Accommodation is my largest cost – although this figure will look slightly higher, since I’m in a 5 day a week catered hall. Sidenote: I’d really recommend getting a catered hall – these meals are amazing for socialising with your hallmates, and the time you save from not having to cook is incredibly useful – when you’re just getting settled into uni, this is really useful. You also don’t have to worry about the cost of food, and can (at least in my uni) get seconds at no extra cost. Not having the temptation to skip meals to save money may also give you (or your parents!) some peace of mind.
   I digress – so what are my accommodations costs per year and per week? I pay £9,906.33 a year – for a 41 week let, that’s £241.62 per week.
   My maintenance loan falls short of that figure by £4991.33 – and that’s before factoring in my other living costs. The student loan system also has some other issues I won’t get into in this post, but so that you’re aware there’s a rethink repayment campaign – you can send a letter to your MP using their online tool – you just input your name and details, and it inserts your details into an email template – then 2 clicks, and it’s sent!
2. Food. On the weekends, I generally eat with friends – by cooking together, we all save time, and money! By shopping at LIDL, and only having a meal a day, I only spend £3-5 each weekend. That works out to somewhere around £18 a month.
3. Laundry. I do a weekly wash, which works out to £2.80 a week. I don’t use a tumble dryer, and instead use the drying room in my accommodation – meaning I save some money here. For bedsheets, I wash them either every one or two weeks. The wash costs £2.80, but since I need to sleep in the bedsheets, I pay for the tumble dryer – costing me £1.40. Assuming the cheaper option, that’s £8.40 a month, plus the £2.80 a week – giving us a total of £19.60 a month.
4. Subscriptions. I don’t have Spotify, which I’d assume is one of the main offenders for most students. Instead, I use Musicolet – this is a music player for your audio files. It works offline, and can play lossless (better quality) audio, just like Apple Music. Spotify has recently started rolling out lossless audio, so it will be interesting to see how it stacks up against competitors.
   I do have Audible however – as a busy uni student, I unfortunately don’t have much time to read – as evidenced by the 5 books sitting on my bookshelf, which still have yet to be opened (even though three of them are signed!). Audible Premium Plus (naming really has gotten worse…) works out to £8.99/month. I probably could go for the annual plan, but haven’t bothered yet.
   I really like using Audible, since it means I can still engage with books, despite how busy I am – I’m currently working through the Skullduggery Pleasant series, but have also really enjoyed books such as The Martian and Artemis by Andy Weir, or the Bobiverse series by Derek E. Landy. If you would like to sign-up to Audible, please do use my link here. They’re currently offering 3 months of membership for only £0.99, and when they’re not doing exclusive offers such as these, they offer a free month long trial. A standard subscription is just £5.99, and the premium at £8.99 gives you unlimited access to their all-you-can-listen catalogue of 15K+ audiobooks and podcasts. If you’re looking for a good first listen, Skullduggery Pleasant is a great choice – it’s a box set, so only costs 1 credit, but you get almost 22 hours of audio book in that! The Martian is a very famous book – winning the Goodreads Choice Award (2014). If you like The Martian, Artemis is a great next read (which also won the Goodreads Choice Award in 2017!). Bobiverse is a highly amusing series, and has sold over a million copies.
   I also have a concessionary Cycling UK membership at £3.00/month – I signed up since they were offering free lights worth £34.99, and like having the magazine, insurance, and discounts available through the membership. It also means I’m supporting UK cycling being safer and more accessible – definitely a benefit to all!
   I also have my monthly phone bill – £10/month, for 20GB and unlimited minutes and texts.
5. Other ongoing costs. I have other annual memberships – e.g. I’m part of various societies at Uni, I’m part of a cycling club through which I play bike polo and attend repair workshops (saving me money on bike maintenance!), and I’m considering taking up a new sport – although I’m not certain yet at the time of writing. This figure does also include other events such as going to the club in the students union (tickets and memberships are grouped together).
   I also go to the gym – this cost me £231, since I was able to get the Black Friday deal.
   So far, I’ve spent £546.40 on these memberships and tickets (which are valid for the year).
   I also occasionally go out for drinks and/or a meal, which costs £10-30 each time.
   I’d estimate my monthly cost at the end of the year would be somewhere around £80-130 a month for these costs.
6. Academic Costs. Luckily, my university has an incredibly well stocked library – so I don’t need to buy books. Printing is quite cheap – I filled my account with £2 of credit at the start of the year, and haven’t needed to refill it yet! I also already had stationery from A-Levels, so nothing needed there. Software is also included with my course, and the first year field trips are included in the course fees. I am considering purchasing a laptop soon, however – which I will expect to work out to £2-3k (potentially more if memory prices continue to be terrible!). This will allow me to start offering video editing as a service, however. I would offer this currently, but due to my laptop being a 6 year old convertible, it isn’t really feasible. Since this isn’t an ongoing cost however, I’ll ignore it for this calculation.
7. Travel. Train travel to visit home, or buses to nearby cities can add up. I do try to avoid this by cycling (although I wouldn’t recommend it – cycling 4 hours in the dark with a sub-standard light is not a fun way to spend a weekend!) – I’d estimate around £10/month.
8. Clothing. I don’t often buy new clothing, however I do need to get sports equipment and clothing. I also need one-off clothing – e.g. fancy dress for a party. This is around another £10/month.

