Students have been advised to be proactive in their approach to money.
Students who are concerned about their finances should look to take a more "proactive" approach to money,
which may involve them taking out such as or .
This is the view of Steve Burford, founder of online resource Wealthy Student, who feels it is essential for attendees at university to both keep track of where their funds go as well as seeking the advice available from workers at their educational institution.
Many student see University as a time to make new friends and socialising, which traditionally sees students going out into towns and spending their student loans on alcohol.
Mr Burford explained: "You can't not think about money at university, but it's important you think about every pound you spend."
However, the official went on to say that it is important for students not to allow finances "affect your state of mind in terms of getting worried", meaning that forward-planning could be essential.
Students have been reminded that they can still enjoy all of the elements that go with living away from home, while giving them a good opportunity to learn about managing their money efficiently.
Recently (April 13th), David Willetts, universities and science minister, revealed the support package open to attendees as of 2012-13 for new and continuing students, including the fact that maintenance grants will be increased for current undergraduates at the beginning of that academic year.
Despite this, Mr Burford went on to explain that it is vital for students to "find a balance" with their expenditure in order to make sure they avoid excessive outgoings throughout their time at university without thinking about money constantly.
"Worry enough that you don't spend over your budget, but not so much that you fret every second of every day," he advised.
One way in which people could control their money is through taking out a competitive savings account package and research published by BM Savings has found the most popular time of the week to do this among Britons is mid-afternoon on Tuesdays.
The survey established that 20 per cent of the population favoured this time slot when signing up for such deals online.
