It's a pretty safe bet that people taking up college places have a reasonable level of intelligence. It's hard to credit, then, that some of them are almost certainly going to blow all the money they have on hand during the first week of term. However bright and intelligent they may be, the fact remains that many youngsters are not used to budgeting their money. With the best will in the world, some of them are going to become financially unstuck. Living at home often means that mum or dad is always at hand to top up fast-disappearing allowances and pocket money. For kids with no outgoings, part-time jobs can mean that pay day and the ability to splurge are never more than a few short days away. Living away from home for the first time in your life can be very exciting. However, moving out from the family nest, being responsible and managing your own finances is all part of becoming a responsible adult. It's vital that you work out a weekly budget - and stick to it. Long before you actually get to college you should sit down and work out your expenditure.

According to Shane O'Neill, who is AIB's youth market co-ordinator, the first thing a student should do is open a bank account. "Organise for your grant to be paid into it," he advises, "and if you have a part-time job, have your money paid into it as well." Use a current account for your everyday expenses but also open a separate savings account. "Start getting into the habit of regular saving, of putting something by for a rainy day," O'Neill says. "The amount doesn't matter - you can save very small amounts." Even if you're in receipt of a full maintenance grant (£1,690 per annum), you're clearly going to be unable to survive without extra supports. Examine these and consider how much you need to get by on. Figures supplied by DCU show that attending college costs £560 per month for a student living away from home and £305 for a student living at home.

Rents eat up the lion's share of the monthly budget. DCU estimates that students will spend around £210 per month on rent. Food accounts for another £134, monthly, and you can expect to spend a further £70 on books, academic requisites, clothes, laundry and medical expenses. While you'll certainly save on the rent by living at home, you could find yourself with increased travel costs if you live a considerable distance away from your college. According to Department of Education and Science figures, just under half of all third-level students are in receipt of maintenance grants (47,500 out of a total of 104,500 in the academic year 1997-98). In the 1997 financial year, the Department spent £101 million on third-level student support schemes. PLC maintenance grants were introduced last year, and the Department estimates an expenditure of a further £15 million for these. When it comes to budgeting, Dublin students are particularly hard hit. The capital city is a more expensive place to live than other areas of the State. "The problem with grants is that they are non-area specific," comments Conor Power, who is TCD Students' Union welfare officer. "The cost of living is a lot higher than Cork or Limerick - that's the main problem that Dublin students are facing." People are being squeezed on accommodation. "The big flatland areas around Rathmines have been turned back into family housing. People are having to go out as far as Bray or Greystones to find accommodation."

This may all sound gloomy, but don't forget having a ball on minute amounts of money is all part of the student experience - you'll have the time of your life.