For many of us, attending university is a dream. Away from home for the first time, it is a chance for young adults to spread their wings and live completely the way they choose - a true taste of independence. The government hands students a loan at a rate that they will never find in retail banking so, with money in their pockets and (often) a new city to explore with new friends and relationships, for many the temptation to spend is nearly impossible to resist.

However, these years pass quickly. The majority of students graduate with massive debts to the tune of a minimum £10,000, which can mean a start to the 'real world' that is already under pressure - a ticking clock to clear debts before rates soar. While it may be difficult to take the long-term view, for the best possible post-graduate start it is important to get to grips with good debt management practice early to alleviate this financial burden.

Learn to Manage Bills

Possibly the foremost expenditure in student life are bills of all kinds. Living is an expensive business, with costs that need to be paid. For many students it is the first instance in which they will experience the necessity of paying bills on time and it can be a steep learning curve. The importance of budgeting cannot be overstressed. Working out how much to leave behind for essential monthly outgoings will mean that there will be a lack of final reminder letters from utility companies coming through the letterbox. These letters can harm credit ratings if left way beyond the allotted time and, with usually the name of one person holding an account, they can also harm relationships.

Deal Or No Deal?

Student loans are frequently a given, but there are often also overdraft facilities and credit cards offered by the major banks when opening a student account. To suggest avoiding these is, for many, a step too far and most banks will stipulate that these offers are part of the bargain, for students to use 'just in case'. It is possible, however, to minimise outlay in these areas. Many banks offer overdrafts at interest-free offers, with a gradual reduction in this policy over a number of years. Likewise, offers on credit cards may include interest-free periods on purchases. As a consumer it is important to maximise these opportunities by finding the best deals. Holding a bank account with the same bank since your sixteenth birthday does not mean that you have to stay loyal to that bank. It is a marketplace like any other, and it is up to you to make the most out of your money.

This last point is especially important, and not just with overdraft facilities and credit cards. Supermarkets always have offers to save money on essential items for student life, so whether it is for a party or Friday nights in it is worth clubbing together with housemates to stretch every pound for its full worth. Likewise, evenings out for students are always well catered for and it is important to remember that many places will have 'happy hours' from Monday to Thursday. Look around, explore your surroundings and you will often find that you will discover some of the more interesting places that a city has to offer. It is less about obsession than awareness, but managing your debt does not have to be the chore that it can sound - there is still plenty of fun to be had by keeping the long-term view in mind.