I graduated university debt-free in 2001. Here's how I did it:
Split costs with my parents: Though my parents were in the position to pay for my education, they believed I should help pay my way. Some people are surprised when I tell them this. I am grateful: it instilled a work ethic in me. First and second year we split costs. By third year, I was by and large paying my own way. Note: I went to school out of town and had rent/living expenses to think about as well as tuition.
Started saving early: I started saving as soon as I got my first part-time job (at 15, playing violin in a restaurant). At 16, I got a job on the line at Green Giant, working 12-hour shifts in the “Bean Production Building.” Yes, it was really called that. I worked 6pm - 6am and made $6.85/hr. I saved the majority of this money for my first year's tuition. Let me tell you, standing in one spot and picking bad beans off a conveyor belt all day can really make you want a degree. ASAP.
Worked multiple part-time jobs while in school: I looked for jobs that allowed me to work early in the morning and later in the evening, in order to work around my class schedule. I took a 6am shift at the airport, and an 8pm shift as an editorial assistant at a newswire. On alternating nights I worked as a receptionist at a retirement home. Overall I worked 30-35 hours a week.
Worked summer jobs and lived at home in the summer: I started looking for summer jobs early and made sure I had some type of employment in place come May 1st. Three out of four summers I was able to live at home, which helped me to save more money.
Freelanced in my area of study: I studied journalism and began freelancing for the local newspaper, writing fashion articles.
Lived very cheaply: I always lived with roommates, and never paid more than $500 a month for rent. I bought food staples in bulk and rarely ate out. I didn't generally buy milk or cheese (cereal with water...those were the days) and ate very little meat. I survived on a diet of rice, lentils and pasta and consumed more curry than anyone probably should in their lifetime. I had no car (still don't), and took the bus everywhere. I wore a lot of black clothes because they matched with everything.
What I didn't have:
A cell phone (for the majority of the time I was in school)
A credit card
Internet at home (except for free dial-up access)
Fancy designer clothes or accessories
Haircuts (my mom cut my hair with a pair of kitchen scissors). In fourth year I started to treat myself to a cut in a salon, on occasion.
I may have been especially frugal, but I think overall, standards were different even ten years ago. You didn't see kids toting Gucci and Vuitton (fake or not). A "brand name" was more like GAP or Club Monaco. Girls didn't come to school with fake tans and manicures. Certainly not that I recall.
Have spending standards for students risen? Is it part of the reason why they're graduating with so much debt?
Have spending standards for students risen? Is it part of the reason why they're graduating with so much debt?
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