SEPTEMBER is fast approaching and those of you who are joining university as freshers have a lot to think about.

One of the thoughts is probably centred around money. On the one hand, that may be about the size of the loan that could back up over the next few years. On the other, it's likely to concern damage limitations — how to minimise your spend and maximise your money's potential.

You will need a bank account, not just as a money-holding and churning device, but also as a tool for managing your accounts.

Not all the banks are that friendly, offering a few freebies at the beginning to hook you in and then burdening you with credit cards that become financial millstones.

Rule number one: Don't get a credit card unless you are very financially disciplined and know that you will pay it off every month. Interest charges can be punitive, add to the amount you owe and the whole programme builds up in the background.

The two best current accounts, as recommended by the Wealthy Student — www.wealthystudent savings.co.uk — are at NatWest and the Halifax Bank of Scotland.

NatWest is offering students a £1,250, interest-free overdraft in the first year.

That rises to £1,400 in the second year and to £1,600 in the third. It will also provide a free 16-25 railcard, discounts to many High Street stores and a free Microsoft webcam if you apply for your account online.

The Halifax is offering a massive interest-free £3,000 overdraft, each year for up to five years.

The bonuses include a two per cent gross interest rate if you keep your account in credit, 25 per cent off AA membership and zero commission on foreign currency and travellers' cheques.

Keep track of your outgoings and keep a budget. Write down how much and on what you spend money. It won't take long to work out where you're wasting it.

Look for a part-time job to generate a stream of income. Many of the big stores in Exeter will be looking for extra staff at Christmas, as will some of the delivery companies such as DHL.

Shopping with friends pays dividends especially in the supermarkets when they have buy one, get one free deals. Cooking with friends means you can buy in bulk and spread the costs.

Look for the freebies and discounts on the internet — there are thousands. And learn to like tap water — booze is expensive!