By: Serena Van Acker- Kappa Alpha Theta Alumni
Managing your finances can be an overwhelming and touchy subject, but it doesn’t have to be. Throughout my time as a sister (and a student) I have focused my budgeting on three main sections: preparation, organization, and selection.
I would recommend starting this step as soon as you can. Each sorority has different dues for different reasons. Before going through recruitment, do some research of your own on specific sororities and their average dues. There will also be an information night the week before recruitment in which the estimated semester charges will be laid out and explained for each sorority. By having an idea of these numbers ahead of time, you be able to create your budget around your estimation. Keep in mind, many sororities have financing options that will allow you to make multiple payments throughout the year instead of one major one.
Organize your money in a way that will allow you to spend a portion while saving another. If you work throughout the summer or part time during the year, I would recommend doing a 60% over 40% split where 60% of every paycheque you receive goes into savings while you keep 40% to spend at the moment. You can modify these numbers to suit your lifestyle.
Near the end of the summer (mid August) I would suggest going through the money you have saved, setting aside two lump sums for tuition, and then dividing the remainder into categories for the 8 months you will be in school. These categories should include: food, rent, spending money, and of course sorority dues. This is the basis for your academic year budget. It is extremely helpful to have a plan before going into the school year, that way you know how much money you can reasonably spend every month while staying in a sorority.
Selection is the final, and sometimes the toughest, section of financing. This is where you have to chose what to spend your money on throughout the year, and what you can live without. For example, if your sorority formal is approaching and you know you want to buy a new dress, maybe don’t go out for dinner that month so that you can save up some extra money. Selection is all about prioritizing what is most important to you because in reality, we can’t buy everything we want to.
Tips and Tricks to Saving Money in Greek Life!