The Real Cost of Social Life

When people talk about the cost of college, they usually think about tuition, housing, meal plans, and all the other general expenses of college. These are all major parts of the cost of school, but there is another side of college that gets overlooked when it comes to spending, and that is having a social life. 

See, going out with friends, joining organizations, going to football games, getting food, taking Ubers, buying clothes, and so many other things can seem like small expenses at the time. The problem, though, is that these costs happen every day, sometimes multiple times a day. A 15-dollar breakfast, a 20-dollar Uber, and a 60-dollar night out might not feel like much, but after a semester or two, this adds up to thousands. 

Beyond just financial, going out costs your time, sleep, work hours, and more often than not, your academic focus. College makes students decide how they want to spend their one limited resource: time. Now, when it comes to social life, let's break down the ways and times this money and time runs out. 

The Cost of Going Out

One of the easiest places for money to evaporate in college is going out. A normal night goes like this: getting food to start the night, paying for Ubers, spending money while out, then buying food again. Even if none of these purchases are that much when by themselves, putting them together makes a night out cost a lot more than expected. Then, guess what. It happens again, and again, and again. Spending that $30-60 in a night might not seem like a problem, but doing it multiple times a week quickly changes the math. 

College also means that, to always be with your friends, you do have to spend. If your whole group is getting food, going somewhere, getting tickets to a game, or anything else, saying no sometimes feels much more difficult than it should. You are deciding one thing in this scenario: you are wondering if missing the time with your friends is worth the money. Now it comes to this new idea: economics becoming personal. 

Organizations and Greek Life

Along with other costs, joining a campus organization adds another layer of costs. There are the normal expenses of dues, but there are also plenty of different costs that come with being involved. Events, clothing, food, and trips all add to the overall price. At the same time, there are reasons people are willing to pay for these things. Joining an organization can create friendships, connections, experience, and above all, memories that would be difficult to put a dollar value on.

Football Weekends and College Traditions

At a school like Penn State, football weekends create another big part of social spending, something hit on a lot in my article, “ Why does everything get more expensive during Penn State football weekends?” These football games bring up prices like tickets, food, clothes, transportation, and other costs during the day that can make a weekend much more expensive than a normal one. Bigger games also increase these costs by a lot. For many students, though, going to a major football game is part of the reason they choose to go to school like Penn State in the first place. You pay for the experience and memories. This is one of the reasons people will sometimes spend more on things they normally would. The value is not just in the item; it comes from who you are with, the memory, and the fact that the same opportunity may not happen again.

The Small Purchases Add Up. 

Some of the big college expenses don’t feel big either. Something I do every day: a coffee before class. Food downtown because you don't want the dining hall. An Uber because of the weather. A new shirt for an event. By itself, this is just a small buy, but altogether, it affects a student's overall spending. This is one reason budgeting is so hard in college, speaking for many. Most people would notice so fast if they spent $250 really fast. In 10 to 20 smaller purchases, this feels a lot different. The money is still gone, but it never feels like one major decision. 

How does working change this?

This is a part of college that I notice the most, personally at least. I work at school because I want to have my own money. Some of the money allows me to go out, get food with friends, participate in fraternity life and clubs, go to events, and all other small enjoyments that come with being in college. At the same time, I like to save and invest my money instead of only spending, and I can only have enough for all this by working. 

Making my own money gives me more freedom, but comes with a cost that isn’t a dollar value, an opportunity cost: my time. Every shift I work is a few hours I can’t spend anywhere else. I could be studying or doing homework, working on my future, hanging out with friends, or just straight up sleeping. I’m giving up more free time so I can have fun socially and have the ability to put money toward investments for my future; but to me, it is worth it.

Now, how does working at school play into my spending? One thing I think about is in terms of hours instead of just dollars. Instead of only thinking, “Is this worth 40 dollars?” I also think, “Is this worth the amount of time I spent to make $40?” Looking at spending this way makes smaller purchases feel a little different and more worthy in many instances. 

Is Social Life Worth The Costs?

To be honest, there is no “right” answer. Many of my best memories from this past year come from times where I needed to spend money. I believe that not spending any money isn’t the answer, but you should know how much to spend and when. If you keep it under control, it is beyond worth it. The better question is if where and when the money is spent is adding something meaningful. If it's a ticket to a football game with my close friends, it's beyond worth it. If it’s with people I'm not as close with, and it's pricey, maybe it isn’t as worth it. Understanding this difference is important, so overall I would say you have to go about it based on the time and overall costs. 

Economics behind college life

What I have learned from all this is that economics is not something you can just fully understand by sitting in a classroom. A lot of it comes down to your personal life and choices you make. Each person only has a certain amount of money, time, and energy, and it is up to you to decide where it goes. In school, there is always something you could be doing or spending money on, but if you learn one thing today, it is to think. Think: is the experience worth it? Sometimes you have to save, say no, or go along. None of the choices are technically wrong, but it all depends on the moment. 

At the end of the day, the real cost of college social life is not one number. It is a bunch of smaller decisions that build on each other throughout your time there. Learning how to balance those decisions is part of college itself, and in a way, it is economics happening every day without even realizing it.