Going to business school allows you to learn a disciplined and strategic approach to finances, setting you up for success within an organization in your future career. But studying for an MBA can also be very personally expensive with tuition fees, learning materials costs, commuting expenses, and more to consider. Along the way, it often becomes essential for you to apply what you learn about finances to yourself in order to save money and better manage your bank balance as an MBA student.
For many MBA students, the years spent in business school are often a very budget-conscious time. Many students will leave their job or take reduced work hours in order to free up time to complete their degree while others incur student loan debt in order to cover the tuition fees. As a result, it’s often necessary to pinch the pennies if you want to reach your full earning potential when you qualify as an MBA. Thankfully, there are several things that you can do while studying for an MBA qualification in order to save money and ensure that the experience is as affordable as possible.
Make a Budget:
Many people see making a budget as a chore that they would rather not do but the advantage that you have as an MBA student is that this is probably something you are now used to doing. It’s a good idea to approach your personal budget in a similar way to how you would an assignment in business school – the more specific that you get when it comes to how much you want to spend each week or month, calculating your necessary expenses and setting realistic savings goals, the better. If you are struggling to track your expenses and stick to your budget, you might want to try one of the many great money management apps that are currently available for anybody with a smartphone or tablet to use, like Mint. Be sure to consider your student loans when figuring out your budget. You can estimate your student loan payments with an online calculator. Visit site to get a good estimation of what you will have to put aside for loans each month.
Have a Safety Net:
When you’re operating on a tight budget, it’s always better to have some emergency money tucked away just in case you need it. You never know if you’re going to have car trouble or a kitchen appliance is going to break down and your budget just doesn’t allow for it. Even if your emergency fund only consists of a few hundred dollars, knowing that you can avoid getting into debt or struggling financially if a small unexpected expense were to crop up can help you relax as an MBA student and focus more on your studies rather than worrying about how you’d cope in this situation. While it’s not always easy to grow an emergency fund when you are on a tight budget, there are several ways to improve the balance of your savings account including micro-saving, which is becoming increasingly more popular. A good way to do this is by rounding your bank balance down to the nearest ten or five dollars a couple of times per day and putting the difference into savings. Even if you’re only saving a couple of dollars a day, it all adds up over time.
Consider Getting Your MBA Online:
Today there are several great reasons to consider opting for online study, and this can be an especially good choice for aspiring MBA students who want to save money. Online MBA programs are in higher demand than ever before due to the coronavirus pandemic and we’re likely to see them become even more popular than the traditional programs in the near future. While tuition fees for an MBA are unlikely to be much cheaper compared to traditional programs, there are plenty of opportunities to save money in many different ways when studying online. For example, online study is often far more flexible and self-led, allowing students to decide when they’d like to study and making it possible to continue working full-time if you need to, helping you avoid a massive reduction in your income. And, you can study from home, which eliminates the need to pay for commuting to classes or potentially relocating to a different area. It also provides more choice for students who cannot move to study and would otherwise be limited to what’s on offer in their local area. If you want to study a certain MBA concentration that’s not available locally, going online is your best option since you can access programs from business schools that are states away without setting foot on campus. Choosing an MBA concentration and studying online is a much better option for your future career compared to getting a generic MBA from a local business school – find out more here.
Cut Back on Spending:
Being in business school often means that you are exposed to a lot of wealth, and while it can be tempting to want to splash out yourself, remember that you are probably not the only MBA with a tight budget and there will always be opportunities to treat yourself later down the line when you are qualified and enjoying the return on your investment. Now is the best time to buckle down when it comes to what you’re spending and go through your expenses to figure out what’s really necessary. Figure out all the different ways that you could spend money – for example, you might want to think about downgrading your car to enjoy lower payments while you’re a student, or giving up cable TV in favor of Netflix and Amazon Prime, especially if you tend to use them for entertainment more often anyway. Perhaps going through your outgoings will reveal subscriptions that you no longer use or memberships that you could probably do without since you rarely take advantage of them. Eliminate as many unnecessary expenses as possible.
Take Advantage of Student Discounts:
Even if you have gone back to business school to get your MBA later in life, the good news is that your age doesn’t matter to anywhere that offers a student discount. Whatever you want to buy, don’t forget to double-check whether or not you can get money off due to your student status. This can really come in handy whether you need to buy a new laptop for your studies or want to get some new clothes for your winter wardrobe. You can also find a range of websites and apps where you can sign up with your college email address to access exclusive codes and money-off deals just for students. In-person, all you usually need is your student identification card to take advantage of any discounts offered. Student rates are not only available when purchasing goods, but you can often enjoy cheaper prices in a wide range of different places including sports events, theaters, museums, travel, insurance, and more.
Plan Your Meals:
Spending hours cooking your meals every week is probably the last thing that you want to do especially if you are a busy MBA student juggling working and other commitments with your education. However, the cost of takeout and eating out can quickly add up and cut into your budget in a huge way. Even if it doesn’t feel like you’ve got the time to cook your own meals, the good news is that there are several tricks you can use to save time and money. Batch cooking is a great idea – on the weekend or whenever you have some spare time, make a large meal that you can split up into different portions and heat up as and when you need it during the week when you are too busy to cook. Not only will this help you save money without using up a lot of your time, but you can also make sure that you are eating a healthy and balanced diet – which you need for energy when you’ve got so much going on.
Refinance Your Student Loan:
Being in student loan debt can often leave you struggling financially when getting your MBA. Even if you landed a well-paying job if you have quit working to get an MBA or have taken reduced hours so that you have the time to study, refinancing your undergraduate student loans can be a wise idea as it allows you to take advantage of lower interest rates, reducing monthly payments and making it easier for you to pay off your loans faster. After graduating with an MBA, there is also the option to refinance any loans that you borrowed to put yourself through business school to take advantage of the same benefits.
Consider an Accelerated Degree:
Finally, if you are considering an online MBA program then it’s worth looking into the option of an accelerated MBA, which is usually completed in one year rather than two. If you have the time to commit to doing this – as it’s often very intense – you can save a lot of money as you’ll only be charged tuition for one year. In addition, you can get back to work sooner, this time with an MBA to your name, and start earning even more.
Getting an MBA is worth it, but it’s often a very expensive endeavor. Keep these tips in mind to better manage your money and qualify as an MBA in a better financial position.
