Live Like a College Student
One of the best pieces of financial advice we have been given was from my mom. She told us to live like college students as long as you possibly can.
You may be thinking that you made some of the worst financial decisions of your life in college. That’s not what she was talking about. She meant, live on as little as possible and save, save, save as much as you can. And that is what we did and continue to do.
Our income has fluctuated throughout the years, especially when I quit my job to be a stay-at-home mom. When we had a higher income, we did not change our spending habits. Most people already plan out how they are going to spend their raise before they even get it. Our lifestyle has never reflected our income.
By living on less than what we made, we were able to save enough that we had a good cushion if there was an emergency or if we lost a job.
When we were double-income earners, we lived on less than half of our pay. Mind you, we didn’t have high-paying jobs, think teacher’s salary people. This gave us the ability to save and put extra money down on our house and put quite a bit into our retirement.
Beyond that, I was able to be a stay-at-home mom and we didn’t really feel like we were living differently (except we couldn’t put extra into savings, retirement, or on our house).
Having extra savings and not having to live paycheck to paycheck gave me so much more peace. As women, most of us find comfort and reassurance by being financially secure. Sadly, most women (and people in general) are stressed over money because their spending is out of control.
The Benefits of Living Like a College Student:
If we didn’t live like college students, we would have been so stressed financially. Buying a home would have been tough to pull off. I probably would have never had the opportunity to be a stay-at-home mom.
There are so many moms who would love to be home with their kids, but they don’t think they can financially pull it off. How tragic. If this is you right now, there is always a way. Those changes may be drastic like downsizing your home and vehicle(s). Maybe you or your spouse will need to add a side gig in to make it work. You will have to change your spending habits and live with less.
My big question for you is this:
What do you want to do in your future?
Are finances holding you back from reaching those goals or dreams?
If so, what changes do you need to make?
Most people are
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