How I Saved Over $10K During My College Years As A Student: My Mindset & My Outcomes

This article is owned by the creator of A Libra's Way

Our educational institutions provide sound foundations for students to think outside of the box, outside of the textbooks, and challenge the status quo as it is. These are all necessary components to gaining the best classroom experience, furthermore preparing us for a major part of life. Yet, knowledge acquired only in the classroom within our institutions, also bring to light their failure (respectively) to provide context for quite possibly the most important skill of all: money management. For those of us who do not plan to major in a field obtain a skillset with numbers, the limited accessibility to such important and basic skills, took notice on my end. This is the very reason that budgeting 101 should not be overlooked, especially for young people.

How I learned to manage my money, also fed into how I managed other parts of my life. Here are 10 things that helped me save over $10K during my college years:

1. I obtained a minimalistic mindset. I grew up near the beach, playing beach volleyball, wearing the same bikinis, jean shorts, and t-shirts. I didn’t put a lot of effort into impressing people, simply because I noticed it as consumption versus fun in the long run. What I had in my closet were mostly valuable and durable pieces—a few pairs of long lasting, cool $150 jeans versus 5 pairs of $50 jeans that ripped within that same year. Aside from that, do you really need 50 pairs of shoes in your closet, let alone carry them back and forth in between apartment leases? If you do have any articles of clothing that you know you won’t wear, or haven’t worn for more than a year, take them to the closest consignment stores and save that cash you make off them in a shoebox.

2. I Limited My Social Media Activity. Yes, I have all the social media accounts, and I am on them regularly. However, I forbid myself once I graduated from high school to overrun my ‘private’ platforms with hundreds of photos that update the 2,000 people I don’t know, about my life. Primarily, I deleted more than half of those people because many of their lavish lives encouraged me to give into the pressures I felt to stay ‘on par’ with looking awesome online. This is how you end up broke: first-you buy a few cute outfits that you know you can’t take more than a few pictures in because ‘you have to look cute’ ONCE, which likely means a few expensive price tags under your belt. Second-you plan to go to that cool new museum or restaurant that costs $30 to get to and fro via taxi in that outfit, and $20 to get in to or eat in. Third-by the time you look at your account balance after drinks, appetizers, and dessert, you’re down $75, still must purchase groceries for the week, made plans to see that overpriced $20 movie in 3D, and pay for gas? AHHHH. Is this to post on your story or to enjoy the experience? Less is more, folks.

3. Get a Job You Think You’ll Learn From. Sure, it might not be your forever job, or a job in the same field you expect to go into, but exposure is more important than anything. You get closer to knowing what you want to focus on professionally…and how to get there if you say yes to something you feel you can learn from. Aside from that, a biweekly check is a nice mini milestone. I applied and got a job on campus as a student receptionist for 1 year. I was highly motivated to learn something outside of the classroom, on a sports team, or at a social event, and this was a solid way to build people skills. Not to mention, I could print my essays for free in the writing center, and it shaped my basic communication skills among peers in a more professional manner. I also worked at a frozen yogurt shop soon after for a few months. For every check that came in, I saved 75% of it, and the allowance from my parents was for rent/groceries. The other 25% of the check or remaining allowance went towards bowling or Acai bowls.

4. I Appreciated Solo Stuff More. Halloween parties and evenings out on the town are awesome! Don’t get me wrong, but I didn’t like NOT having money in my checking account because I spent it on silly stuff. I began to prefer a weekend in after working so hard that week, and from there, realized that perhaps an occasional night out was more fun instead of burning out from doing it so often. In time, I began to see my checking account $ grow triple in size because movies at home and journaling were my new friends. I instead would spend some of it on a massage or facial once every month or two. That led to me taking long walks on the beach alone and reflecting on what I wanted out of life, reading articles about improving myself internally, and appreciating life without the filters. Why did I NEED to spend money unless I would 100% NOT regret it after?

