I'm lost, any help would be massively appreciated

ColdIron

ex-pat_scot wrote: »

If you have no income, then it might be better to contribute to (L)ISA, as you wont get tax relief on pension contributions if you don't pay tax.

You don't need to pay tax to make pension contributions and receive tax relief on those contributions

If you do not pay Income Tax

You still automatically get tax relief at 20% on the first £2,880 you pay into a pension each tax year (6 April to 5 April) if both of the following apply to you:

• you do not pay Income Tax, for example because you’re on a low income
• your pension provider claims tax relief for you at a rate of 20% (relief at source)

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

bostonerimus

Back in 1986 I was just finishing a PhD and had about 3k in total assets in a NatWest saving account saved up from summer jobs and graduation gifts. I hadn't thought about pensions or investments at all, but I had continued to pay my National Insurance. Thirty years later I'm now comfortably retired and don't have to worry about money anymore, so you can easily succeed financially, it just takes patience and a little common sense.

I would make sure you pay off any high interest debt you have ie credit cards.
Keep around 6 months of spending in your bank account.
Do a budget so you can see where your money is going and control your spending so you can save and invest.
Then open a SIPP with one of the large low cost providers and invest in a multi-asset fund like the VLS range. I would pay in every month. Also keep saving to the LISA.
When you start work get into their pension plan.
Do this for 30 years and you'll be set

Southend1

Are you working as a teaching assistant while doing the PhD? If so have you checked with your employer, as you may be eligible to join USS or TPS - both very good schemes?