Cost of Living

Cost of Living Guide

Students laughing and talking 

 

Each year we produce a Student Cost of Living Guide to provide some clarity and helpful tips to assist our students and their parents and guardians in budgeting for college.

Since the last guide was issued in 2019, average rental prices for students have increased by 6.4%, but are expected to drop in the coming year.  Last year, the average national monthly rent for students was €469 while this year, the average figure has increased to €499. In Dublin, the average figure is projected to be €596, compared with €574 last year.

The projected cost of living has dropped for the first time in a decade from €12,171 to €11,948.25 for students living away from home. This marginal decrease is primarily due to lower mobile phone costs, and the curtailment of social activities due to Covid-19.  It should be noted that many other factors will affect the cost of student accommodation in 2020/2021.  There will be increased availability of spaces for students this year due to new student accommodation blocks opening; a decrease in the numbers of international students; and short-term lets returning to the long-term rental market.  According to the Daft.ie Rental report 2020, rents already dropped by 2.1% in April 2020.  With a 40% increase in supply in the private rental market for students, rents are expected to fall further this year.

The cost of living can vary whether you are living away from home or based at home so we’ve split our guide accordingly.  If you are planning to move away from home to live in Dublin the options include Living with a Host Family, staying in a Student Hub or Renting Private Accommodation

 TU Dublin Cost of Living Guide 2020/2021

Cost of Living for Students Living away from home

Monthly (€)

Annual (€)

Rent (National – for Dublin see below)

499*

4,491

Utilities

38

342

Food

170

1,530

Travel

123.75**

1,113.75**

Books  & Class materials

74***

666

Clothes/Medical

39

351

Mobile

13****

117****

Social life/Misc.

37.50*****

337.50*****

Student Charge

333

3,000

Total

1,327.25

11,948.25

 TU Dublin Cost of Living Guide 2020/2021

Cost of living for Students living at home

Monthly (€)

Annual (€)

Contribution to Utilities

31

279

Food

61

549

Travel

123.75**

1113.75**

Books & Class Materials

58***

522***

Clothes/Medical

43

387

Mobile

13****

117****

Social Life/Misc

37.50*****

337.50

Student Charge

333

3,000

Total

700.25

6305.25

 

Sources used to produce the TU Dublin Student Cost of Living Guide included the Daft.ie rental report Q1, 2020, Consumer price index Feb 2020, HEA Eurostudent V (2016) and Switcher.ie (2020). If referencing the Student Cost of Living Guide, please cite TU Dublin.  The TU Dublin COVID-19 survey had 1,502 respondents and was completed by students in May 2020.

* The rent figure is the mean of the National City regions single rent a room cost.  The above guide is a national guide, and the average rental figure for students in Dublin is higher at around €596. Rent in Dublin can vary widely from less than €508 per month for a single room, up to €1,929 or more for a one-bedroom unit in Dublin 2. (€596 is the mean of Dublin region single rent a room costs).
**The travel cost is taking on the capped student LEAP fare at €27.50 per week in an average month of 4.5 weeks.
*** Class materials and equipment cost can vary greatly, particularly for students in Arts, Sciences and Catering. For more detailed information you should contact your programme co-coordinator.
**** Taken from the Switcher.ie. Many companies have introduced unlimited sim only plans, which offer great value ranging from €12.99 per month
***** Social costs have been halved in line with Covid-19 restrictions.

Find out more information on student finance and budgeting at www.studentfinance.ie and https://www.ccpc.ie/. To get detailed information on rental costs in your search area, the RTB publishes a national rent index. More detail can be found at https://www.rtb.ie/.

On average, 40% of students receive Higher Education grants, and SUSI pays their Student Contribution Charge.

 

Simple Ways to Manage your Money Better

  1. Make a list of all your income to include your student grant, part-time job or an allowance from your parents. Then make a list of all possible outgoings such as your rent, travel expenses, mobile and internet charges, utilities. You can use an online budgeting tool, an excel sheet or go back to basics with pen and paper! Once you’ve listed all your income and necessary expenditures, it is easier to budget for extras like a night out or a takeaway.

  2. One of the simplest ways to save money is to make your own meals. A good way to keep the cost of eating down is to plan your meals for a week by making a shopping list and stick to it. Try to vary what you’re eating so you won’t get bored and end up reaching for the takeaway app!

  3. Not a lot of people realise that the Child Leap Card is valid until a student turns 19, and this can reduce the weekly cost of travel by over 60%. Make sure you avail of student discounts wherever possible. For example, a Student Leap Card may allow you to save up to 20% on Luas fares or 30 – 40% travelling on Irish Rail.

  4. If you are treating yourself to a meal out, keep an eye out for special offers as lots of restaurants do special meal deals for students. Always shop around for the best deal possible. If you’re in the market for a new pair of jeans or boots, compare prices online don’t just pick the first pair you see!

  5. Save money on your mobile by comparing costs on the Commission for Communications Regulation (ComReg) – www.comreg.ie/pricecomparison

  6. If you’re following our tips and still find that you are overspending, use the CCPC’s spending calculator on
    www.ccpc.ie or a spending app like Goodbudget to see how much you are spending each day. A few euro a day on a coffee and muffin will add up!

  7. The MABS Helpline 0761 07 2000, Monday to Friday from 9:00a.m. to 8:00p.m. Helpline Advisers can give you advice and support on many money management and debt issues, and can also provide you with MABS self-help materials free of charge. The Helpline is confidential and you can remain anonymous. For more information: www.mabs.ie/en/contact

 

Student Assistance Fund

The Student Assistance Fund (SAF) is funded  by the Higher Education Authority and provides financial support to students who are experiencing short or long-term difficulties while attending higher education.

Registered students with EU residency can apply to this fund for support with college and everyday living expenses.