GMAT Prep on the Cheap side - how to save the most money

I thought I would address a topic that sometimes comes up on GMATClub, esp among the international students that may have modest budgets and frugal members that are just plain cheap

So here is one of the routes to break the 700 barrier for the least amount of money (Work in Progress):
I am going cheap all-in. Feel free to adjust to your tastes.

GMAT-related Expenses:
1. GMAT Registration Fee: $250


2. Self Study Books
A great resource that many disregard are used and older GMAT books. For instance, I prepared using Kaplan's 2001-2003 Book and scored 750. Would I be able to to score 750 today? Probably so. The prep approaches may have gotten a bit refined, some minor mistakes fixed, layouts changed, etc, etc but the strategies in the 2010 edition of Kaplan are still the same as in the 2001-2003 book. If you have $20 - always go for the latest book but if you are looking for bargains, you can pick up a Kaplan 2005 edition for $0.27 + shipping. ROI does not get any better than this, esp. taking into consideration that all questions and tests have remained the same

One of the Official Guide's editions is the OG 10 - it is available for only $3.19+shipping from Amazon. Some believe it does not have as many hard questions as the OG 12, but that's somewhat debatable.

Certain books should NOT be purchased used, such as above-mentioned Kaplan GMAT Live Online (CAT test access is online using a book code and expires 6 months after activation). Similarly, Manhattan GMAT Guides come with access to 6 online tests, access to which expires 6 months after activation. Keep in mind that you will most likely not get access to those resources, so in this case, buying a new book is the cheaper option.



3. Use Free GMAT Tests
1. GMAT Prep x2 - the best GMAT practice tests are free
2. Power Prep x2
3. GMAT Club Tests x2 and 30+ tests to members with 200 posts or 50 kudos
4. Manhattan GMAT x1
5. Kaplan x1
6. Princeton x1


4. Utilize GMAT Club Forums
Visit both Math and Verbal Forums on GMAT Club frequently - you will find that many people post questions here that they have issues with or don't understand. Guess what difficulty level those questions are? Hard! What else can you ask for if you have an army of people regularly posting hard questions for your review and another army replying with answers? How can you not get 700?


5. Want to save more money - drop the Official Guide
Yes - I know, I may sound mad, but that's true. I have personally prepared without the help of OG. Instead I used PowerPrep - previous version of the GMATPrep software and many of the questions it has overlap with the Official guide


6. Avoid GMAT rescheduling fees
If you want to reschedule your test date, it will cost you $50. If you do that within 7 days of the test date, you will lose the entire $250


7. Minor expenses
Many find that the GMAT Test simulation booklet is valuable and helpful for their practice. Most agree that it's not worth the hassle to make one since you can get it for $10 from Amazon, but if you don't have one around, you can simulate the simulation booklet using laminated sheets and some dry-erase markers.