Once you have settled into your new you university you need to find your financial feet fast. There are, however, some easy steps to take to save cash and keep the overdraft at bay.

1. Make money from your student loan

If you haven’t blown it all already – and we sincerely hope you haven’t – put as much as you can afford into a savings account, to ensure you get the highest interest possible. If you’re going to have to work your way through university, your money should be working, too.

Best homes for your money are likely to be a cash ISA (no tax to pay), or one of the better savings accounts. If you choose an ISA, make sure you get one that doesn’t lock your money away, so you can make withdrawals on demand.

If you choose an ordinary savings account but you are unlikely to earn more than £5,035 (the level of annual earnings when income tax kicks in) from any jobs you have had in the current tax year, ask your bank or building society for form R85 so you can have interest paid without tax taken off.

Brave souls could actually make money on the free overdraft that most student accounts give, by transferring it into an interest-bearing account. But don’t do this unless you are very organised. Unauthorised borrowing – if you breach your agreed overdraft limit – is extremely expensive, and is likely to far outweigh any gains you would make by putting extra into a savings account.

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2. Don’t pay tax on holiday jobs

If you take a job in the vacations (but not term-time), and you know you aren’t going to earn enough in one year to make you liable for tax, ask your employer for form P38(S) so you can be paid gross.

3. Get cashback on your hall fees

You probably won’t be able to get a cashback credit card yourself, as they tend only to be given to high earners with a good credit record. Students should in any case treat credit cards – even those branded as being suitable for students – with extreme caution, as they are a route to serious debts.

But the chances are your parents have credit cards. If they have one that gives cashback, such as American Express, Morgan Stanley Platinum or Egg Money, get them to pay your hall bills for you, and you can repay them immediately from your loan. If they have no other borrowing on the cashback card, they won’t incur any interest charges and you can split the cashback with them.