Don’t think of budgeting as a negative thing. Think of it as prioritising. It really is worth losing the luxuries and the wild weekends if it means getting by financially in the long run?

It’ no fun living on Marmite sandwiches and Tesco Value orange squash for a month, after squandering the last of your cash on a couple of over-indulgent Saturday nights. You’ll realise with the infallible clarity of hindsight that it just wasn’t worth it (however much fun it was at the time).

Doing a preliminary budget is all very well, but sticking to it is the difficult bit. In theory, it’ easy in practice, it’ a different matter. Despite your best intentions, you may still find yourself up to your neck in debt, wondering how the hell you got there.

Don’t worry about being in debt that’ normal. Worry about being in too much debt or being in debt too soon. Some debts are necessary. Others you can do without.

As the debts get bigger, don’t panic or give up trying to keep them to a minimum. Even if you find, despite your best efforts (or even because of a lack of any effort), that you’re in a debt ditch, there are ways of climbing out. And, for what it’ worth, there are thousands of others in exactly the same situation.

If you can’t pay for tedious, but compulsory, house-related costs or if you get behind on your rent, your housemates may well start seeing you as a liability. You can’t expect others to bail you out or lend you the money to cover your share of the bills.

The key is to prioritise. See that the necessities are covered before you get on with the fun bits of student life - fancy dress outfits for a night down the SU, seeing your favourite band, a curryathon with the housemates.

• A balanced budget
• 30 steps to insolvency
• In the red: handling debt

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