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Budgeting for college life
Guide to budgeting as a UCC student
Starting college is a very exciting time in your life – leaving home, meeting new people, experiencing new things and furthering your education.
Your student experience can be as exciting and adventurous as you want it to be. It means more freedom and more responsibility in terms of your studies, and also in terms of managing your money.
College life can be expensive if you allow it to be, but with good sensible budgeting practices, you can help keep your expenses to a minimum.
What does it cost to be a student in UCC?
Please check our Costs of going to College Section where they are some costs that may be applicable to you while attending higher education and it is important that you factor them in when budgeting.
How much will it cost to repeat as an undergrad student?
Your fee will depend on how many credits you are repeating .When you register for your repeat modules you will be liable for a minimum payment of €500 during on line registration.
To see the total amount you are liable for & the amount to pay please see: https://www.ucc.ie/en/financeoffice/fees/schedules/
If your first instalment is greater than €500, then you will need to change the default amount in the payment field during online registration.
Can I get SUSI if I am a repeat student?
The answer is yes, but you must make an appeal to SUSI in relation to the circumstances that you are repeating your year. You may only receive a SUSI grant for a repeat year if there is ' exceptional circumstances'. If you are a repeat student and feel that you may be entitled to a SUSI grant, you should make an appointment with the Student Budgetary Advisor without haste!
So what is a budget?
A budget is a simple exercise when you sit down and work out what income you will have over a period of time, such as the academic year, and what costs you will incur in this time. Ideally, you want your income to be greater than costs.
Finance and money management isn’t just exclusive to the lovely students and staff in CUBS, but it is a intuit skill that we can all perfect with time, practice and real life scenarios. To help you fine tune this skill we have tailored a budgeting sheet for you below, with all the costs that may be associated with coming to UCC. Planning and knowing what your expenses will entail is very helpful to allow you spend wisely and avoid unnecessary stress or worse, DEBT! Make a budget and play around with it, learn, make mistakes, it all part of learning!
So why not get started, and if you need assistance we have some handy tips below to get you on your way!
What should I factor into my budgeting?
There are 12 weeks in the first College term before Christmas, and another 12 weeks in term 2. However, it’s important that you also budget for the study month April and exam month May! Your money has to last all year, so plan how best to use it. The best thing to do is to create an Income & Expenditure spread sheet, or “what’s coming in” versus “what’s going out.”
It is also important to work out “essential” v “luxury” items – food is essential, beer is not! While you might feel that having a hectic social life is important, it is definitely not essential! Maintaining a spending diary is a simple and effective way of keep on top of your spending – you will be shocked at what you “waste” your money on.
What’s coming in and out of your pocket?
It is important to know what sources of funding are available to you as a UCC student, as these can provide extra funds to help you in your college career.
Part time jobs are great for your pocket, your CV, give great life experiences and life skills, but it is important to maintain a healthy study/work/ play 4 relationship, and your work should complement your studies, not the other way round!
What’s going out of your pocket? College life costs money and it is important to manage your funds in order to make it stretch and cover the whole academic year. From Accommodation to Fees, Food to Travel Expenses, these expenses will need to be covered so you can attend college. Planning and knowing what your expenses will entail is very helpful to allow you spend wisely and avoid unnecessary stress or worse, DEBT! Make a budget and play around with it, learn, make mistakes, it all part of learning how to become an adult!
Quick tips to manage your money
Here are a few very quick tips to help you manage your money:
- Shop around for best deals.
- Use your college ID and Student Leap card to avail of discounts.
- If you’re house sharing – set up a shared “kitty” with your housemates and take turns cooking.
- Keep a spending diary to monitor your spending for a week or two – you will be surprised at what you “waste” your money on.
- Try and get as many course books as you can second hand and get used to using the library – you don’t need to buy all of the books on your book list.
- Make use of the Mardyke Sports Arena – it’s free for all UCC students – healthy body = healthy mind.
If you feel like you are struggling to manage your finances, please make an appointment with the student budgetary advisor by clicking the following - Contact us
Put pen to paper
It's always a good idea to write down all of your sources of money and all the things you expect to have to fork out for.
