Student feature: 5 simple ways to manage your money betterPosted: 6 September, 2017
If you’re starting in DIT this month, this might be your first time living away from home and managing your own expenses. We won’t pretend that this will be easy but making a budget and sticking to it can make a huge difference to your finances.
Learning to make your own burritos could save you a small fortune!
- Make a list of all your income to include your student grant, part-time job, 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 essential expenditures it is easier to budget for extras like a night out or a takeaway.
- 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!
- 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. 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! Save money on your mobile by comparing costs on the Commission for Communications Regulation (ComReg)’s website.
- If you’re following our tips and still find that you are overspending, use the Competition and Consumer Protection Commission’s spending calculator 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 really add up!
To understand how small expenditures really add up check out DITSU's Roisin O'Donovan's article on DITSU.TV.