1) Do not bother to sit down and make a budget. You know that you will always have some money coming in from a variety of sources such as your scholarships, student loans, part-time jobs, and (with a bit of luck) handouts from your friends and family. You'd cause yourself too much trouble to keep track of it all. Use that sheet of paper for something more useful, like a coaster. If you figure in all of your income and expenses and are honest with yourself, you will end up with a budget that is unrealistic for the lifestyle you want or one that leaves out expenses that you absolutely "must have."
2) Use your credit cards freely. If you need more cash, you can easily apply for a card with a higher limit. If your current card only has a $5,000 credit limit, spend it! That is the whole point of minimum monthly payments.
3) A quality law education is expensive, but it is also a once in a lifetime experience. You do not want to miss out on anything today worrying about what frivolous things you might need tomorrow, like rent and utilities.
4) Money can buy you a lot of friends and the euphoria that comes with having power. Savor it. Take care to exploit that feeling whenever you have the chance. Law school is not just about studying. You have important emotional needs that have to be met, too.
5) You know the cliché: stuff happens. Sure, emergency situations come up; but since you can not predict them, do not worry about them. Just keep in mind that in three years, you will be making all the money you need.
6) Do not ever look ahead. If there is a big expense coming up, rest assured you will find some way to take care of it. You always have before. It is so annoying to set aside money every month when there things you need to buy now.
7) When it comes time to give a gift to someone, i.e., a best friend, a family member, or a girlfriend or boyfriend, do not let them fool you into believing that it is really the thought that counts. You know perfectly well that person does not actually want your time; he or she wants your money. So suck it up and buy them something really expensive. You know they will do the same for you!
8) Do not keep track of how much money you spend for pleasure items such as alcohol, drugs, tobacco products, and music CD's. These items can add up very quickly and you do not want to be aware of the total. Do not depress yourself by thinking about what you could do if you cut back in those areas.
9) Do not value your education until after you graduate. People will tell you that earning a law degree may require sacrifice on your part. Do not listen to them. You will have the rest of your life to make sacrifices.
10) A law degree will provide you with the chance to work in the profession of your dreams and if you play your cards right, make a whole lot of money. It is common knowledge that a college graduate—especially a law school graduate—will earn significantly more in his or her lifetime than someone without a degree. Remember this when you are tempted to save.
So, whenever you start to worry about your finances, read over these tips as many times as necessary to reground yourself in fantasy. Following this advice faithfully will put you well on your way to achieving your real goals and objectives while you are in school. And always remember, manage your money, never let it manage you.
