I need some help! I only started university last October and have already run extremely into the red in my bank account. I haven’t really been thinking about my spending and now have not only used up my entire loan, but have also eaten up my entire overdraft. I really don’t want to tell my parents as I know they’ll just get really angry and be disappointed with me. What should I do?

For many, moving away from home to attend university coincides with the first time they find themselves actually in control of their own finances. Never before have you been forced to count the pennies to buy your own bread, milk and vodka, and – believe me – you are not alone finding the colour red a dominant shade in your affairs.

Firstly: let’s not get desperate. There is no need to start strolling into the local newsagents to put all your money on scratch cards. Equally, don’t even think about online gambling; Saturday I’m-the-next-Ben-Howard busking, or lurking on street corners late at night. What you require here is fairly simple and dull: a budget.

Grab a pen and some paper and sit down. Pretty easy stuff so far. Perhaps with the help of some friends, plan exactly how much you think you’ll need over the course of a week. Work out exactly how much money you have at your disposal and allocate yourself funds for all the essentials (I’m talking bread, milk, and biros rather than that ‘must have’ new pair of shoes). A way to get started with your budget could be to think about how you’ve spent your money over the past week – are there any expensive habits you could do away with? Whether your penchant is for Costa, clubbing or cocaine, maybe try to cut back a little. It may also do wonders for your health.

There are plenty of cost-saving initiatives you could try. For instance, why not take coffee breaks in your room or carry a flask around with you, instead of paying the £2 Nero tariff for hot water and a teabag? Reach for ‘Basics’ over ‘Taste the Difference’. You’re now clearly aware that you’ve reached a financial tipping point, so it’s time to get tough with yourself, or else consider relinquishing possession of your bank card to a friend.

In terms of real financial help, get in touch with your college and be honest with them; you might find there’s assistance you are entitled to receive or at least that there are bills you can defer. Consider whether it might also be better to be honest and up front with your parents. Learning to manage your own money is part of the process of growing up and it’s understandable that you might make a few mistakes along the way. If you can show them that you’ve realised there’s a problem and prove to them with your new found budgeting prowess that you’re able to correct it, the consequences might not be as dire as you imagine.

In case you missed Becca's last column on niggling neighbours, read it here. 

To bother Becca, send your questions to confess@varsity.co.uk