Probably not what students want to hear, but the need to save money in college has to rank alongside studying when you take into consideration the repayment of your Loan. At the time of writing this repayment cannot be avoided.

1. BUDGET Know exactly how much money you have to spend and make sure you have enough to cover your essential expenditure (e.g. rent). It will help you to avoid overspending.

2. BANKS Get a "Student" account, shop around and find the one with the best overdraft deal rather than the "free gift". In order to open one of these accounts your Loan has to be paid directly into that account.

3. CREDIT/STORE CARDS Try to avoid these. It is an extremely expensive way of borrowing. Interest rates are exorbitantly high and there is a temptation to go on a spending spree!

4. WORKING A part-time job during the term and/or a full-time job over the holidays will be a financial necessity for many of you. Just remember your college work must come first, or there's no point your being here.

5. NUS CARD Get a NUS Extra card. It will cost you £10.00, but you will get good discounts at many, many shops and other places. Always take it out with you and always ask if they do a discount.

6. COUNCIL TAX As a person in full time studying in HE (Higher Education) you are not liable for Council Tax, but you must get a Council Tax exemption certificate from the College Registry.

7. MOBILE PHONE With a Pay-As-You-Go contract you can easily control how much you spend. NEW!Take a look below.

8. INSURANCE It is always cheaper to insure your possessions against theft, loss or damage than to replace them should anything happen to them.

9. HEALTH COSTS People on low incomes can get help with National Health charges, such as prescription costs, sight tests and dental charges. The relevant forms can be obtained from the NHS (National Health Service). Enquire on 0845 850 1166 (UK students only)

10. SENSIBLE SHOPPING Shop around, look out for reduced items. 3 for 2 special offers. Buy fruit and vegetables lose and unprepared. Before you buy ask yourself "Can I afford this right now?" - if the answer is "No", then don't buy it and start saving up for it.

NEW! As an ‘add on’ to Tip No. 7 a look at free texts may save you money.

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