I only graduated 5 years ago in May, but we just didn't have Kate Spade bags or Tiffany bracelets or any of that stuff. We went to class in jeans. We dressed up for pin days or for recruitment. When we went out to the bars, it was jeans and a "bar shirt". I'm sorta glad I didn't need all that expensive stuff, or else I wouldn't have afforded to pay dues too!
As for the sorority necessities, I gave all the necessities (cigarettes, matches, gum, quarter for the phone, and a condom.)