The start of University is fast approaching for 2014 freshers and that means you’ll want to start at least thinking about money, finance and budgeting.

It sounds boring and it is (SORRY ACCOUNTANCY DEGREE STUDENTS) but in the long run you’ll find it benefits you all so much!

Start with the basics

No one wants to start off going to University drawing up a spreadsheet but it’ll help you out in the long run. You’re not going to need to make a detailed account of your finances (especially as there will be a lot of blanks and estimates), but a rough idea of how much money you’ll have once your basics (rent, food, etc.) have been taken into account.

Understand what you’re spending

Before you can start to save money you really need to see just how much you’re spending what on. Detail your outgoings so you can begin to see if you can get better deals elsewhere and to see your money saving results over time.

Get your student finance right and on time.

There’s a strict deadline which must be met to ensure you get your student finance in your bank account on time and missing it could mean you’ll have NO MONEY to start the year off with. Check this year’s Student Finance deadline and get started on your application early.

It’s not just about getting your application in time but also getting it right. For first year students a lot of information and forms will be needed in order to calculate your entitlement

Get an overdraft

If you’ve not gone one already, get yourself an overdraft from your bank as this will help your cashflow towards the end of year or when you’re waiting for further student finance instalments. DON’T treat your overdraft as extra cash to spend and avoid going into it if you can, but it’s good to keep it there as a safety net if there’s an unforeseen bill to pay.

Keep an eye on finances

It can be tempting once your finance is set up and all your regular bills sorted just to let things take care of themselves but this dangerous! Regularly check your bank accounts online and keep an eye your balance for any problems: The earlier you spot the issue the cheaper it will cost you and the quicker it will take to put it right!

Get help

If you get into financial trouble then get help as soon as you can. Start with your friends and family but if they can’t be of assistance, talk to your University’s own finance team who may even be able to loan or grant you emergency money, depending on your circumstances.

At all costs, avoid high interest borrowing

Ideally you don’t want to borrow at all, but student loans or getting money from parents or friends at least won’t see you shafted. If you get into real trouble, your University may even be able to loan or grant you cash. At all costs you should avoid borrowing from payday loan lenders or on credit cards.