How I Manage My Money: Ilenia Maietta
In our ongoing series, “How I Manage My Money,” we explore how individuals in the UK navigate their financial landscapes—covering spending, saving, and investing strategies that help them meet their expenses and achieve their personal goals. This week, we hear from Ilenia Maietta, a 20-year-old student living with her family in London. Ilenia estimates that by residing at home while attending university, she saves approximately £800 each month. A meticulous saver, she is cautious about unnecessary expenditures and harbors aspirations of earning £70,000 annually in the future.
Monthly Budget Overview
My Monthly Income:
I earn around £500 a month from part-time roles at the university, alongside an additional £50 monthly from freelance work through MyPocketSkill. During the summer, when I have more availability, my earnings from MyPocketSkill can surge to as high as £450 a month.
My Monthly Outgoings:
Living at home means I avoid significant expenses such as rent, utility bills, and grocery costs. My primary outlay comprises:
- Public transport: £80 to £120
- Spotify subscription: £12
- Mobile phone bill: £5
- Self-care and beauty products: £30 to £50
- Dining out and coffee or bubble tea with friends: approximately £30 per outing
Additionally, I aim to vacation with friends annually, budgeting around £500 for that experience. Typically, I deposit all my earnings into a savings account, withdrawing from it as needed.
Having grown up in Italy, where my family owned a restaurant and their own home, I have witnessed the fluctuations of the restaurant business. Our move to the UK in 2018 marked a significant lifestyle change; my parents now rent a house in London, although we still maintain a comfortable living standard. I am currently pursuing a degree and Master’s in computer science at Queen Mary University of London, with plans to graduate in 2026. I find the costs associated with university to be exorbitant. Tuition fees for undergraduate courses in England have recently been raised, and while I benefit from a tuition fees package provided by Student Finance, I am aware that some international students face exorbitant fees that far exceed those of domestic students.
Reflections on Living at Home
By living with my family, I am saving at least £800 on rent in London, not accounting for additional expenses like utility bills and food. I cherish the comfort of returning to a family environment at the end of the day and plan to move out once I secure stable employment. While my long-term goal is to own a home in central London, I remain flexible about my options. If renting proves more economical and suits my lifestyle better, I would consider that route rather than purchasing property for the sake of it.
Currently, I earn money through several part-time roles at the university, including a position as a demonstrator (essentially a teaching assistant) and serving as a university ambassador at open days. My university work contributes about £500 monthly to my income. Additionally, I provide language and coding tutoring via MyPocketSkill, which brings in an extra £50 monthly. I previously managed social media tasks but found the constant algorithm adjustments to be overwhelming, prompting me to scale back my commitments. During holidays, I have managed to earn up to £450 each month through MyPocketSkill.
Reflecting on my financial education, I believe it would have been beneficial to have received more instruction on managing savings and budgeting prior to starting university. I consider myself a careful saver. However, I prioritize experiences and travel, willing to spend wisely on activities that enrich my life. When purchasing clothing or shoes, I prefer items that will last; for example, I would rather invest £50 in a durable pair of shoes than spend £20 on a pair that will fall apart within weeks.
I maintain a savings account with Chase, currently holding about £3,000. I typically deposit my earnings into this account and withdraw funds as necessary, as it offers flexible, easy access. Looking ahead, I plan to open an Individual Savings Account (ISA) to enhance my returns, especially since the interest rates on my current savings account have decreased.
In the future, I aspire to work in the technology sector, specifically as a software engineer focused on application development. My goal is to earn a salary sufficient to cover my basic needs and fund experiences outside of work, such as attending the theatre or traveling. Ideally, I would like to earn at least £70,000 annually, ensuring I have enough to handle emergencies, unexpected expenses, and travel adventures. Ultimately, I dream of exploring the world and living in various countries.
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