Finances - savings

[futjim]

Dear all,

Not sure whether it is a taboo topic here or not but I was wondering if any present and/or past MBA students can tell me how much money (approximate figure) you saved going into your MBA program.

I'm asking because I'm aiming to go to an MBA program in the states and I'm not sure how much money to save. I'm saving as much as I can but I'm just wondering if my 'as much as I can' is really enough. My goal for next year is around 30K USD. Is that enough? More than enough? I guess this will depend on the program and the state that I'll be in.

Any info would be greatly appreciated!

Cheers,
futjim

[ultraeasy]

No way this is a taboo topic, it's an important part of the planning process for all of us. You should save as much as you can before entering a program. Every dollar you can save and put towards the cost of education and living will reduce the expensive (5.9-7.9%) loans that you'll need to supplement the cost of b-school. Better yet if you can save enough to outright pay the tuition and living without touching any loans (I fell short of this goal ).

It's possible to enter b-school broke, and get through entirely on a financed student budget--they include cash for rent and a bare-bones lifestyle. But it would be better to have a little cash in the bank to subsidize your living so you won't have to sweat buying all of those networking drinks multiple times per week or flights to visit companies. UCLA recommended students budget to spend an additional 3K per year to pay for actual living costs that are above the student budget projected ones. Depending on how much you like to spend, you could get by with more or less. I think most will advise you to save as much as you can.

[futjim]

Thank you for the reply.

Your information is definitely very helpful.

My goal now is to work work work and save save save!!!!

Thanks,

[Noelhanssens]

I've saved up for my course, but I also found that accruing paid leave from work is an excellent way to save money. I took minimal leave in the two years leading up to my MBA and found it a nice nest egg to supplement my savings.

[Michael@VeritasPrep]

Having 30k saved going into business school is pretty good. I assume you'll augment that with student loans? 30k should cover most of your living expenses depending on where you end up going to school. Plus you can use the funds for trips for networking or interviews that aren't on campus. Good luck!

[Michael@VeritasPrep]

I would say you are on the right track. Having 30k saved going into business school is pretty good. I assume you'll augment that with student loans? 30k should cover most of your living expenses depending on where you end up going to school. Plus you can use the funds for trips for networking or interviews that aren't on campus. Good luck!