Managing Your Finances

The following is a guide to the cost of living for a student in Ireland for 2013/14

 

Cost of Living for Students Living away from Home

Monthly (€)

Annual (€)

Rent (National – for Dublin see below)

289**

2601

Utilities

33

297

Food

172

1548

Travel

108

972

Books & materials

71

639

Clothes/Medical

45

405

Mobile

32

288

Social life/Misc

128

1152

Total

878

7902

 

 

 

 

Cost of living for Students living at home

Monthly (€)

Annual (€)

Contribution to Utilities

33

297

Food

65

585

Travel

108

972

Books

53

477

Clothes/Medical

45

405

Mobile

32

288

Social Life/Misc

128

1152

Total

464

4176

 

* Sources used to produce the DIT Student Cost of Living Guide include the Daft.ie rental report Q1, 2013; Consumer Price Index March 2013; HEA Eurostudent IV (2009/10). If referencing the Student Cost of Living Guide, please cite DIT Campus Life.

 

** The above guide is a national guide, and the average rental figure for students in Dublin is higher at around €348.  Rent in Dublin can vary widely from less than €300 per month for a shared room, up to €993 or more for a one bedroom unit in Dublin 2.

 

*** As over 30% of students have the Student Contribution Charge paid by SUSI, it is not included in the tables above or the total expenditure figure. In 2013 the cost of the SCC will €2500 or €278 per month over the course of the academic year.

 

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.itsyourmoney.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

 

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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