Living Expenses

Apart from the tuition fees, the other major contributor to cost of education at a b-school are living expenses. Can someone tell me the approx. yearly expenses for -

# US
# UK
# France
# Singapore

To put this all into perspective, since finances are a big factor as far as I am concerned, I'm trying to put together an analysis on the total cost of studying at any given location.

Plus, working on getting data on the available loans and scholarships. Help!

This is an impossible question.

It's going to depend HUGELY on city and what level of living you expect. Each school will give you estimates too by teh way, just go look. Most break out not only tutition but expected other annual costs.

For example, if you were to go to Kellogg and lived in downtown chicago, a 2bd would run you at least $2500 a month. On the other hand, a 2bd in lakeview area might run you $1200. A one bedroom maybe $800. Downtown, $1500.

Boston - same story. A 2bd can run $3500, maybe even $4,000 a month.

Ithaca on the other hand is much more reasonable. You can rent a house for $2000.

Totally dependent on where you are considering applying and what your current standard of living is like.

Do you eat steak at night or ramen noodles?
Do you drive a car? Do you intend to keep the car? Insurance might be $1200 or so a year, plus gas, and again, depending on what city were talking about up to $300 or so a month to rent a parking spot.

The figures can vary so widely, it's near impossible to estimate cost of living "in the us".

Well, for an impossible question, that was quite a comprehensive answer! Thanks a lot This does help me!

Yeah - I do realize that every place has a range of expenses based on location and lifestyle, but it is the range I need. Trying to draw up an appox. annual budget for each of the colleges in my shortlist.

Did check out the college break-up, but these mostly mention on-campus costs. There will always be something else to spend on!

Thanks to Fig as well, who helped me with the INSEAD costs!

I think the biggest factor is rent. No matter where you go, you can assume that you will have to eat and pay for car insurance.

So just find the average rent for a room at the various cities. NY and LA are the worst by far.

Yeah, thats a good point...

This is the analysis by Fig for INSEAD...



Would come to 1,300 - 1,500 Euros... for unbudgeted expenses, add around 30% and it comes to 2,000 Euros.

I'll also add ...

look at http://www.apartments.com for US rent prices.

Hey man,

Singapore is a tiny little island, and short of staying in absoulte prime areas, its fairly inexpensive to live in singapore. first of all, there is no need for a car, public transportation here is world class (or so i'm told), and its pretty easy to get around.

rental here is also currently down, and not too expensive. you can get a room near the universities for about SG$400 depending on location, furnishings,etc. best shot is to get a hostel room on campus. the rates are very affordbable at SG$240 per month, but that includes meals and transport cost is near zero.

food is also inexpensive, with a normal meal (ie. you won't starve) costing about SG$3-5 per meal. If you eat on campus, its super cheap, costing you maybe SG$2.

Healthcare is fairly inexpensive with subsidised medical care on-campus at the university medical centres. short of hospitalisation (which I suggest you get some insurance for), a trip to the doc will cost you about SG$10.

other lifestlye stuff like movies and entertainment isn't all too cheap, but i think fairly moderate. its cost SG$9.50 to catch a movie on a weekend, and a nice restaurant dinner would cost upawrds of SG$20.drinks at a club or pub would set you back SG$10-$15.

When I was an undergrad, and speaking to foreign students in my uni, they mentioned that they chose singapore also because of its location. it is a very popular jump off point to other 'exotic' locations like malaysia, thailand, indonesia, philpines and even china.

so many foreign students here spend weekends disappearing to other parts of asia.

if you are coming from US, UK or any other country with a stronger currency over the SG$, singapore could be quite an attractive option.

hope that helps dude!

Dennis

I am wondering...

How much is everyone estimating for their monthly living expenses while they are in bschool?
Anyone want to share their estimate, logic involved and the city they will be in? I will start.



New Haven, Conneticut

Expense Budget:
-Monthly Petty Cash: $600 ($20 x 30days)
-Rent: $1500 (One Bedroom - utilities included)
-Other: $200 ($120 Cable + Internet, $80 Cell)
-Food: $900 ($30 x 30days)
-Misc: $300
Total: $3500/month

For LBS at least, the Financial Aid Office estimates living expenses ranging from around £10,000 per year (for the most basic lifestyle possible), to around £25,000 per year (for couples). FWIW, £20,000 is the cap set for estimated expenses for the purposes of Stafford and other federal student loans.

Their "realistic" estimates are around £12,000 to £19,200 per year, though.

I didn't realize rent was that much there. They must really gouge the college students. But more importantly, what do you eat?! My sister lives with me while she's in school and I think we spend a max of $400 between grocery and dining out for both of us. Granted I don't eat much meat and I'm not a fancy eater, but still.

Rent in New Haven is indeed steeper than many expect.

For food/groceries, I am using estimate for lower end of my current monthly spending in NYC.

You should be able to save more than that moving out of NYC. Try lowering it even more - maybe $1200 a month for food and petty cash - depending on how much you eat out and how much you go out. My budget is around $2100 a month.

Rent - $500 (2 br w/roommate)
Bills - $130
Food, Gas, Miscellaneous - $1000
Phone - $75
Car + Insurance - $350

Okay. Let me try bringing my food cost down......

New Haven, Connecticut

Expense Budget:
-Monthly Petty Cash: $600 ($20 x 30days)
-Rent: $1500 (One Bedroom - utilities included)
-Other: $200 ($120 Cable + Internet, $80 Cell)
-Food: $600 ($20 x 30days)
-Misc: $300
Total: $3200/month

@ninkorn:

Wow I don't realize that rent in New Haven is that expensive. Is it hard to find a room mate over there? I was budgeting rent to be south of 1000, 600-800 would be the sweet spot.

On another note, does anyone here has a suggestion on how much should I budget for traveling expenses (mostly networking, MBA Trek, interview, etc)?

I'm guessing the average rent in New Haven is very reasonable, but the sketchy areas probably drive it down.

I wouldn't think you would need to budget that much for travel. You're reasonably close to things.

Jeez, that's about what I spend now (and when I lived in Manhattan) with a good salary! And I pay for most of my girlfriend's living expenses!

I was looking through the budget for Wake Forest, located in Winston-Salem, NC, which has a fairly low cost of living. They allow for $16250 for living expenses for the nine-month school period, which works out to roughly $1354 per month if you spread it out over 12 months. Is that enough? I don't know. When I lived there before, my rent was $750 for a one bedroom apartment, adding in utilities brought it to around $1000 even. Would $354 be enough to cover food/gas/etc.? Doubt it.

Is anyone else planning on ditching their current car and getting something cheaper?

I live in Chapel Hill, NC, where the cost of living is just a little higher than out in Winston. (I'm going to Fuqua next year, so we're on sorta the same page!) Here's my projected breakdown:

Rent: $750 (I pay $300 now - wow! - and this is a high estimate in Durham. Will probably be more like $500)
Food: $200 (this is just groceries)
Petty cash: $400
Gas, misc: $200

Total: $1,550

This is a good deal higher than my current monthly expenses, but again, I'm being conservative. Multiply by nine months, and it's a bit below what Duke (and Wake) budget for you.

I'm also not planning on living alone in b-school.

Anyone accounting for 1st yr summer internship income into their estimated living expense?

How much do you think you can get in this tough economy? Not everyone is going to score top finance or consulting internships.