My chapter is a little reversed, when we get a new member class, they are assigned a "Rose Sis" (Like a "Pearl Pal") before big/lil. The Rose Sis's and Bigs often spend more money on the new member than the new member spending money on the big. The new members buy smaller things for their Rose Sis or Bigs, but they are usually homemade like posters, mugs, etc. The Bigs also usually buy the new members their first letter shirt.
As for formals/fraternity invite events - we usually borrowed each others dresses, shoes, accessorires or dresses from other friends.
For mixers - we had a lot of "theme" mixers, so getting creative with what you have, walmart and good will purchases often provided our outfits.
Every campus is different and each area of the country is different too. For example, for football games, everyone who is greek dresses up at my school, while at other schools jeans and t-shirts are the norm for everyone. Learning your campus culture and greek culture will come with time.
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