Students as a whole are not known for being flush with cash – apart from the day the student loan comes through, so it’s a good idea to get savvy about money. And fast.

You might think that banks are out to help you with student accounts and free overdrafts but beware – an overdraft is NOT, we’ll say that again, NOT free money. There will come a time to pay it back and the less you dipped into it, the easier that will be. It’s not much fun trying to clamber out of a £4500 overdraft in a short space of time so try to avoid that situation and only extend your overdraft if you really need to.

It is crucial to budget your money if you want to eat actual food rather than exist on a constant diet of Sainsbury’s basics baked beans and toast. Remember that at the beginning of a term you will spend more as books and first trips to supermarkets can be expensive. At the very least, divide your student loan by the number of weeks you have to make it last – don’t forget the holidays! Then stay within your allotted money for the week. When on a night out do not make the mistake of taking your debit card, but if you must bring the plastic with you, we recommend taking money out at a cashpoint as cash is easier for you to keep track of.

Going to university is a steep, but enjoyable, learning curve. The majority of first year students aren’t highly skilled cooks but cooking for yourself is the easiest way to bring your costs down. If you’re going into catered halls then your meals are sorted, but if not invest in a good cookbook for students. Learn the basics before you go and before you know it you’ll be wining your new friends over with your superior spaghetti Bolognese.

It’s tempting to turn up on the first day with your car, but the majority of students don’t need them and they turn into a serious drain on your finances. Insurance and vehicle tax, not to mention petrol costs all add up to a tidy sum that could be better spent. If you book in advance and get a student railcard, then a train journey comes in at a reasonable price. And remember that you chose to go to university where you did and you should spend time enjoying it, not travelling to and fro.

Don’t be afraid to spend money, but do watch what you’re spending and limit yourself to what you can afford. You can always pick up a Saturday job to give yourself a bit of extra money or better yet, to put away for a rainy day.