Wealth can only be accumulated by the earnings of industry and the savings of frugality.
– John Tyler, U.S President.
This quote is over a hundred years old but it still holds true today. With that being said many people are unable to grasp the concept of frugality and they become cheap in their pursuit to be extremely frugal. What’s the different between cheap and frugal? That’s another argument for another day. Today I want to discuss types of frugality and money saving tips that college students and new graduates should not follow:
Cutting out caffeine.
Many personal finance bloggers will jump at me for this one but if you love your cup of coffee in the morning then do not give it up. If a cup of coffee is what gives you that mental/physical boost in the morning without a major crash then don’t let anyone talk you out of it. Find ways to spend less on coffee or simply brew your own coffee at home.
Cutting your own hair.
People can tell when you cut your own hair, well at least I can. You can keep on telling yourself that looks don’t matter until you get blue in the face but if you want to be taken seriously you need to take care of yourself. If you don’t have $10-20 to spare for a haircut then at least have a friend with some barber skills cut your hair. If you simply sport a shaved head then you could maybe once in a while get away with shaving your own head.
Taking less courses.
I’m taking a course this summer that will set me back about $600. Sure it’s a pretty huge blow financially but I know that at the end of the day when the dust settles the piece of paper (University Degree) will have cost me the same general amount regardless of when I took the courses. Believe me it sucks handing over $600 but the sooner you obtain your education the sooner you may begin your career.
Once again, image is everything. Every industry has its own set of standards for what “professional attire” is so try to follow those standards. If you come into an interview for a business related position in a major company wearing the same jeans you wore to the night club on Friday night you should expect a nice “thank you letter” from the company for applying. In University/College you will do presentations in front of hundred of other college students and a few college professors, you want to come off as professional as possible.
Are there any other areas where you guys think you should not always be saving money?