More than half of students believe they don't have enough money to live on at university, according to a survey from KnowYourMoney.
Yet while funds tend to be tight as a student, there are steps you can take to make your money go further. As your settle into your first semester, it's a great time to re-assess your budget and make a plan for the year ahead.
Whether you're finishing up freshers' week or knuckling down for your final year, our tips will help you manage your finances as a student.
HMRC has warned that students starting university this year could be targeted by a fresh wave of tax scams.
The tax body received thousands of reports of scammers targeting students last year, and 620,000 reports of tax-related email scams in total.
On top of this, a recent Lloyds survey found that more than half of current and former students were scammed at university, with victims losing an average of £420.
Scammers often send out fake tax refunds, or offers of bogus grants, sometimes from email addresses that look legitimate (such as with the '.ac.uk' ending), asking students for bank details and other personal information.
If you receive unsolicited emails asking for personal details that appear to be from HMRC, your bank, or any other organisation, treat them with caution, and don't click on any links.
Even if an email does seem legitimate, get in touch with the company via social media, or the 'contact us' page on their website, rather than replying to it directly.
Students are exempt from council tax. But if you live in private rented accommodation, you might still get a bill from your local authority if you don't let them know you're in full-time education.
The way to do this can differ between councils and universities. Sometimes you'll have to call your council directly and give them the details of your student status.
Alternatively, you might be able to fill out a form on your university website, or you might have to write and send a letter.
Most high street banks offer student bank accounts with a number of perks, interest-free overdrafts that last until you graduate.
This means you can overspend from your account up to a certain limit (generally no more than £3,000) without incurring any extra charges.
However, all good things come to an end, including interest-free periods.
You need to have a plan for paying your overdraft back before that year is up.
Keep in mind, also, that the way you would be charged for overspending your overdraft will be changing over the next year due to new regulations, so keep an eye out for information from your bank.
When choosing a bank account, the most important factors are likely to be the interest rates, overdraft terms and customer service you'll receive.
However, keep in mind that you can also get freebies or bonuses from opening certain student bank accounts.
Santander, for example, offers a four-year 16-25 railcard when you open an account, while HSBC offers a £100 sign-up bonus and a 12-month British Cycling Fan Membership.
As a student, you're entitled to a huge number of discounts, the likes of which you're not likely to see again until you're a pensioner.
Most places will accept your university ID card to qualify or student discounts, but there are a number of other cards that could get you more deals.
Since Student Beans and Unidays are both free, you have nothing to lose by trying them out.
With the others, take a look at the discounts they offer, and whether you're likely to get your money's worth, before you sign up.
If you're between the ages of 16 and 25, you'll pay one third less on train journeys with National Rail's 16-25 Railcard.
It costs £30 for one year or £70 for three years (a £20 saving). Unlike other railcards, you can use it during peak times, though restrictions do apply.
You can also get discounts on other methods of transport. Student Beans is currently offering 10% National Express coaches. Meanwhile, Transport for London's 18+ Student Oyster photocard will give you 30% off travelcards, bus and tram tickets.
At some point in the future, you might want to apply for a credit card, a loan, or a mortgage. This can be more difficult if you have what's called a 'thin' credit file - meaning you don't have a track record of borrowing, good or bad.
Your student loan won't show up on your credit report, so you don't need to worry about that.
There are a couple of small things you can do right away to start building a strong credit profile:
There are also some longer-term methods that can help, such as:
You could also apply for a student credit card, but that comes with risks.
As well as student bank accounts, there are a number of credit cards geared towards students.
These might be interest-free when you first take them out, but will start charging interest eventually. Many of these cards come with hefty APRs if you don't pay off your balance in full.
While spending a little on a credit card and clearing the balance every month can help with building your credit history, it's dangerous to rely heavily on credit card spending, especially when you have limited income as a student. Debts can quickly mount up, especially if you're being charged interest month after month.
It's probably the last thing on your mind when you're starting your first term, but budgeting can help you stretch your money throughout the academic year.
First up, identify how much money you have each month, taking into account your student loan, scholarships and any other available funds.
Then work out how much you'll need for essentials like housing, food, study materials and other non-negotiables. Don't forget to put aside funds for big one-off expenses as well.
The money you have left is how much you have to spend each month - so if you find yourself getting close to the limit, consider cutting back.