Trinity In Twelve Weeks

Budgeting Basics

In order to budget, you need to:

1. Know how much income you have
2. Know when your money comes into your account
3. Know what your outgoings are
4. Know when your bills are due
• Rent
• Utilities
• Phone
• Food
• Insurance (Health, car, contents etc)

Your income should be greater than the cost of your outgoings. If it is not, try to identify areas where you could be spending less - eg. on nights out, clothes, coffees; or, try to increase your income by taking on a part-time job.

If your income is lower the the cost of your essential outgoings (ie. the money you need to keep the lights on, keep yourself warm and fed, etc.), then - in addition to securing reasonable part-time work, see our 'Financial Support' section below.

Sample Student Budget

The budget below is just an indicative budget. It's not going to be the same for everyone - you may spend more on transport and less on printing, or maybe your social life is cheaper - however, it will give you an idea of how you can clearly lay out your income and outgoings to give you a better understanding of your financial position.

Cost of Living for Students	Monthly (€)	College Year (€)
Rent	850	7650
Utilities	45	405
Food	150	1350
Travel	60	540
Books & Printing	25	225
Clothes/Medical	75	675
Phone	20	180
Social Life	160	1440
Student Contribution Charge	333.40	3000
Total	1718.40	15462

Making a Budget

Making a budget is one of the most depressing things you'll ever do, but it's really important to make sure that you have enough money for your rent, bills and life.

When making a budget, it's really important to be honest and not make a budget based on your ideal self who never buys unnecessary things. To give yourself a better of idea of how much you spend, keep track of everything (yes, everything!) you spend for a month. You can do this on an excel spreadsheet, or you can use some handy online tools. Then you'll have a better idea of how much you need to set aside each month to cover your current expenses.

If you're looking to reduce your spending, once you know what you spend, try to cut out expenses in areas you don't need. Give yourself a fixed budget for certain, more frivolous outgoings for a week or month. Then only spend that! It's easier said than done, but it will make your finances less stressful if you know what you are and will be spending where, instead of your money being a steadily disappearing trickle from your account.

Be responsible with your bank account, and check your statements frequently. It's so easy to tap and forget about a transaction, but staff can make mistakes, so make sure you check your receipts against your transactions. You might also find it helpful to disable mobile payment methods, such as Apple Pay, as using your card or cash can increase your awareness of the cost of a service or product.

Mint Money Management Tool

Competition and Consumer Protection Commission Budgeting Tool

 

Should You Get a Job?

If you've reviewed your finances, and find you don't require a job, lucky you! Many of you will need to take on some part-time work to keep yourself going through College. This can actually be a good thing, not just financially, as having some steady part-time work on your CV will look great when you go to apply for jobs & internships.

There is also research which indicates that students who have partcipate in non-academic pursuits for 10-15 hours a week do better in their studies. The 10-15 hours includes work, sports, and societies, so do make sure you don't take on too much. If you are going to work, try not to work more than 15 hours. If you've reviewed your finances and it seems like you won't be able to survive as a student without working extensively, see our section on 'Financial Support' below.

How To Get a Job

It's not always easy to find part-time retail or service work - particularly at the start of the academic year when thousands of students are coming back to Dublin looking for work. The best way to find a job is to print out an armload of CVs and go into shops, cafes, restaurants, pubs and ask to see a manager. If they ask you to come back later, do go back later, and make sure to leave your CV with them. After you've left a CV with a business (we'll be talking more next week about CVs), follow up if you don't hear from them. Remember that businesses can be inundated with applications in September, so do check back in as the semester carries on.

You should also ask your friends who are working (particularly if they like their job!) if they can put in a good word for you, too. Many places will be more willing to hire someone recommended by current staff than an unknown person.

There are plenty of jobs you can do that will fit in with your study schedule, and there are a few resources below you can check out. As well as applying for more obvious jobs like working in a coffee shop or restaurant, you could also consider giving grinds to secondary school students, or teaching other skills you might have - music, for example.

TCDSU Jobs List

MyCareer

Other Resources

 

Holiday Work

It might suit your studies better to try to get full-time work during the summer holidays instead of working part-time during the College year. Plenty of offices, as well as retail and service outlets, will take on full-time students for the summer.

Start by leveraging the connections you already have - ask your parents, neighbours, and other adults if their offices or places of work would take on a student for the summer months. The work won't necessarily be grippingly interesting, but saving a pot of money for the year ahead will definitely make it worth your while! If you can, email some companies you might be interested in working for when you graduate to see if they have any opportunities which would help you build your experience.

