Students given an education in financial planning

Maxine Stephens, enrichment co-ordinator at Westminster Kingsway, says: "We're aware of the issues facing young people and students and the debt involved with supporting themselves and, in some cases, young families, so learning money management skills is very important."

Reinheimer-Jones adds: "It's surprising how many of them want to save – most of their pledges are about saving more – but they don't know about things like interest rates, and finding accounts that will work for them."

But for some students, interest rates are secondary to the simple lesson of learning how to budget.

Twenty-five-year-old Sarah Luhde, who is on a teaching course, hates the idea of being in debt and budgets to stay in the black. "I'm lucky not to be in debt, but I work hard to make sure I'm not – I make sure I have a tiny bit left over at the end of the month. But for me, saving is less about interest and more about putting money aside and disciplining myself not to touch it."

Amina Bonya, 23, has just started a teaching course, and has two children, aged four and the just seven months. Bonya is on maternity leave from her administrative job and plans to be in college three days a week. For her, money is about more than funding herself through college – it's about raising a young family.

"My shopping bills have almost doubled. I used to spend £40 a week, now it's closer to £70," she says. "I've started buying cheaper stuff, but at the same time I want the children to eat well and healthily. I'm dreading when it gets colder, though – my gas bill for the last three months was £200, and it's going to get more expensive when the heating stays on for longer. That's why it's so important for me to learn how to be prepared financially."

How to make sure you're top of the cash class

Whataboutmoney.info's top tips for good housekeeping:

• Even if you're not saving for anything in particular, putting money into a savings account each month – even £10 or £20 – is a good habit and gives you choices

• The three best reasons to budget are: it stops you running up unwanted or unintended debt; it helps reduce spending in some areas; and you'll therefore have more to spend on other things. Think of budgeting as a way to help you afford the things you want, rather than focusing on the things you won't have

• Student life doesn't only offer higher education. It's also an opportunity to learn first-class financial management skills. Work out what type of student loan is suitable for your needs. Find out if you're eligible for other financial aid. Keep your eyes open for student discounts wherever you go