Managing Your Finances
Cost of Living Guide for 2010/11
The following is a guide to the cost of living for a student in Ireland for 2010/11.
| *Cost of Living for Student Renting Accommodation | ||
|---|---|---|
| Expense | Monthly | Annual Cost |
| Rent (nationally – for Dublin see below**) | 286 | 2574 |
| Elec/Gas/Bins (Public Utilities) | 28 | 252 |
| Food | 170 | 1530 |
| Travel (Monthly Commuter Ticket) | 93 | 837 |
| Books and materials | 64 | 576 |
| Clothes/Medical | 41 | 369 |
| Mobile Phone | 29 | 261 |
| Social Life/Miscellaneous | 119 | 1071 |
| Total | 830 | 7470 |
| Cost of Living for Student Living at Home | ||
|---|---|---|
| Expense | Monthly | Annual Cost |
| Contribution to bills | 26 | 234 |
| Food | 65 | 585 |
| Travel | 93 | 837 |
| Books and materials | 48 | 432 |
| Clothes/Medical | 41 | 369 |
| Mobile | 29 | 261 |
| Social Life/Misc | 119 | 1071 |
| Total | 421 | 3789 |
* Sources used to produce the DIT Student Cost of Living Guide included the Daft.ie rental report Q1 (2010); CSO, Consumer price index (June 2010); ESRI, Quarterly Economic Commentary (Spring 2010); HEA Eurostudent III (2008), Preliminary Eurostudent data (2010). If referencing the Student Cost of Living Guide please cite DIT Campus Life.
**
The above guide is a national guide, and the mean rental figure for students in
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 any 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.
