Managing Your Finances

The following is a guide to the cost of living for a student in Ireland for 2015/16

 

Cost of Living for Students living away from home

Monthly (€)

Annual (€)

Rent (National – for Dublin see below)

325*

2925

Utilities

34

306

Food

172

1548

Travel

135**

1215

Books  & Class materials

74***

666

Clothes/Medical

43

387

Mobile

32

288

Social life/Misc

74****

666

Student charge

333

3000

Total

1, 222

11,001

 

 

Cost of living for Students living at home

Monthly (€)

Annual (€)

Contribution to Utilities

34

306

Food

63

567

Travel

135

1215

Books & Class Materials

55

495

Clothes/Medical

43

387

Mobile

32

288

Social Life/Misc

71****

639

Student charge

333

3000

Total

766

6897

 

Sources used to produce the DIT Student Cost of Living Guide included the Daft.ie rental report Q4, 2014, Consumer price index March 2015, HEA Eurostudent V (2013), if referencing the Student Cost of Living Guide please cite DIT Campus Life

* The above guide is a national guide. The rent figure is the mean of National City regions single rent-a-room cost.  The average rental figure for students in Dublin is higher at around € 418 (mean of Dublin region single rent a room cost).  Rent in Dublin can vary widely from less than €348 per month for a shared room, up to €1,089 or more for a one bedroom unit in Dublin 2.

** The travel cost takes in the capped student LEAP fare of €30/week based on average month of 4.5 weeks

*** Class materials and equipment cost can vary greatly, particularly for students in Arts, Sciences and Catering. For more detailed information you should contact your programme co-coordinator

**** Base Figure taken from Eurostudent V 2013 and adjusted for 2014 CPI inflation.

 Additional information on the Cost of Living Guide can be found on www.dit.ie/life Students will also find out more information on student finance and budgeting at www.studentfinance.ie  and www.consumerhelp.ie . To get detailed information on rental costs in your search area, the PRTB have launched the national rent index more detail can be found at http://www.prtb.ie/landlords/rent-index-dec-2014

Tips for managing your finances

  • Make a budget. The most important thing is to make a budget for yourself. First work out your income from Maintenance Grant (if any); part-time work; allowance from your parents. Then work out your expenditure. Allocate money for essentials like rent and food first. MABS, the Money and Budgeting Service have a good budget calculator and other helpful tips.
  • Know your entitlements.  The excellent website www.studentfinance.ie lists all the different types of financial assistance available for students going into third-level.  Also check if you’re eligible for and sports scholarships or Irish language scholarships as well.
  • Choose your accommodation wisely. Despite the decreases this year, accommodation still takes up over a third of the student budget.  The above guide is based on a national survey, and the average rental figure for students in Dublin is around €340. Rent in Dublin can vary widely from less than €250 per month if you're willing to share a room, up to €600 or more if you want luxury. Getting accommodation near college can save you a fortune on transport and food, but make sure it's safe and clean. For more information see the DIT accommodation website. Check the DITSU website for a checklist on what to look for.
  • Shop around! Use the web to get the best deals for mobile phones (www.callcosts.ie ) and groceries (www.consumerconnect.ie ).
  • Part-time work. Last year 40% of DIT students had part-time work (down from over 60% in 2008), and work will still be difficult to obtain this year. Studies show that if you work over 15 hours per week it can have a detrimental effect on your studies.  Also, do not timetable work during class hours – missing lectures and labs is a sure way to fail your course.
  • Avoid the debt trap. Credit cards might seem like easy money, but if you don’t pay off the full amount every month, the interest can pile up very quickly. The Financial Regulator has some tips for starting college here.
  • Mature Students.  Generally mature students will find that they have more expenses than traditional aged students.  For specific information about financial support for mature students, see the Finance Information pages from the Mature Student Support Office.
  • Most importantly - if you get into financial difficulty, don't suffer in silence.  Talk to anyone in the Students' Union or the Chaplaincy and they can put you in contact with the office the administers the Student assistance Fund.

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