There is the common mistake made by thousands of students annually, of living like a rock star for the first few weeks after the loan comes in, then realising you can’t afford to eat for the rest of the term. There are ways you can curb your spending without it impacting your social life, so you can limit the loan applications made to the bank of mum and dad.

Social outings are a major factor in your university experience and shouldn’t be always be sacrificed for work (but use your common sense on this one), after all your university will be your home for at least 3 years.

Join social clubs as it often provides something to do for a night or two a week without the heavy price tag. Social club outings can be a costly business, often organising trips abroad for week-long benders. Make sure you get a good deal on your travel money and budget well. Your trip is likely to be a miserable one if you drunkenly blow your entire social spends on the first night. Be wary of hidden costs and ensure you have an emergency cash fund for any unexpected change to your plans.

Make the most of student offers, but don’t party to excess just because it’s cheap. Often bars will put on student nights offering drinks for £1, but before you hit the club set a limit of 5 drinks (for example), take £10 out the cash point and this should cover the taxi home too. Not always the easiest thing to stick to but the long wait in the cash point might change those drunken splurging habits.

Suggest cheaper alternatives to friends. Nights out don’t always have to involve a huge amount of alcohol and dancing like your Dad. Places like bowling alleys, theatres, gym classes and cinemas often give deals to students with a valid NUS card and are worth finding out about. Collectively split the ticket cost for someone who drives, saving you money on taxis.

Eating out or ordering in can be a costly business in the student world. Learn to cook 5 easy, quick and cheap meals and cook for your social group once a week, encouraging them to do the same. It is far cheaper per head to cook for a group than it is to cook for one. Pasta bakes, jacket potatoes and stir fries are all quick and easy to make.

When it comes to ordering takeaway, look for locally run establishments rather than big chains such as dominos. The chains bump up their prices because of their reputation, but if you shop around you can find food just as tasty for half the price. Make the most of voucher codes as well, to make sure you aren’t paying over the odds for your dinner.

Being a student is all about finding who you are so don’t skimp on the social life, but sooner or later loans have to be paid back and this will restrict your social life for years to come… so party hard, spend wisely.