As the autumn term gets underway, and the latest crop of students settle into university life, many will be getting their first real taste of what's great - and not so great - about living independently.

While this dawn of a new era is crammed with excitement, it's also a time when young people make money mistakes, some of which will have repercussions lingering way beyond their student years.

One of the best, and least costly, ways to avoid a financial mistake yourself can be to learn from those who have already made one.

A recent Gocompare.com Money survey talked to students who are now embarking on their second, third and fourth year at university, and found that nearly half don't think they're managing their finances well.

Only 53 per cent of the 1,000 students surveyed were happy with the way they're managing their money and nearly one in five (19 per cent) were "seriously worried" about the state of their finances.

New research from the Money Advice Service (MAS) confirms how adulthood can be a particular flash point for people making serious financial blunders.

The service has just published a report detailing the "explosion" of choices people are faced with when they turn 18, suddenly finding offers of everything from new accounts to credit cards and payday loans dangled in front of them.

The report lays bare the long-term consequences that a "spend today, worry tomorrow" attitude can bring. In one case, a young man named "Harry" (people's real names were changed), told how he had bought a car to "impress the girls" using a student loan, but ended up gathering several thousands of pounds worth of debt after the car developed numerous problems.

In the end, Harry's financial difficulties led him to drop out of university, take on three jobs and move back in with his parents.

This may sound like an extreme case, but financial mistakes in early adult life are very common.

In the MAS survey, some 72 per cent of people in their 20s had made some sort of money mistake which they later came to regret - and 60 per cent of people in their late 20s said their biggest money mistake happened between the ages of 18 and 22.

The age-old student tradition of spending too much money on a night out topped the list of financial blunders, closely followed by blowing the budget on take-aways and ready meals - so if you've got housemates, now might be a good time to draw up a cooking rota, as sharing meals should help keep to costs down.

The research also found that one fifth (20 per cent) of students had let their new-found financial freedom go to their head by making too many impulse purchases, so writing out a budget could also help.

Picking the right student account for your needs can be key, too.

One in seven (14 per cent) students surveyed said they'd gone with the wrong bank account.

Focusing on how you use your account rather than any up-front perks can prove vital, with one in nine (11 per cent) students admitting they went for the best freebie rather than the best student account.

Thinking about how you can keep down any borrowing costs to a minimum is also a must, with debt commonly cropping up on students' lists of regrets.

The Gocompare research also found that eight per cent of students dipped into an unarranged overdraft, potentially leaving them open to punishing charges.

Meanwhile, ten per cent had over-spent on their credit cards, and a worrying eight per cent ignored credit card payments which were due and incurred penalties as a result.

This can leave blots on credit histories which students will still be affected by after they graduate.

But not all students are the same, and some score much higher marks when it comes to managing their money.

Unsurprisingly, maths, accountancy and finance undergraduates were found to be the most confident with their money skills, with 65 per cent believing they manage their finances well.

Language students, including those studying English, were found to the least confident, with just 43 per cent seeing themselves as good with money.

WHAT TIPS WOULD STUDENTS PASS ON TO OTHERS HEADING OFF TO UNIVERSITY?

The most popular tips voted for by the 1,000 students surveyed by Gocompare.com Money were as follows:

1. Make a budget and stick to it.

2. Shop around for the best deals.

3. Don't use credit cards.

4. Avoid payday loans.

5. Don't ignore letters from your bank.

6. Be honest with your parents about your finances.

7. Don't lend money to friends.

8. Get contents insurance for your possessions.

9. Take care choosing the right student bank account.

10. Talk to your bank or credit card provider as soon as you get into trouble.

POUNDNOTES:

Financial dictionary: NUS Extra

This is a discount card which is available to students and gives them discounts on a wide range of products and services, from cheap pizza to money off transport, clothing and gadgets. The card can be bought for a one-off fee starting from £12.

More information can be found on the NUS website at www.nus.org.uk

:: FRAUDULENT INSURANCE APPLICATIONS BACKFIRE FOR 3,500 MOTORISTS A WEEK

Nearly 3,500 cases of motorists lying on their applications for insurance, or deliberately leaving relevant information off, are being uncovered by insurers each week.

According to data released by the Association of British Insurers (ABI), some 180,675 attempts to make fraudulent applications for motor insurance were detected last year, as people tried to get cheaper cover than they were entitled to.

These claims were exposed as lies by the insurer either at the point when the person applied for a policy, or after they had obtained cover and had gone on to make a claim.

:: HOUSING MARKET SET FOR A STRONG AUTUMN

The housing market has picked up earlier than usual after the summer break in signs that strong activity is set to return this autumn, property website Rightmove has reported.

House sellers' asking prices across England and Wales jumped by 0.9 per cent month-on-month in September to reach £264,875 on average across England and Wales, marking the first time since 2011 that prices have increased at this time of year.

Asking prices have recorded a typical monthly fall of 0.5 per cent in September over the last 10 years, as the market usually takes a little time to gear up again after the summer holidays.

:: FIRST TIME BUYERS RECEIVE £23,000 FROM BANK OF MUM AND DAD

Parents are siphoning money out of their own retirement nest eggs in order to help their children get on the property ladder, a charity has found.

One fifth of parents who had helped their children onto the housing ladder used savings they had set aside for retirement or elderly care, according to a survey of more than 4,400 people from across the UK for Shelter.

The average sum of money handed over by the "Bank of Mum and Dad" to help their first-time buyer children was £23,000.

HIGH FIVE SAVERS

:: Phone/Website Rate Account Period Deposit Interest Paid

Secure Trust Bank www.securetrustbank.com 3.52%(F) FixedRate 31.08.21(B) £1,000 Yly

Vanquis Bank www.highyieldaccount.co.uk 3.21%(F) High Yield 5YrBnd(W) £1,000 Yly

United Bank UK 0800 218 2266 3.20%(F) FixedDeposit 5YrBnd £2,000 Yly

Tesco Bank 0845 678 5678 3.20%(F) FixedRate 5YrBnd(H) £2,000 Yly

Coventry BS Via branch 2.00% Branch Instant ISA Instant £1 Yly

TOP FIVE MORTGAGE RATES

:: Phone No Rate Period Max% Adv Fee Incentive

Norwich&Peterborough BS 0845 300 2522 1.89%F For 2Yrs 65% £195 Yes

Norwich&Peterborough BS 0845 300 2522 3.54%F For2Yrs 90% £195 Yes

Yorkshire BS 0845 120 0874 2.89%F to 31.10.19 65% £975 Yes

First Direct 0800 482448 4.29%F for 5 Years 90% £950 Yes

Post Office 0800 077 8033 4.95%F to 31.8.16 95% - Yes

Code:

* - Introductory rate for a limited period F - Fixed H - Operated by internet or telephone K - Operated by internet, telephone or post B - Operated by post or telephone W - Operated by internet P - Operated by post D - Discounted rate V - Variable rate

:: Source: Moneyfacts moneyfacts.co.uk. 01603 476 476 (All rates subject to change without notice)