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# What's your monthly budget for everything?

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01 Apr 2008, 21:30
Just wondering, how much should a person save for business school? I mean a reasonable amount.
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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.
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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.
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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?
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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.
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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 Joined: 24 Apr 2007 Posts: 589 Followers: 3 Kudos [?]: 17 [0], given: 0 Re: What's your monthly budget for everything? [#permalink] ### Show Tags 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 Joined: 14 Sep 2007 Posts: 42 Followers: 1 Kudos [?]: 5 [0], given: 0 Re: What's your monthly budget for everything? [#permalink] ### Show Tags 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...
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02 Apr 2008, 12:24
A6's are very nice too, but I'm all about smaller cars these days (gas mileage). Stop listening to your wife!!! I would get whatever I want to get, haha.

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! _________________ **************************** 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 Joined: 24 Apr 2007 Posts: 589 Followers: 3 Kudos [?]: 17 [0], given: 0 Re: What's your monthly budget for everything? [#permalink] ### Show Tags 02 Apr 2008, 12:37 kryzak wrote: A6's are very nice too, but I'm all about smaller cars these days (gas mileage). Stop listening to your wife!!! I would get whatever I want to get, haha. Well she is paying for me to eat during school... GMAT Club Legend 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: 72 Kudos [?]: 398 [0], given: 14 Re: What's your monthly budget for everything? [#permalink] ### Show Tags 02 Apr 2008, 13:26 ahh, in that case, then do as she tells you! _________________ **************************** 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 Joined: 05 Feb 2008 Posts: 322 Location: Texas Followers: 2 Kudos [?]: 59 [0], given: 10 Re: What's your monthly budget for everything? [#permalink] ### Show Tags 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.

Re: What's your monthly budget for everything?   [#permalink] 02 Apr 2008, 13:40

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