If LSU students are good at anything, it’s partying. However, if LSU students are bad at anything, it’s personal finance. We can draw personal finance lessons from everyday life, so here’s how you can party without wasting your entire disbursement check.
1. Being cheap is good.
Frugality and parties go together like peanut butter and jelly. When planning a party “cheap” is a compliment. Let’s take vodka, for example. You can choose between Taaka or Tito’s. One is a highly-rated, smooth drink while the other will keep you from drinking vodka ever again. However, sometimes you have to sacrifice some quality when stretching a dollar. Taaka might not taste good, but it will get you as drunk as Tito’s for half the price. Use this tip for your adult purchases after college. A cheaper car or house might not make a difference in satisfaction, but your wallet will thank you in the end.
2. Pooling money has powerful effects.
You have four dollars on a Friday night and want to get wasted. What do you do? The smart LSU student finds a few friends to pool money together for some Jack Daniel’s. Which would you prefer: spending four dollars to share a bottle of whiskey or spending fifteen dollars to look at that bottle sit on your fridge for the rest of the semester? This theory is behind many financial products including insurance and mutual funds. If you want to invest in stocks but don’t have enough money, pool money with other investors in a mutual fund. You’ll be able to buy more stocks at lower prices.
3. Life is full of hidden fees.
A night out should only be as expensive as the drinks, right? I know I’m not the only one who misjudged the cost of a night out. Besides the drinks, you have to account for covers, tipping the bartender and transportation (because I know you aren’t drinking and driving). House parties are no different. Factor in hidden expenses like cleaning supplies, unless you want to clean vomit with paper towels. Look out for hidden fees whether you’re flying or using credit cards. Vigilance and a knack for predicting unexpected expenses saves money and frustration.
4. Moderation is key.
At some point, we’ve all drunk our weight in jungle juice. Good luck having a productive Sunday with that hangover. If you think a hangover from too much jungle juice is bad, try a hangover from spending too much money. With credit cards, spending money you don’t have is more than easy, especially when you go out — until the bill arrives. Responsibility is the name of the game — both in partying and with your money. Owning only one credit card and budgeting should be your first line of defense against wild spending.
5. Small contributions add up. 
Having a stockpile of party supplies is a great idea. Occasionally, I’ll pick up a bottle of liquor, have a few drinks then save the rest for a party. I don’t have to spend a bunch of money on supplies, and I can throw an impromptu party whenever I want. In the same way, I always put some of my paycheck in my savings account. You might not want to save now, but small contributions over the next couple of decades will translate into a sizable retirement savings. You will also have money to pay for unexpected expenses.
Jay is a 21-year-old finance senior from St. Simons Island, Georgia. You can reach him on Twitter @hjcranford.

Gallery • 5 Photos

Photo courtesy of Tumblr.com.