These days, the anticipation of receiving your Leaving Cert results and CAO offers can be diminished by the realization that the shortage of accommodation has thwarted your first attempt at leaving home and gaining financial independence. Deirdre Falvey, a student financial assistance officer at University College Cork, explains that more students are forced to stay at home due to the inability to afford or find accommodation in Cork. As a result, individuals living in satellite towns like Mallow and Fermoy are now commuting to college.
Managing your finances for the first time has become even more challenging due to soaring rents and inflation, unless you come from a family that has saved for your tertiary education. However, there are strategies to maximize financial support and minimize expenses. Here are six methods:
1. Take advantage of available supports: Susi provides maintenance grants in nine monthly installments throughout the academic year to help cover living costs. The income thresholds for grants have been increased in Budget 2023, allowing families with higher incomes to still qualify. Additionally, the Student Assistance Fund (SAF) can assist with expenses such as rent, food, travel, and utilities. Institutions like TU Dublin may offer rent assistance schemes for students living away from home.
2. Utilize the rent tax credit: Introduced in last year’s Budget, the rent tax credit can reduce your income tax liability. If you don’t have an income tax liability, your parents can claim the credit as long as your accommodation is registered with the Residential Tenancies Board.
3. Set a budget: Creating a weekly budget at the beginning of the academic year can alleviate financial stress. Use tools like spreadsheets or budgeting apps to track your income and expenses. Calculate your income from grants, family allowances, and summer job savings. Divide it by the number of weeks you’ll be in college. Do the same for your expenses, including rent, bills, food, subscriptions, toiletries, and entertainment. Keeping a spending diary can help identify areas where you can save money. Seek guidance from a student budgetary adviser if needed.
4. Share resources: If you’re sharing a house, establish a shared kitty to purchase household items in bulk. Plan one big supermarket trip together with an agreed shopping list. This approach is generally more cost-effective. Coordinate payment due dates for rent and utilities among housemates and assign responsibilities accordingly.
5. Purchase a Leap Card: The TFI Student Leap Card offers a 50% discount on public transport and discounts with private operators. It has daily and weekly travel caps, providing further savings. If your college is within cycling distance, consider buying a used bike to save on transportation costs.
6. Plan meals and shop smart: Create a meal plan for the week and take advantage of reduced prices at local supermarkets. Many supermarkets reduce prices after 6 pm. Join your supermarket’s loyalty program for additional vouchers and coupons. Learning a few basic recipes or cooking techniques can help you save money by avoiding excessive eating out expenses.
7. Choose a student bank account wisely: Banks often offer incentives to students during this time of year. Look beyond the initial offers and consider the fees and charges associated with each account. Many banks offer fee-free banking to students, but be cautious of overdraft and late payment fees. Revolut’s free version may suffice for day-to-day banking. If you need credit, consider a current account with a traditional lender or credit union. Avoid relying too heavily on credit cards, as this can lead to unnecessary debt.
By implementing these strategies, you can navigate the financial challenges of college and make the most of available support systems while keeping your expenses under control.
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