Find all School-related info fast with the new School-Specific MBA Forum

It is currently 19 Sep 2014, 12:07

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

What's your monthly budget for everything?

  Question banks Downloads My Bookmarks Reviews Important topics  

How much?

You may select 1 option
Author Message
Senior Manager
Senior Manager
User avatar
Joined: 05 Feb 2008
Posts: 322
Location: Texas
Followers: 2

Kudos [?]: 59 [0], given: 10

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 01 Apr 2008, 21:30
Just wondering, how much should a person save for business school? I mean a reasonable amount.
GMAT Club Legend
GMAT Club Legend
User avatar
Status: Um... what do you want to know?
Joined: 03 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 65

Kudos [?]: 333 [0], given: 14

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 01 Apr 2008, 21:43
from the looks of it, for one person, $2500 is a good amount per month. You'll be in school for 18 months (not counting 3 month internship), you'll need $45K for personal expenses. Add tuition to that ($30K for CA instate, $45K for most private schools), that's another $60-90K.

So I would say saving $125K is a safe bet, and offset with some loans...

It's not "reasonable", but it's what you need to get through business school.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
Haas Ambassador
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Director
Director
User avatar
Joined: 24 Apr 2007
Posts: 589
Followers: 3

Kudos [?]: 17 [0], given: 0

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 07:02
89nk wrote:
Just wondering, how much should a person save for business school? I mean a reasonable amount.


I am realistically targeting having about 30-35k in cash at the time that I quit my job. We bought a new TSX in October of '06, which we wouldn't have done had I been committed to the idea of getting my MBA at the time. We paid it off in December. Now I kind of wish that we hadn't bought such an expensive car, then I could have about 50k headed in.
GMAT Club Legend
GMAT Club Legend
User avatar
Status: Um... what do you want to know?
Joined: 03 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 65

Kudos [?]: 333 [0], given: 14

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 10:24
bherronp wrote:
I am realistically targeting having about 30-35k in cash at the time that I quit my job. We bought a new TSX in October of '06, which we wouldn't have done had I been committed to the idea of getting my MBA at the time. We paid it off in December. Now I kind of wish that we hadn't bought such an expensive car, then I could have about 50k headed in.


TSX's are 50K? I thought they were the smaller Acuras, right?
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
Haas Ambassador
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Director
Director
User avatar
Joined: 24 Apr 2007
Posts: 589
Followers: 3

Kudos [?]: 17 [0], given: 0

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 10:41
kryzak wrote:
TSX's are 50K? I thought they were the smaller Acuras, right?


No, they're about 30. But I was originally looking at 15k cars, so I would have had around 50k total (instead of 35ish), not 50k more.
GMAT Club Legend
GMAT Club Legend
User avatar
Status: Um... what do you want to know?
Joined: 03 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 65

Kudos [?]: 333 [0], given: 14

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 11:02
oh i see! yeah, I'm tempted to get the new Audi A4 coming out the end of this year... it's making me drool, but I'll be adding about $10K to my current payments... so not a good idea.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
Haas Ambassador
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Director
Director
User avatar
Joined: 24 Apr 2007
Posts: 589
Followers: 3

Kudos [?]: 17 [0], given: 0

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 11:38
I really like the A6's. An A6 with the 4.2 V8 may be my after graduation car.

Ok, who am I kidding, I will be buying my wife whatever small luxury SUV she wants, and I will be taking over the TSX.
Intern
Intern
avatar
Joined: 14 Sep 2007
Posts: 42
Followers: 1

Kudos [?]: 5 [0], given: 0

Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 11:57
how bad is it going into b-school with $0...pretty much all loans....

is that common...

what will 30k, 40k, 50k do? in terms of say 120k cost of MBA (living and tuition)...other than knocking off a few years in monthly student loans, is there any advantage to go into bschool with a large savings..


reason im asking is, ive been saving to buy a condo...this was my plan pre MBA mode, now that I want the MBA im a bit confused on where to put that money...
GMAT Club Legend
GMAT Club Legend
User avatar
Status: Um... what do you want to know?
Joined: 03 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 65

Kudos [?]: 333 [0], given: 14

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 12:24
A6's are very nice too, but I'm all about smaller cars these days (gas mileage). :P Stop listening to your wife!!! :P I would get whatever I want to get, haha. :lol:

as for loans, a general rule of thum is about $100/month per 10K borrowed over 10 years at around 8-9% interest rate... very rough estimate... so if you have $120K of debt, that means $1200/month at current rates... that's more than some people's rent! :shock:
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
Haas Ambassador
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Director
Director
User avatar
Joined: 24 Apr 2007
Posts: 589
Followers: 3

Kudos [?]: 17 [0], given: 0

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 12:37
kryzak wrote:
A6's are very nice too, but I'm all about smaller cars these days (gas mileage). :P Stop listening to your wife!!! :P I would get whatever I want to get, haha. :lol:


Well she is paying for me to eat during school...
GMAT Club Legend
GMAT Club Legend
User avatar
Status: Um... what do you want to know?
Joined: 03 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 65

Kudos [?]: 333 [0], given: 14

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 13:26
ahh, in that case, then do as she tells you! :P
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
Haas Ambassador
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Senior Manager
Senior Manager
User avatar
Joined: 05 Feb 2008
Posts: 322
Location: Texas
Followers: 2

Kudos [?]: 59 [0], given: 10

GMAT Tests User
Re: What's your monthly budget for everything? [#permalink] New post 02 Apr 2008, 13:40
GMAT4Lyfe wrote:
how bad is it going into b-school with $0...pretty much all loans....

is that common...

what will 30k, 40k, 50k do? in terms of say 120k cost of MBA (living and tuition)...other than knocking off a few years in monthly student loans, is there any advantage to go into bschool with a large savings..


reason im asking is, ive been saving to buy a condo...this was my plan pre MBA mode, now that I want the MBA im a bit confused on where to put that money...


This is were I am at as well. I am wondering how much (is necessary) I should save for business school.
But I think for you, if you are planning on going to business school in that area where your condo is located then it wouldn't be as big of a deal since rent in large cities would cost a lot anyway, or if you rent it out then you would have a source of income.

I would do a cost vs benefit chart to see what the better option would be. I also questioned what 30k-50k would do to the overall cost of business school besides put a dent into the overall debt, but I think the reasoning that most people going into business school are wanting the extra cash just in case some emergency came up, plus some entering students have families.

Thanks for your inputs,
Re: What's your monthly budget for everything?   [#permalink] 02 Apr 2008, 13:40
    Similar topics Author Replies Last post
Similar
Topics:
1 Experts publish their posts in the topic In the Johnsons' monthly budget, the dollar amounts allocate Walkabout 4 07 Dec 2012, 02:14
Budget your time on Quant and Verbal- Use this aaron22197 7 06 Aug 2008, 08:43
4 Your MBA Budget ryguy904 13 04 Jun 2008, 16:46
What was the average (arithmetic mean) monthly rainfall prude_sb 1 15 Jan 2007, 20:16
Everything is high, but Work experience is low.! What to do? MBA Wolf 2 17 Feb 2006, 13:04
Display posts from previous: Sort by

What's your monthly budget for everything?

  Question banks Downloads My Bookmarks Reviews Important topics  

Go to page   Previous    1   2   3   [ 52 posts ] 

Moderator: threestripes



GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.