I would not panic too much about thefinance side of living at the col, although you are expected to liove on a small amount we still manage to get out and enjoy ourselves as well. It is around about £950 a month on the pay front, most folks live in B&B's whereas the guys on area tend to live in house shares.
Prices vary, i paid £500 a month for bed/breakfast ad evening meal whicj is easily liveable. Food at the col is decent and generally cheap and a beer in the city is not too bad either