Basically, most people can't be extremely frugal for a considerable amount of time because they get worn down. But college students have a end date if they try to be extremely frugal, of graduation. Hopefully, after we graduate, our income increases quite quickly, unlike any other time in our lives. Also, we are surrounded by people who also don't have a lot of money and we have access to a ton of free or cheap entertainment.
I just posted my budget on a money message board and everyone said my fun money amount was too low. How did do ANYTHING? Well, last Saturday I went to a film screening, got a free lunch then went out to a "Winterland" at our school with free ice skating, free horse carriages, and free sledding. I had a great day out, yet did not spend a penny. This is a major advantage of being a student.
We can have great fun on the cheap or even for free. If your weekends and nights are taken up with events that are cheap and free, why would you spend money? Yes, this takes planning, it takes looking for these events but you have those options. When I was just working, I did not have as much access to these things. I spent time at the mall, I wanted to go out to eat, if I wanted to have fun with friends, I spent money.
So take a minute, google your school and student association or clubs. See what in the next month that is at your school that is cheap and fun? Where is the free food? Then, go tell your friends, invite them along. That invitation was why I went to a great movie, and had a great lunch on Saturday.