5. Ixnay on the Wish Lists. Birthday celebrations are fun, and receiving that new purse I longed for over a few months for a holiday gift could have been rad. However, I stopped asking for material items or things I wouldn’t buy without my parents/on my own. Instead, I’d ask for a check or cash every time my family member wanted to get me something nice. I told them that instead of making the purchase, to check the total at the store, and write that amount on a check. In the long run, this gift of cash could go toward savings, a plane ticket to my next cool destination, and/or peace of mind to know that I had it sitting in my pockets. In fact, that very purse I wanted and opted out of getting, actually ‘spared’ me a two-week backpacking trip through New Zealand (perhaps a more rewarding experience than a trendy purse?)!

6. Set Milestone Celebrations. After completing two years of college and saving up more than half of my intended goal of $10K, I told myself I’d plan a getaway to snorkel somewhere tropical, aka Cancun. I also got a chance to work on my Spanish, which is always a bonus. Aside from that, I also conducted semi-mini milestones to celebrate saving in between that by going on a little shopping spree or spending a day at a theme park, doing things I want versus things I needed (you can still live). For example, for every $1K I saved, I’d spend $100 on a little activity if I chose to. Making celebrations for continuing to pursue your long-term goal makes it easy to make it to your end goal.

7. Save Up Your Skrillaz $. I did collect a majority of my money in a bank account, but I also set aside cash in a shoebox for emergencies. Honestly and strangely enough, it felt really satisfying to open up the money pouch every once in a blue moon to see how much I had stashed away. It kept me ambitious…how much more could I add to it within the next month?

8. Eliminate SOME Overpriced Self-Care Practices. Yes, I spent a few $$ on facials and massages, but let me explain (hehe). Those facials and massages paid off—it’s a long-term investment because my acne has practically disappeared; massages every two or three months at your local favorite isn’t ever a bad idea, TBH. What I’m hinting at are those overpriced face masks, a makeup stash, and 4 or 5 of those $20 travel sized perfumes. As much as I love makeup myself, I stick to one of each—not 4 or 5 of each! Trust me, those non-brand soaps work just as well, if not better than the name brand ones (do the research, trust me, there are great finds out there).

9. Ask Questions to Mentors! I will admit that I was lucky enough to have family and friends whom have been successful with their business. I asked as many questions as I could jam in their ears. I asked about their favorite finance, entrepreneurial, and motivational books. I asked what stocks they liked. I watched videos that talked about saving $. I searched articles like these and during such finds, I asked these questions to myself: what is my 1 year, 5 year, and 10-year savings plan? What was most important to me? How much did I want to save? How could I maximize my saving while minimizing my daily spending efficiently?

10. Tupperware Is Your Friend. Yes, occasionally I visited the fam for a home cooked meal and asked for the leftovers. It saved me a few dollars to have a spare dinner on hand with more nutrients than every broke kid’s packaged ramen (hehe).

I’ve told my story to friends, my little brother, and even the nosy bank teller who asked. How did I get past that $10K mark and remain there? Well, aside from being somewhat lucky with helpful parents, I also invested time, maintained ambition, and practiced patience to achieve this goal. Sometimes, life is about the delayed gratification of things. Sometimes, life is about the experience and not the (short term) reward.

I knew that the time I spent practicing a humble and fulfilling lifestyle, also taught me more about appreciating who I was as a person and not what society wanted me to appreciate. It’s easy to consume and put one’s energy and efforts towards filling a void. I did myself a favor by taking a step back and observing how to prepare myself among the excess we find society drowning in. Although my privileged background has afforded me certain freedoms, it’s the risk I took knowing I have those freedoms and taking advantage of what I can learn to retain those freedoms.

(Disclaimer: Throughout this article, keep in mind that my parents did help 100% with absolute necessities: rent, utilities, groceries, gas, emergencies, and books. This is NOT FINANCIAL ADVICE NOR DOES IT CLAIM TO BE-this is how I managed to build my net worth. DO YOUR OWN RESEARCH AND SPEAK TO A LICENSED PROFESSIONAL ABOUT YOUR OWN CIRCUMSTANCES.)