Hi, and welcome to the forum.

I have no direct experience with Scotland, but if the folks here in the forum are to be believed, the cost of living gets lower as you go north from London, and well, you do the math!

Then, too, there is the reputation of the Scots for being, well, shall we say "parsimonious" - though when I was living in Baden-Würtemburg, the locals said that the Scots came there to apprentice. And, if you're affiliated with the university, there are all the usual local attractions, tailored to the budgets of poor students and faculty.

Oh, and by the way, I'm from the Boston area myself - and I know how expensive it can be there. Dundee has got to be better! (And don't discount the exchange gains... sometimes it work for you and other times against you, but right now, it's a good deal.) I'd say go for it - you'll be kicking yourself the rest of your lives if you don't.
Cheers,
Bev