While this might sound amusing and even romantic, paying too little regard to ones finances for three, four, or even more years can rate in long-term damaging effect on hard earned salaries during ones entire 20s and beyond. Student Ratings estimates that the average student graduating during last year left university with approximately $17,500 debt to repay.

But many young students face much higher debts if parents are unable to help with top up fees, accommodation and living expenses. With an average starting salary of approximately $24,944 for 22-29 year olds, this balance can take years to repay, which obviously isn’t so much fun as saving up. And if one has a disregard for any form of student borrowing, whether it be credit cards, overdrafts or loans, it can have a long-term impact on ones credit rating when graduation takes place.

Students Ratings say "this can put pain to the chances of getting a mortgage or even a loan for a car to get you to work, which is very frustrating.  So, somewhere amid the freedom and cheerfulness of university, it's still a good idea to understand the different forms of borrowing as well as their risk and cost - and draw up a plan of how one can use as little of them as possible."