Managing Your Money

There are plenty of costs involved in third level study, but there are also a good few ways to get in some money to pay these expenses. It is generally a good idea for students to work out some sort of system to balance their incomes with their outgoings. Then they can concentrate on their studies, and enjoy themselves without worrying too much about money.

Most students work to a budget. They might not write everything down in a carefully ruled notebook, but they have a fair idea of how much they can afford to spend each week or month. It is a good idea to hold onto bank and credit card statements, so you can sit down occasionally and look at exactly how much you are receiving and spending. Then you will know whether you are doing OK, or if you need to keep a tighter grip on your pursestrings. 

It can be useful to divide your outgoings between necessities and non-necessities. Things like rent, food, medical, and commuting expenses really have to be paid for in full, while your expenditure on socialising, clothes, mp3 players etc. is easier to adjust up and down depending on the money available for that particular month. This way you can retain some kind of control over your financial situation.

Living on tight finances doesn’t mean that you have to sit in every night darning your classmates’ socks for lunch money. Part of the fun of being a student is that you can take advantage of all ‘the money off’ opportunities available. Do some research into the discounts that students are entitled to and use them well. Other handy schemes include the option of buying food and household supplies in bulk from Tescos/Dunnes/Aldi/Lidl, instead of daily from the Spar or Centra on the corner. To save money you can also leave your credit or ATM card at home on nights out and get hold of second hand textbooks. It’s all common sense, really.

If you find it difficult to finance yourself through college, then don’t despair. There are ways to get additional help. Your students’ union can provide you with practical advice on how to cope, and most colleges operate a hardship fund that will allow you to borrow some extra funds if you are in need. If you are careful, then you will be able to get through college without offering yourself up to the loan sharks. And you will do what you came to do – finish that course!