On Campus

Food

• SU Cafe
  You can get seriously cheap fresh sandwiches in the SU Cafe in Goldmith Hall
• Dining Hall
  You'll get a filling hot meal for around €5 in the Dining Hall. Just walk straight through the Hogwarts-esque hall to the serving counters at the back. It should do you for the day, so a fiver is pretty good value. If you pay using your TCard, you'll also get 10% off!
• SU Shops
  The SU shops tend to have more reasonable prices than off-campus outlets for pre-packed sandwiches.
• The Buttery
  You can get hot and cold food here for under a fiver & you'll get a discount for using a reusable coffee cup and/or your TCard.
• The Perch
  You can get a discount on your coffee here if you pay using your TCard and/or if you use a reusable cup.

Shops
The SU shops tend to be cheaper than regular newsagents for drinks and confectionery

Off-Campus

Food
A huge number of places around town will give student discounts on food - from the student chicken fillet roll deal in the Centra on Westland Row, to the famous Mama's Revenge student burrito deal.

Shopping
Flash your student card everywhere! Student discounts tend to be 10-15% off, which really adds up. Check your Ents card and your society memberships to see what special discounts are available to you through these, and ask everywhere you visit if they do student discounts.

Entertainment
You'll get student deals on weekdays in cinemas, hairdressers, pubs, and plenty of other places. Keep an eye out for these deals, and check online before you go somewhere new to see if you might be able to save yourself a few quid!

Shop Carefully

Trying to make your money last doesn't mean that you have to go cold and hungry. It's important to look after yourself, buying what you need when you need it, and following this advice:

• Lidl and Aldi are your friends - shop there when you can, and download the Lidl Plus app for extra discounts
• If you're going to shop in other supermarkets, like Dunnes or Supervalu, join their rewards programmes, use their money off vouchers, and try to buy the majority of your shop from their basics or family favourites ranges
• Buy in bulk - buy cupboard ingredients in bulk when they are on offer
• Cook! Cooking costs a fraction of what the same meal would as a takeaway
• Bring in your own lunch - potentially leftovers from a meal you've already made
• Use your student discounts everywhere
• Shop second-hand

Travel Smart

• Get a Leap Card - remember that if you're under 19 the Child Leap card offers cheaper travel than the Student or Young Adult ones
• Walk - it's not that far from Halls to College, and walking gives you the chance to get some fresh air and exercise
• Invest in a bike (and a good lock!) or use Dublin Bikes
• Use Nitelinks and 24-hour buses to get home after nights out
• If you need to use a taxi (don't compromise on your safety!), share one with your friends where possible
• If travelling outside of Dublin, shop around and see whether it would be cheaper to take the train or bus, or if there's an independent company who serve your area more cheaply than Bus Éireann. Remember to ask if they offer student discounts!

Thrifty Socialising

• Go to society & Ents events
• Take turns to cook with friends - who doesn't love a potluck?
• Look for cheaper pubs (starting with the Pav!)
• Ask for tap water with your meal
• Bring a reusable cup when meeting a friend for coffee
• Have your friends over for tea & chats
• Check out what's going on in the Global Room
• Avoid buying drinks in clubs
• If you know you'll want to go to a ball or two in Semester Two, save for it by putting away a couple of euro each week

Senior Tutor Financial Assistance

If you are experiencing financial difficulties, you can make an application for financial assistance through the Senior Tutor's Office.

The majority of financial assistance is provided through the Student Assistance Fund. The Fund is means-tested, so if you are a dependent student under 23, your parents' financial information will need to be submitted. The amounts given vary by case, but please note that College cannot redirect any financial assistance provided through the Student Assistance Fund to pay for fees or the Student Contribution Charge.

Applications for the Student Assistance Fund 2023/24 close at 12:00 noon on Friday 24th November 2023.

Some students may also be eligible for one of a number of benefactions, the 1916 Bursary, or SLC Waivers.

You can find out more about the financial assistance offered through the Senior Tutor's Office at the link below.

More Information

Even if you aren't eligible for benefaction or bursary payments, please don't sit in the dark because you couldn't afford the electricity bill. If you are having any kind of financial trouble speak to your Tutor or to the Students' Union Welfare or Education Officers and they will do what they can to help you out.

 

TCDSU Loans

The Students' Union can give you a dig out in the form of a loan of up to €100 for one month, no questions asked. If your phone bill was higher than expected and you've no food in the press, the SU can give you a helping hand. The loans are interest-free. Contact the Welfare Officer if you find yourself in trouble.

More Information