Ever since I started college, I've been living far above my means. I took out more than I needed in school loans and spent money I didn't have on things I didn't need. Did I do it to impress someone? Yes, myself. I wanted things I had never had before, like a real Coach bag and the latest laptop or phone on the market. I felt I could finally get those things, after spending all my life saving and putting away, because I could finally afford to. You see my head was filled with the statistics my school was spitting out. "Average starting salary for undergrads is $54,000". "Less than 1% student default rate on loans". In my eyes I could live it up in school because I could pay it all back once I was done.
Were the stats right? Yes, but just because you can pay it back doesn't mean you can afford to. What I failed to realize was just how much being an adult would cost, let alone $54,000 isn't what you wind up taking home at the end of the day.
- No Eating Out: Alright let's face it, eliminating this completely would also extinguish most of my social life, but drastically cutting down on the amount of times I do and making sure I always bring lunch and make breakfast will save me about $120 a month from my regular $250 budget.