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.
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