In summary, my expenses add up to around £1256/month.

Savings and Investments

For my savings and investments, I use various products, which keep my costs low, and returns as high as possible.

Which products do I use?

Savings Products:

For my savings, I use two main accounts; one high yielding 7.1% regular saver, and an instant access savings account at 5%.

1. Zopa Biscuit Bank Account:
   The Zopa Biscuit account offers various benefits, making it a very attractive offer. The main benefit, however, is the 7.1% regular saver, which you can contribute £300 to a month, and withdraw at any time.
   Additionally, you’ll receive 2% AER on your bank account balance, and 2% cashback on direct debits (up to a cap).
   Zopa also offer investing from £1 – however, they charge fees, which is why I prefer to use Trading 212 – which I’ll discuss below.
   If you’re interested in signing up to Zopa to benefit from this great savings rate, please use my referral link here to get £10!
2. Nationwide offer a FlexOne Saver, which pays 5% AER – unfortunately, this account is only available with their children’s current account, so if you are over 17, you can’t apply for one. However, if you already have one, you can keep it until you’re 23. You can read more about it here.

Investment Products:

I hold both a LISA and a Stocks and Shares ISA. An ISA (Individual Savings Account) is a tax efficient account, for those over 18 to be able to save or invest up to £20k a year. Note that this is a use or it or lose it limit – if you only use £15k in one year, this can’t be carried to the next year.

1. Trading 212 Stocks and Shares ISA
   Through my Trading 212 account, I have access to both an ISA, as well as an Invest account – which provides me a card with 1.5% cashback. I use this card when paying for large expenses such as my student accommodation – 1.5% of £10,000 is £150! Do note however, there is a monthly £15 cashback limit – so you may need to pay your accommodation payment early to maximise cashback. By signing up using my link, you can get free fractional shares worth up to £100.
   However, there is a higher risk associated with investments – their value can rise and fall, and you can get back less than you originally invested.
   So far, in my ISA I’ve made a return of 10.6% – and I only started investing 7 months ago! However, past performance does not guarantee future results. Always do your own research, and seek financial advice if you require it – you’re responsible for your own financial decisions.
2. Plum LISA
   The Lifetime ISA is a scheme in which the government provides a 25% bonus to your investment (up to £1k a year). This means if you deposit £4,000, the government will add £1,000 to your account, for a total of £5,000. Additionally, you’ll earn interest on this – so with my Plum ISA, I receive 3.11% AER, plus a 12 month bonus 0.89% AER rate, to a total of 4% AER. This means each year I get a total of 25% AER + 4% AER – resulting in a combined total return of 29% a year! However, the LISA isn’t perfect for everyone – you can only use the invested funds for a first home, retirement, or some other very specific circumstances. Upon withdrawing you pay a 25% penalty – which is on the amount you withdraw, not deposited. This means if you deposit £10, the government will then add £2.50. This means you have £12.50 deposited. If you then withdraw this £12.50, you’ll pay 25% – on the £12.50. 25% of £12.50 is £3.125 – so £12.50 – £3.125 = £9.375. This means you’d lose about 6.25% of your original investment.
   The LISA also has some other caveats – when used to purchase a house, the value of the house has to be below £450k – making it hard to buy a house in London. This price cap hasn’t been raised since 2017.
   Most providers also only allow you to invest in cash in a LISA – there’s no stocks and shares option, reducing your returns – and especially considering how long-term of an investment a LISA is, being able to accept higher short-term volatility may pay off.
   For the above reasons, I’ve only placed just over £10 in mine – although I will keep it open, in-case I ever would like to utilise the government bonus in the future.

My Final Annual Budget

In total, I earnt £3,689.91 from all of my part-time work from Feb 2025 – Feb 2026. Through SFE and my parents, I’ll receive £10,915. In total, that’s an annual incoming of £14,604.91.

My average annual expenses add up to £15,072/year.

Looking at the above, you may assume I’m barely breaking even, or even in debt. You’d be correct if you did – but that’s because I’m ‘stoozing‘. (Students – I’d strongly recommend reading the linked article – it contains information about the rewards available with student bank accounts, and some tips about using/managing your student overdraft).

I only went to university in September 2025 – and before then, I was working part-time through MyPocketSkill, as a courier, freelancer, and as a barista. That allowed me to build up some savings, and invest my money using trading platforms like Trading 212 – all while my parents were supporting most of my day-to-day costs. This was so useful when I came to university, since it meant I had a strong financial buffer, meaning I had less financial worries.

That’s why I believe it is so important for students to start earning, young. Not only does it provide young people a financial buffer, but it’s also the best way for young people to learn about and understand money. Only by earning and having their own money, will they have the shift from £20 being something they have to ask your parents for, to an hour or so of their time. It’s such a strong tool for controlling impulsive spending. Trust me, I know – I’ve seen it work with my friends, sibling, and even in myself.