Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
This article is part of our Change Generation project, supported by KBC. To read more click here.
OF ALL THE challenges facing people moving out of home for the first time, managing finances is probably the most difficult.
It’s worth knowing that for third-level students for example, a DIT guide shows they will need €11,001 to get through the college year away from home. That is a monthly budget of €1,222, but if you’re in Dublin that figure is probably going to be higher because rents are more expensive.
Moving out of home is exciting and it can be tempting to splurge on fun things, especially at the beginning. So, to avoid running into instant cash-flow issues, it is important to budget from the off.
Why budget?
There are benefits to budgeting:
Michael Culloty, from the Money Advice & Budgeting Service, told TheJournal.ie that keeping tabs on spending is essential.
“Probably Mum and Dad have been dealing with the finances up to now and they haven’t had to fend from themselves. Now, there are things like gas and electricity bills that come into play, so it’s very important that they sit down and see what resources they have – what will be the income and the outgoings. They’re going to need something for a social life as well and all these things should be worked out in advance.”
Speaking to TheJournal.ie, budgetary adviser at UCC Evan Healy said it’s also important that college students, apprentices and those undergoing other forms of training make sure they find out about any hidden costs related to their courses that they may not have thought of.
“There may be course costs that they were unaware of – fieldtrips (some students may be eligible for these costs to be covered from SUSI), manuals, lab equipment, clothing costs, immunisation costs etc. It is a good idea for students to speak with course lecturers and students who are currently studying the course to get an insight into the course and any potential ‘hidden’ costs.”
Budgeting tools
Thankfully, the internet has lots of tools to help you budget. Here are a few:
Dealing with debt
Anyone struggling to make ends meet after moving out of home for the first time may be tempted by offers of credit cards and overdrafts, but the advice from Michael Culloty of MABS is to, “think long and hard before committing to borrowings and take advice from parents or from ourselves here at MABS”.
People in financial trouble should also visit citizensinformation.ie to see what entitlements they may be eligible for, especially if they come from low-income families.
Culloty says the best sources of advice are often those who have gone through it all before. College students for example, should “talk to others who have been around the houses already: join the Students Union and get advice from them,” he says.
Budgeting tips
Here are some tips to help you get the most bang for your buck.
This article has been amended to reflect the fact that the Mint budgeting app is not available in Ireland.
To embed this post, copy the code below on your site
Kenny has a nice EU commissioner role awaiting him in Brussels, which is his 30 pieces of silver for not burning the bondholders but burdened the Irish taxpayers with debt.
@Permo Dermo: that wasn’t him. Blame that lying bast@rd Brian Cowan for that
@jason bourne: Actually jason it was Enda “its not our debt” that put us on the rack,
@Permo Dermo:
Please. The people who burdened the Irish taxpayers with debt were the public sector unions, who’s refusal to give an inch on their bloated pay and pensions during the recession led to a €20 billion annual deficit, every year. The bank bailout was small change compared to that.
@Fred Jensen: €20 > €64?? oh ya I forgot you’re probably using leprechaun economics.
@Fred Jensen: You are some moron aren’t you if you believe that. Aside from the incontrovertible fact that every public sector employee took a fairly hefty pay cut, one which is only now beginning to be only slightly undone, and had a public sector only pension levy applied, how could anyone forget that it was the failure of private sector organisations – banks and property developers among others – that caused the recession and economic collapse. Don’t be so daft
@Fred Jensen: Fred would you ever cop on to yourself.
Why wasn’t tosser listed.
Well this gombeen ever exit the stage.he sold out his own people in favour of the EU,has to be the most embarrassing leader ever
The sheer arrogance of the man, did the same when it came to announcing the date of the last General Election, flip-flopping around for months, unwilling to inform the Irish people when they would be allowed to cast their vote, forgetting that he is nothing more than a PUBLIC SERVANT. Should be in jail for treason.
Surely Seannachi-in-chief. I know a homeless fella on a bench in merrion square with a pint in each hand who will second him for the role, as soon as he’s finished phoning everyone to tell them how much extra water is in his taps thanks to fine gael.
He wasn’t good enough to be taoiseach never mind any of the other jobs. The fact that the EU people see him as a soft touch to advance their own objectives (hence all the EU praise) will rule him out for all of those jobs. I can’t remember one important decision he’s made in the 6 years he’s been taoiseach, except that announcement for the immigrant vote referendum a few months back which will mean nothing to most of us.
@Adrian: The Aqueduct?
“Recently, there has been speculation that Kenny should be kept on as Brexit minister.”
Why would we want “its not our debt” any were near important discussions…..
40 years as a TD, stayed under the radar for 30 odd years collecting his wages and then spent the past few years keeping his masters in Brussels happy to make sure he gets a plum job in Europe. He’s done very well for “himself” and will be looked after while phase two austerity continues to be implemented under stealth taxes and lack of investment in public services. That’s his legacy and as long as the Irish people continue to FF/FG, many more entitled TD’s will enrich themselves on the back of the gullible Irish voter.
While he collects his Taoiseach’s massive pension pot and then the 100k lump sum and the 30k a year teachers pension, he can think about it.
Prison cell
@Jonathan Yeo: so it’s a crime to save a country from economic ruins?
@Negan: lol
@Negan: what planet are you on, I’d like to visit for a few hours.
What about absolute waster?
Quentin Tarantino is looking for a new gimp for Pulp Fiction 2
Would his incompetence be put up with anywhere else.
@William Clay: Only in the EU…..
He could get a job working for Dinny?
Like Cowan did.
Who would have him the circus wouldn’t take him!!
@vinnie Monaghan. Cos he already holds that job title.
He should be booted out of politics.
Why doesn’t he volunteer and dosomething worthwhile ? Why a job with a big salary and yet another pension?
A bog in his beloved mayo,,bury him in it
@Shane O Malley: Shane with a name like O Malley at u sure u wouldn’t like to be buried with him.
@Shane O Malley: Yes he should go back to mayo & cut turf, at least he would be doing something constructive & not costing the taxpayer more money
Backbencher?
@Dylan McKane: backstabber you mean surely
Go back teaching-ar u. Joking-he couldn’t teach a donkey.He will b over in the canaries rubbing the sun cream onto Finnullas back.
Enda wants the private lick arse job to Merkel.
have your say