Finance

Many students experience financial hardship while at college so do not worry about it- help is available. College is a very expensive period of your life and one in which can occur a lot of debt. While studying here at WIT, be aware of the financial aids available to you.

Financial Tips

• Shop in Lidl or Tesco and look for ‘own brand’ items
• Buy in bulk, it’s much cheaper in the long run
• Avoid convenience foods or other prepared meals
• Keep your eyes peeled for special offers
• Never shop when you’re hungry or you’ll buy unnecessary items
• Always to make up shopping list
• Go home for lunch if you’re near enough or bring lunch to college. It’s much cheaper.
• Printing in the Students Union is the cheapest
• Don’t always look or buy the goods at eye level, look around

Financial Assistance available for Students

Maintenance Grant:

The maintenance Grant is the main source of financial help available from the Irish State for students in full-time Post Leaving certificates (PLCs) and full-time higher education undergraduate/postgraduate courses. For eligible students, the maintenance grant is there to help with various costs of participating in further or higher education. Students on part-time courses are not eligible to apply for maintenance grant.

For more information check www.studentfinance.ie

Student Assistance Fund:

The student assistance fun is a principal project of the Student, Life and Learning centre (formally known as CHART). It is funded by the Department of Education and Science with assistance from the European Social Fund under the National Development Fund 2007-2013. The purpose of the SAF is to assist those disadvantaged students most in need, who require additional financial support to enable them to fully benefit from their third level studies in WIT.

Emergency Welfare Fund:

The Emergency Welfare Fund was established in summer 2010 by the Students Union and Campus Service in WIT. It is a fund which offers assistance to students who encounter unexpected difficulties during their time in WIT. Such unforeseen difficulties would be loss of part time job, bereavement or your parents have suffered a drop in their income. The fund is very limited so it is not possible to help everyone who applies. This fund will be based on the idea that students do not have to pay back however students will be asked to sign a declaration and encouraged to help/”work” for any upcoming SU events. WIT Students’ Union will fund the Emergency Welfare Fund (EWF) as well as donations paid to Campus Services by visiting companies. When applying to the Emergency Welfare Fund it’s very important to email the Welfare Officer (welfare@witsu.ie) to arrange a meeting first or contact her on 086 7854402. Applications are available from Denise in the WITSU office, Cork Rd campus. The Welfare Officer (Denise McCarthy) will also administer the fund.

Budgeting and Managing Your Money

Budgeting

A budget is a simple way to make sure that the demands you place on your income can be met. A budget is an itemized summary of probable expenses and income for a given period. It is a plan for saving and spending.

There are some simple things to bear in mind when you start to look at your income and spending.

• List all income to your house
• List all bills you have to pay
• Count all spending even bills or expenditure that only occur occasionally entertainments cost etc
• Include the costs of special occasion; Christmas, birthday and so on.

View MABS pre designed budget sheet> http://www.mabs.ie/process/calcguide.html

Managing Your Money

• MINIMIZE number and usage of credit cards
• PLAN how to spend your money before you get it. When money for any budget category is gone, stop spending in that category.
• In regards to STUDENT LOANS, the longer you borrow money, the more interest you will pay.
• KEEP a list of your goals to remind yourself why you don’t want to overspend.
• Discover/define your financial situation and identify your objectives
• It is vital that you PLAN AHEAD with money
• BE REALISTIC and HONEST in your plans-not always easy!
• PRIORITISE your needs in your budget
• ANTICIPATE the unusual and even the unexpected-it will happen!
• Don’t leave yourself short but do LIMIT YOURSELF!