Being aware of how you spend your money can also show you where you could be saving, such as cutting down on coffees or making your own sandwiches for lunch.
Don't forget to include costs like transport alongside rent, food and books.
Please download the Budget sheet to help you plan your spending.
Organise your income
While expenses will crop up on a daily, weekly or monthly basis, your income may come in monthly instalments. If you get a maintenance grant, for example, it will arrive into your bank account in monthly payments over the academic year. You need to manage this money and make it, along with other sources of income such as part time or summer work, “elastic”, ie make it stretch for as long as possible.
It can be a good idea to put the money to cover your rent or hall fees into a separate account that you don't touch on a day-to-day basis. That way you know how much you have left to spend for the rest of the term.
Divide up any money you have left so you know how much you have to spend each week.
Whether income is in the form of a loan, parental contribution, bursary or wages know where it's coming from before it arrives. Work out how it breaks down week-by-week or term-by-term.
Seek advice from support staff such as the UCC Budgetary Advisor in relation to managing your finances.
Maxmimise your income
Taking a part time job while you're in college is a great way to increase your regular income. But you shouldn't work too hard, say the experts. Try to keep it to less than 12 hours a week in term time. Full-time work in the holidays can be tax free and good for your CV as well as your bank balance.
Make sure your CV is up to date and ready for employers - avail of the UCC Careers service to help you with this.
Reach out
UCC has support staff to help you managing your finances - take advantage of them.
The advice is free and we can help you manage your money better. Ask about free student banking, interest rates and charges, and any student loans they offer.
Your Student Union welfare officer will also have seen it all before, and might be able to help with accessing college hardship funds.
Get a discount
Look out for deals, such as special offer haircuts and take advantage of “money off” vouchers, BOGOFs – buy one get one free offers - and student deals in restaurants, bars or at the cinema.
Use your UCC student ID card card to get money off at your favourite retailers.
Check out the Student Leap Card which can be bought from your Students’ Union to get great discounts and offers.
Cook meals at home
Use markets to buy cheap vegetables and fruit, buy own-brand labels in the big stores, buy a decent cookbook in the sale, or at a secondhand shop, there are also many great recipes available online for free, and get staples like rice in bulk and you can eat well for €30 a week.
Even the Main will charge a couple of euro for something you can make yourself in a matter of minutes.
Make your own sandwiches, refill your water or juice bottle, nick your granny's flask and make your own tea / coffee for lunch.
Manage your debt
You will be offered student overdrafts, student credit cards and student store cards but think carefully before you accept any of them.
A low-interest overdraft can be a useful tool to help stretch the term's money, but watch the fees and the interest rate. A introductory offer of a 0% interest credit card can also be useful for paying off big-ticket items or short-term borrowing, but don't keep money on it for longer than the 0% offer lasts – you will then be hammered with interest!!!
If you don't have a 0% card, remember to include the card repayments in your monthly budget.
Keep tabs on your spending
Bank online, read your statements, look at receipts, save your coppers in a jar, compare prices in the supermarket and don't take out more than you need from the cash machine. It all helps you keep control of what you've got.
Keep a spending diary so as to keep tabs on what you spend your money on - you will be shocked at what you "waste" your money on
Spending diary
Reduce your entertainment costs
Reducing your nights out can have a signifcant impact on your income and your ability to spend. A night out on the town has the most hidden costs in your expenses. From taxis, to beverages, to nightclub entry to even the dirty kebab after, it all adds up. So be aware of the hidden costs. Like Cigarettes, it can all creep up without you realising it!
And while we are on the topic don’t smoke! It's both bad for your health.
A 20-a-day habit will cost you €13.50 per day, €94.50 per week, €378 per month and that’s whopping €45000+per year.
When you consider that currently the standard 100% non-adj maintenance rate is €3025, you need to ask yourself: can I really afford to smoke?
Cut back or ideally give up. Either way, it is better for your pocket and for your health.
If you need support please see Keep Well | University College Cork (ucc.ie)
Car ownership
If you own a car, it's worth considering the various costs included in running and operating a vehicle while you are a student.
Between tax, insurance, servicing costs, initial purchase cost, car loan repayments and of course, and the rising price of fuel at the pump, it all adds up.
