Going off to university for the first time is a great adventure in which a whole world of new experiences awaits you. But it’s all too easy to get carried away, not only with partying but – more to the point of this post – with spending money you don’t have for things you don’t need. Here are a few tips to help ensure that your great adventure isn’t marred by a cash catastrophe (cash-tastrophe?).

• Don’t be blinded by deals from banks

If you’re like most fresher uni students, you are living on a budget, possibly for the first time, and it won’t be long before the constraints of that budget will present an obstacle to your new lifestyle. The first time you shop for textbooks or get invited to join your new group of friends at a popular nearby restaurant, it is likely that you’ll encounter a conflict between the bill and the amount of cash you have. You’ve just encountered the primary challenge presented by a budget: living within its limits.

When that happens, you’re probably going to recall the adverts that appeared in your email inbox from the local bank, offering you a current account, complete with enticements such as overdraft privileges, discounts on popular fashions, or free rail passes. Those enticements will be very tempting, as will be the ease of opening the account or getting the card. But if you aren’t careful, taking advantage of those overdrafts could cost you over £150 a year for which you could definitely find a better use. Look for things that will directly benefit you, rather than those that are likely to tempt you to spend money you can’t afford. And right at the top of that list should be free or very low-fee and interest overdrafts.

• When you need money and the banks turn you away

At one time or another during your time at university, you will likely find yoursdelf face to face with a cash emergency. What do you do if you have very limited income and/or poor or nonexistent credit, and Mum and Dad can’t or won’t come through? With credit and income challenges you may find it difficult or impossible to get a conventional loan through your bank. There are other choices to consider, but again, you need to be careful.

Faced with such an emergency, short-term high interest loans can be a good choice if you shop carefully and completely understand the terms and conditions – and of course if you only borrow the amount you need and will be able to pay back at the end of the term without repeatedly rolling it over. Such loans, while more expensive than more traditional types of loans, are relatively easy to get, are quicker to be processed and approved, and can actually be substantially cheaper in the long run than the overdraft fees and interest charges that most overdrafts incur.

Just keep in mind that a payday loan – or any other type of financial product devised for people with bad credit – is a short-term fix rather than a regular source of income. Don’t get caught in the trap in which so many uni students find themselves, relying on high-interest loans (or, worse, excessive overdrafts) to get by. Taking full responsibility for your financial well being now is much better, less costly, and far less stress-inducing than is doing so only when you find yourself in a credit hole.

• Taking control of your finances

Assuming that you’ve already worked up a budget that you can live within, and opened a student bank account with favourable overdraft terms, it is time to begin putting those well-laid plans to work. And the first step will be to prioritise your spending so that should you run short (and you will do so at some point!), at least your necessities should be covered.

Pay your rent – Most of the seeming windfall from your maintenance loan will be going to your housing. While it might hurt to see your account balance drop so much right off, go ahead and pay your rent first, because if you don’t have a place to live, everything else will seem irrelevant by comparison.

Buy food, but buy wisely – According to the 2015NatWest Student Living Index, students spend an average of £24 per week on groceries, so this will probably be your second-largest expenditure after rent. You will need to economise wherever you can, partly by choosing cook-it-yourself items rather than prepared foods. Avoid buying perishable items such as produce in large quantities, as a good portion will likely go off before you can eat them. Tinned or frozen vegetables and meats can be economical when you’re only preparing meals for one, and many dishes can be prepared in multiple-serving sizes then frozen in individual portions to be heated up later in the week. This approach is particularly beneficial if you can set up an informal co-op with a few of your fellow students, taking turns cooking and each chipping in to cover the cost.

Get around cheaply – Ideally, you should try to walk or bicycle to most destinations during the week, and limit your use of public transport to times when you are carrying a load, when the weather isn’t cooperative, or when you’re traveling a long distance. For these instances, the 18+ Student Oyster Photocard and 16-25 railcard are definitely your friends. While it might be nice to have your own personal car, it can also end up costing enough to wreck your whole budget plan.

No matter what you’re shopping for, always look for and take advantage of discounts wherever possible. If you’ve economised to the point where it hurts and you still come up short on a regular basis, or you manage to cover your expenses but never have enough money left for the fun things that make uni life so exciting, you might need to seek out a part-time job to give you more money to work with. Just be smart and recognise your limitations, so that you don’t hurt your grades in the process. Because after all, getting an education is why you’re here at uni, and the other things you do should not hamper that primary objective.