With us in the 3rd week of the month, university students should be adjusting to their new classes, especially first year students.
What I found difficult in my first year was managing my expenses efficiently as to not overspend, and end up going into debt. Generally, first year students face the expense of living on their own for the first time, and maybe a part time job, which does not give much room to save any money.
The best advice I can give for first year students is to live within your means.
You have to start limiting your spending from the beginning in order to avoid piling on the debt.
In order to limit your spending, you have to create a budget in order to efficiently manage your expenses. In your budget you have to be sure to include food expenses, entertainment costs, etc.
The biggest problem you may have with your budget is that you do not take the time to track what you have been spending, and cutting back where you can. With that said, seeing as it is a new environment for yourself, create a test period. For 3 months, use the budget you have created, and test it. If you do find you have plenty of room to improve on it, make adjustments. By then you will be nearing your fall exams and probably will not have any time to go out, making it a great opportunity to adjust your budget.
Remember, in your post secondary life you are meant to build a foundation for your future, not a foundation of unnecessary debt.