Your student loan may not stretch to a Gucci spending spree, and yet it is well documented that students spend much more than the general public each week on food, alcohol and clothes.

According to a MORI/ Unite survey on student living, students spend an average of £19 on alcoholic drinks and £28 on food per week, while current students anticipate being almost £9,000 debt upon graduation.

So is the rising debt simply an indication of student's decadent lifestyles of parties, parties, parties? Well no is the short answer, yet while you're not out drinking Bolly every night, students do tend to stretch resources to the limits so getting some priorities right early on may mean that loan cheque or pay cheque will last you through to the end of term.

What are those priorities?

Make sure you pay your bills and rent on time, or at least upon the final reminder. The last thing you want is a trip to the small claims court, and don't start bouncing cheques as they'll earn you hefty fines.

1. Buy food, but don't be lazy: You may think a liquid diet is the only way forward, but when your brain won't function come exam time you'll regret it. Make sure you have edible (non-mouldy, in date) food in the cupboards/ fridge. You don't need to spend much to get by (avoid ready meals), and you'll save a fortune if you can knock up a cheese toastie after the pub rather than heading to the kebab shop every night because your cupboards are bare. 
   
2. Course books and materials: Make sure you have what you need but don't go overboard. Wait a while before buying books to decide if you really need them. Does the library have plenty of copies? Can you share with a friend? Can you buy it second hand?

Where you can splurge

If you keep on top of the above you'll keep the stress levels down regarding your cash flow, however keeping those purse strings so tightly pulled can be miserable, so a little extravagance once in a while (i.e. not every week) can keep you smiling.

While sticking everything and anything on the overdraft or credit card and forgetting about it until graduation may seem ideal, you do have to pay it all back eventually so ask yourself if you really need or want things before you splash out.

• Clothes and music: We're not talking buying out the whole shop, but getting a new album or top occasionally won't break the bank.

• Big nights out: You know the sort that start at lunchtime and finish at some hazy early hour, it may be the Summer Ball or the gig of the year, but whatever you choose to do make it a good one, and pull out all the stops. You may spend the rest of the month sipping nasty white cider but hopefully you'll feel it's money well spent.

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