Students don't have to live in poverty
Many youngsters come unstuck when they first head to university as they have never had to handle their own budgets before.
If you scour the campuses in the first semester, you will inevitably find a number of first years who have blown their student loans on partying – leaving them no choice but to live off a few slices of bread and a tin of beans for the rest of the term.
However, it doesn't have to be like this. You can enjoy yourself and still manage to pay your rent without having to resort to meagre food rations.
Survival tips are often passed down through the generations and many of them are tried and tested.
To give you an extra financial boost, it is worth comparing student bank accounts that offer low-interest overdrafts. Of course, you eventually have to pay this back so you need to be careful.
Getting a summer job is also a good way to increase your spending power and it is worth calling your energy provider to see if there are any ways you can cut your utility bills. If you don't ask, you don't get.
Have a question about student banking? Ask the money gurus at Mozo Answers.