Livin' Large

So, you're out on your own. Free of parents, free of rules, free of a lot of responsibility you encountered living at home. But many college students these days are learning that a lot of things in life don't come free, like those necessities that have always managed to take care of themselves in the past - food, shelter and free public education.

Maybe paying thousands of dollars in tuition, just to sit in a dorm and eat ramen noodles wasn't your vision of college. Then, it probably comes as no surprise that a lot of students are getting a tough lesson in economics in a less-than-ideal economy - not in a lecture hall at a university, but at the school of hard knocks. Even affording those lackluster noodles and freeze-dried vegetables might stretch your budget beyond its capacity.

The term "tightwad" has never been so en vogue as it is now. Those people who have chosen to live frugally have been culturally embraced as of late, feeling free to dole out some practical advice, and surprisingly, very few "I told you so's."

So if you're wondering where the little money you make is going, here are few bad habits you might have developed that prevent you from living your life on the cheap.

1. You've been hitting the bottle - and we don't mean alcohol

Not everything you buy needs to come in a shiny package, say Jennifer and Peter Sander, co-authors of "The Pocket Idiot's Guide to Living on a Budget" and "573 Ways to Save Money." Bottled water and soda are two of the most commonly purchased items at the grocery store and their impact on your wallet hits hard in the long run.

Instead, buy a water pitcher with a filter. Brita filters come in boxes of three for about $15 and last about two months each. You'll pay that same amount for two cases of bottled water and you'll probably have to haul it up a couple flights of stairs.

As an alternative to soda, make sun tea. We live in a place called "the Valley of the Sun," so why not embrace it? It's healthier (it doesn't double as a rust cleaner for your car like soda does) and it won't break the bank.

2. What's yours is yours

At some point in a young adult's life, Barney the Dinosaur is forgotten. But his old theme of "sharing is caring" might be one of the best mantras that will get you through college without compiling massive amounts of credit card debt.
Before you spend hundreds on a new printer or mini-fridge, ask if you can borrow someone else's, Jennifer Sander advises. The "you scratch my back, I'll scratch yours" could prove to be wise financial advice. Put your leftover pizza in the guy down the hall's refrigerator and offer him free printing services for a semester. Everyone wins!

3. You're a little too independent

You're out on your own and you want to prove to friends and family you can make it. That's fair. But asking for their help could prove to be a frugal move, especially when moving into a new apartment with very little, Peter Sanders says.

America is a throw-away society, Jennifer Sanders says. Those end tables your Aunt Helen is throwing away might not be your taste, but it's better than buying new ones for hundreds of dollars. It's likely nothing a coat of paint couldn't fix.

When moving out of the dorms, students throw away perfectly good blankets, furniture and food just because they can't haul it home for the summer. Take advantage of other people's wastefulness by asking what friends are planning to keep.

And even if you loathe having roommates, it's a wise financial decision, says Nicolas Aretakis, author of "No More Ramen: The 20-Something's Real World Survival Guide." Six hundred dollars for a sweet studio apartment monthly might sound like it could be affordable, but multiply that amount by 12 months and you have quite a hefty bill on your hands. Divide that by two and it's not nearly as bad.

4. You can't give up the little luxuries

We all like to pamper ourselves from time to time. If you have the means to buy the newest iPhone, Dolce and Gabbana sunglasses and Diesel Denim, why not splurge a little?

Well, according to researchers at the University of Rochester, those fancy things might cost you more than the hundred dollar price tag.

Edward Deci, a psychology professor at Rochester, says acquiring wealth, fame and an attractive image might actually contribute your "ill-being." Material goods do not contribute to one's happiness, according to the study, which examined the goals of college graduates right after they graduated school and one year later.

Those students who improved in their extrinsic goals, like wealth and money, did not report being any more happy with their lives. In fact, the graduates who said those things mattered to them showed higher levels of anxiety and negativity in their lives. Instead, Deci says things like time spent with family and volunteering contribute to the richness of one's life.

5. You're thinking inside the box

Fashion and travel aren't just hobbies. They're multi-billion dollar industries out to sell the public glamour and adventure at a cost. If you can think beyond the mall and resorts, you can stretch your dollar to a bigger wardrobe and maybe even overseas.

The frugal-living guru Jennifer Sanders says she searches racks in thrift stores and consignment shops in high-end towns for her wardrobe.

You and your friends likely have a similar style. Organizing a closet swap can keep your wardrobe looking fresh without ever spending a dime. Have friends each take five pieces out of their closet that they no longer wear, pile them on the floor and have at it.

The Sanders duo also advises looking on community travel sites like couchsurfing.com to find someone in the town you're venturing to who will loan you their couch to sleep on at no cost. Reading the blogs of backpackers is also a good way of finding cheap ways to eat and entertain yourself once you reach your final destination.