Balancing Finances and Being in a Sorority

By: Serena Van Acker- Kappa Alpha Theta Alumni
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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. 

Preparation 
    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. 

Organization 
    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
    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!

• Don’t buy a new outfit for every event - Events such as recruitment and crushes are super fun and you obviously want to look (and feel) your best, but that doesn’t mean you have to break the bank doing it. Go through your own clothes before you buy anything new, check out the local thrift and consignment stores, and feel free to reach out to your friends and sisters to borrow clothes. Being in a sorority basically means you have 80 more closets to borrow from. 
• Don’t spend all your money on one event - Greek life at Western is huge meaning that there are different opportunities to hang out and support other fraternities and sororities almost every week. Use your selection power here to determine which events you want to go to and which events you can miss. For example if a Sorority is hosting a dance competition that charges $10 admission and they are selling shirts for $25, you can still support the cause by buying a ticket but don’t feel pressured to buy a shirt on top of that. 
• Go to every event that doesn't charge extra - You’ve already payed your dues so you definitely want to get money’s worth of experience. Do this by attending every single sisterhood, Panhellenic, philanthropy, etc activity that you can. Not only will you be getting the most out of your dues but you will also bond more and grow with your sisters which is the best part of being in Greek life.