In the last few weeks I have probably received a couple of dozen emails in regards to my personal finance views, particularly my frugality. Some readers have questioned whether I even follow any frugality tips based on some of my spending that I have discussed. While on the other hand other readers have told me that I’m too young to be so strict with my money. Today I want to address the concept of how college students should embrace frugality tips and why.
Why should college students follow frugality tips? When you’re studying full time there are only so many hours you can work and only so much income you can earn. Your time and effort should be entirely dedicated to your education and not trying to save up enough money for a new Affliction shirt.
By following frugality tips you can have the life you want without having to work long hours. Instead of working a minimum wage job for long hours you can find ways to optimize your spending so that you can have the full “college experience” without graduating in massive debt that will prevent you from moving out until you’re in your 30s.
How should college students embrace frugality tips? I’m well aware that most 20 somethings love to bash frugality tips and follow the principle of earning more. There is nothing wrong with that but the sad reality is that as a college student you don’t have too much disposable income to spend on enjoying your life. Now here’s where this whole personal finance thing gets tricky- college students want to enjoy life on a small budget. Is this possible? It certainly is if you are willing to embrace frugality tips.
Frugality tips for college students should be used as a means of optimizing spending but not as a means for taking a short cut or compromising your future. Frugality should be thrown out the window when it comes to spending money on your courses or anything that will help grow your career. Too many times do I see a college student save money in an area where they really shouldn’t. It’s one thing to save money by taking the bus to school but receiving a low grade because you didn’t want to pay for a tutor is not acceptable.
What’s next? Once in a while I will provide college students with tips on how they can optimize their spending by simply trying some frugality tips. Don’t worry I won’t let this personal finance blog become full of “don’t drink coffee” or “cut your own hair” tips. I just want to show college students that it is possible to enjoy your whole college experience without racking up massive amounts of debt.
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Funny thing is college students live very frugal lifestyles. Eat cheap food, drink cheap alcohol, live in crappy places with minimum and usually second hand furniture, tend not to spend a lot. If anything most adults can learn tips from college students. I agree living frugal in college is one thing but like you said, shouldn’t prevent you from doing well in class or having some fun every now and then.
Don’t worry about seeming to give stale advice like “don’t drink coffee.” It’s true that most people know about the Latte Factor, but I remember a college girl asking for tips from Get Rich Slowly, and she revealed in the comments that she spends tons of money on coffee. There are people out there who haven’t heard the classic frugality tips. Just give whatever advice you really think is helpful.
Craig: that depends who’s bankrolling their lifestyle! People with rich parents and a lot of credit cards never seem to see the need to be frugal at university.
@Wilhelm That’s true, everyone has a different situation and I know plenty of kids who did not live what I considered a frugal lifestyle in college. I was very fortunate that my parents financially supported me throughout college and graduated with no debt. I really appreciated it and tried my best to live frugally which I believe I did.