Lessons from college students on living frugally
5 secrets of the frugal fraternity
Have you ever watched a college student as they go about their life? This is someone with a very limited budget and usually very limited time as well. Often college students can be seen stretching their dollars and their time farther than anyone else thought possible. How do they do it? What are their secrets? Here are 5 of the top frugal student secrets.
Secret #1 - All you can eat meals
Everyone knows that students love free food. But that wondrous thing doesn't come along all that often. In the meantime, all you can eat meals are the next best thing. You don't have to eat more than once during the day, and that meal can be as big as you want it to be. Since there are all kinds of all you can eat restaurants out there and they are usually expensive, you have to take the time to shop around for the cheaper ones. Some places only have all you can eat at lunch, or one day a week. If you find a few, you can likely have one a day - which is all you need.
Secret #2 - Don't buy books unless you have to
Students always need books, especially big thick expensive textbooks, for their schooling. But some students don't buy all their textbooks. Avoiding one book can save $100 or more! But how? The easiest way is to check it out of the library. If that's not possible, professors nearly always ensure the library has a copy that you can use in the library and not check out. This means the studying must be done at the library, but honestly it will be saving money and keeping you away from distractions. The next line of defense is borrowing a friend's book - they can't be reading it all the time, so why not lend it out on off days? Then there are used books, which can save up to 70% of the cost of the book. And finally discount books stores or used Amazon.com. All of these can apply to people who want books, not just textbooks. If you want the latest novel it can easily cost $15 these days. But you can borrow it from the library, from a friend, or you can buy it on Amazon.com used for $2.
Secret #3 - Time management
Students spend all their waking time studying. That's what they want you to think, even when they spend just enough time studying to pass and spend the rest of their time partying. In both cases things that time away from those goals are minimized. Eat one meal a day because it's faster. Don't do laundry until you have to prevent half loads. If you cook meals, cook a lot of food at one time and freeze it for later - you save considerable time on food preparation. Live near the school for students, or if you are working live near your work. In both cases, you can save all that commuter time every day. Shave in the shower. But best of all track how you spend your time. Once you track it you can change your patterns to become more efficient. For a student who is low on cash, saving time means more time free to work that part time job to earn a little more cash.
Secret #4 - Do everything yourself
How many students send clothes to the dry cleaners? Or hire a dry-waller to fix that hole from the party? Few to none are usually the answer. Students have no money, so these are not options for them. It's a lesson anyone can learn. Most things that need doing around a house or apartment can be done by anyone who has the motivation to learn. Learn how to wash and iron your own clothes. Learn how to cook your own meal so you don't have to order out all the time. Learn how to unclog a sink, plunge a toilet, clean a stain on the carpet, paint the walls at your place, or fix that hole in the wall. All these things are easy to do, and can save you a lot of money if you would have called in a professional otherwise.
#5 - Shop around for deals
If a student only has $10 in their pocket at the grocery store they will be weighing each item they are buying for its value versus its cost. They will be shopping around for the best deals, clipping coupons, and taking advantage of double coupons too. These are all things that we can all do to save money.
Everyone knows that students live frugally, some out of necessity and some to enhance their party life. But the student secrets get passed down from one year to the next, and now they have been passed on to you. Long live the frugal fraternity!