TU Dublin Releases Cost of Living Guide to Assist Students with Financial Planning

TU Dublin has released its annual Cost of Living Guide for the 2022/23 academic year. This comprehensive guide aims to help students and their families prepare financially for college by providing valuable information on various expenses associated with student life.

The TU Dublin Cost of Living Guide provides detailed breakdowns of various expenses that students may encounter – living at home or away from home. These include rent, utilities, food, travel, books and class materials, clothing and medical expenses, mobile costs, social life and miscellaneous expenses, and the student charge.

For students living away from home, the monthly cost of living is estimated to be €1,478, with an annual total of €13,305. Rent constitutes the largest portion of this cost at €636 per month, followed by utilities, food, travel, and other expenses.

For students living at home, the monthly cost of living is projected to be €684, resulting in an annual total of €6,159. The cost of utilities, food, travel, and other expenses contributed to this estimate.

Speaking about the TU Dublin Cost of Living Guide, Dr Rachel O’Connor, Deputy Head of Student Support at TU Dublin said;

“We release this cost of living guide every year to help students and their families prepare for the financial costs associated with third-level education.  While these costs are undoubtedly high, it is important to note that approximately 40% of students receive Higher Education grants, with SUSI covering their Student Contribution Charge.”

The student rental market has undergone significant changes over the past three years, influenced by factors such as the increased availability of purpose-built student accommodation, inflation, and the lingering effects of the COVID-19 pandemic. Rent remains the largest differentiator for students living at home; however rents seem to have marginally stabilised, compared to previous years.

Continuing, Dr. Rachel O’Connor said: “We are encouraging students and their families to investigate the various schemes on offer to support them at university, whether it is Government incentives such as rent relief, or TU Dublin’s own supports such as laptops schemes, bursaries, scholarships and other financial supports. We have facilities on campus for students to make and eat their own lunches, and there are travel discounts available. We advise all students to look into these possibilities to make sure they are getting the support they require to succeed at TU Dublin, and we will support whatever way we can.”

Dr. Rachel O’Connor provided other cost-saving tips for prospective students. Please remember that if you’re struggling, please get in touch with the Financial Aid service in your college assistance.

• All students should get a LEAP Young Adult Cardto save money on public transport, as fare capping (19-23 years) will bring big savings, with a daily cap of €2.80 and a weekly cap of €11 for travel across the network.
• Keep food costs by preparing a shopping list before your weekly grocery shop. Find out when your local supermarket tends to reduce items and arrange to do your shopping around that time – this is often after 6pm. When looking for accommodation, check that you have access to a good freezer, so your bargains last longer! Living with other people is usually cheaper than doing one big shop rather than shopping for one person. Always ask if there’s a student discount; you’ll be surprised at how many places offer them.
• Shop around for your utilities and subscriptions; many phone and subscription services provide free trials and half-price contracts, while mobile phone companies have loyalty deals. It’s important to cancel subscriptions you are no longer using, as they all add up.
• Invest in the right equipment and find out what software is freely available in your college. In addition, all universities and HEIs can access the HEAnet Store, which provides well-priced suitable laptops and equipment.
• Well-being and medical costs. All universities offer multiple supports, from free Student Healthcare to subsidised Sports and Gym facilities. While there be nominal costs to access some facilities, many services, such as Counselling and GP services are free. Students should keep an eye out for college deals on healthy activities such as Yoga, Mindfulness and Spin classes.
• Check out if you are eligible for For example, last year TU Dublin and the TU Dublin Foundation gave out over €500k in scholarships to students.
• Get involved in Clubs, Societies, and your Student Union. Universities have thriving student-led organisations providing friendships, networks, great social outlets, and news experiences. With heavily discounted events and activities, students should take advantage of the deals to save money.
• Make friends and share resources. Your friends are the best investment you can make in your life, and they are free! Quite often, the first year of college can be daunting, but everyone is in the same boat, so try to get involved early and meet people.
• Avail of the wonderful Academic and Career services in your college. These services are available in-person and online, making student engagement even easier, and they can make a huge difference to your college experience.

Any references to the Student Cost of Living Guide should cite TU Dublin as the source.

Full breakdown of costs:

Sources:

TU Dublin sourced information from various reliable sources to compile the Cost of Living Guide, including the Daft.ie rental report, Consumer Price Index data, HEA Eurostudent VII survey, and Switcher.ie. Any references to the Student Cost of Living Guide should cite TU Dublin as the source. To establish the rental cost, TU Dublin utilized the 2019 EuroStudent VII survey as a baseline, with a value set at €588. This figure was adjusted for inflation using the Consumer Price Index (CPI) April index for 2020 and 2021, resulting in a rental cost of €636 per month for 2022. Considering that most students rent a property for nine months or less, the national rental cost for the 2022/2023 academic year has been estimated at €5,724.

• The rent figure is taken from the EuroStudentVII 2019 figure and adjusted with the Annual CPI inflation rates for 2020 and 2021.
• The travel cost is taking on the capped Young Adult LEAP fare at €11.00/week in an average month of 4.3 weeks.
• Class materials and equipment cost can vary greatly, particularly for students in Arts, Sciences and Catering.
• Mobile phone information Taken from the Switcher.ie. Many companies have introduced unlimited sim only plans, which offer great value ranging from €10.99 per month