Your Freshman Year In College Taught You Key Lessons About Saving Money Today

Every person who went to college has some crazy story about something ridiculous they did during their freshman year. At least one of you reading this story took down a neighboring street sign and somebody else can only remember parts of their inaugural spring break trip. If you are finding it difficult to recall just what you learned in your college courses, perhaps there is some practical life advice that could be learned to get your family spending plan in realignment. Is it possible that your freshman year in college was a lesson for saving you money today? Here are five things I’ll jog your memory with if you need to get a plan going as 2014 is right around the corner.

  • You cooked ‘cheap’ meals which you would surely turn your nose up at eating today– Did your diet consist of family size portions of spaghetti, instant noodle soups, and day old pizza? What kind of money could you save going back to extremely lost cost meals for a month?
  • Your apartment was less than awesome- Isn’t it great that you have a pool, a movie theater, and a sub-zero fridge. More stuff equals more maintenance costs. What if you moved to a smaller place or something less ‘exclusive than you have today?
  • You saved every cent possible with ‘student’ discounts- When you make $100,000, it can feel silly to work hard to save a $1. However, by looking simply on line for a discount before you make a purchase or buy a service can save you thousands every year. Put it in an IRA or Roth IRA for 25 years and see what happens.
  • Instead of going out, you crammed everyone in your place- Why do parties need to be so extravagant? Get a keg, some chips and dip, and fire up some burgers. Maybe even a potluck in your neighborhood. We don’t all need to be Martha Stewart.
  • You learned to buy in bulk- Mostly this was for beer or vodka, but here’s the point. If you drink a certain type of beverage or eat a particular type of food, you can save real money by buying in bulk.

Once you have tasted the good life, it’s really hard to revert to what you had to do to get where you are today. If your spending is out of line, spend a couple of months reverting to the tactics you used in college that helped you get by when you had nothing. Now that you have a few bucks in your pocket, using this strategy will help you free up cash flow to put toward your financial goals.

Written by:

Ted Jenkin

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves


My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

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