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# Tips to save/manage money in school?

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SVP
Joined: 04 Dec 2007
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Schools: Kellogg '11
Tips to save/manage money in school? [#permalink]

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18 May 2009, 18:14
Just wondering, do any of you have tips to save and/or manage money while in school?
Suggestions I've heard:

- buy textbooks used or borrow from 2nd years
- pick trips you'd like to attend early on in the year, so you can budget for them
- plan for august spending out of your savings since your loan checks won't come until september

Other suggestions?

Thanks!

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Director
Joined: 18 Dec 2007
Posts: 983

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Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
Re: Tips to save/manage money in school? [#permalink]

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21 May 2009, 23:29
1
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riverripper wrote:
Eat at recruiting events...definitely helps the food budget.

I've got a friend who managed to get into McKinsey this way (at undergrad level). He never heard of McKinsey, didn't even know what they did, he just turned up to the event because of free food & drink, got talking to a few people, ended up with an interview and ended up with a job with them.

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SVP
Joined: 08 Nov 2006
Posts: 1552

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Location: Ann Arbor
Schools: Ross '10
Re: Tips to save/manage money in school? [#permalink]

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25 May 2009, 08:17
1
KUDOS
Apartment - Try to sign a 2 yr lease when you move in. Obviously you need to do more research than normal before you pick where you live. But, locking up rent for 2 years usually gets you a lower rent and in some cases additional benefits. For instance, many of us here at Ross live at a complex which gives 75% discount for 3 months between the 1st and 2nd years, if you have internship.

Clothes - Dont get sucked into the temptation to buy the most expensive shirts/trousers/accessories. While in school, many times you will think "This MBA is important to me and I want to look my best, no matter the cost". Resist the thought to buy Hicky Freeman and the like. They cost a boat load and have no impact whatsover on your recruiting.

Beer money - Pick and choose the social events you go to. You dont have to socialize every night or go to the bar every weekend. Several friends I know went out pretty much on a daily basis, and this burnt a huge hole in their pockets.

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SVP
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Schools: The Duke MBA, Class of 2009
Re: Tips to save/manage money in school? [#permalink]

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11 Jun 2009, 13:53
1
KUDOS
Some tips I've given to folks in my prior life as a financial counselor:

* If your car is worth less than ~\$2500, consider cutting your coverage down to just liability
* Call around on your car insurance - costs can vary an enormous amount from one company to another
* Put your credit cards in a bowl of water and stick them in a freezer
* Combine telecommunications services
* Keep your car in shape: tune-ups, oil changes, air in tires
- the air bit alone can mean 10% savings in gas
* Park your car: bike, walk, or car pool
* Plan trips: do the groceries, pet store, post office, etc in one trip
* Pack a lunch
* Cook lots and freeze single portions

I have to say that I failed miserably on the last two during my MBA years...

Another that especially seems to apply in Durham - think about whether you need to live where the crowd does. Durham has gads of nice, affordable housing, but many Fuquans end up living in a few places that are insanely expensive, largely because the places are targeted at MBAs, JDs, and MDs from larger urban areas.

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SVP
Status: Burning mid-night oil....daily
Joined: 07 Nov 2008
Posts: 2400

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Schools: Yale SOM 2011 Alum, Kellogg, Booth, Tuck
WE 1: IB - Restructuring & Distressed M&A
Re: Tips to save/manage money in school? [#permalink]

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11 Jun 2009, 17:43
1
KUDOS
Decided to take some of aaudetat's advice to heart.....

aaudetat wrote:
* Combine telecommunications services

Canceled landline phone. Will only have cellphone while in school....

aaudetat wrote:
* Park your car: bike, walk, or car pool

Sold my car to pay off my grad school loan....and now I am probably getting a skateboard....my apt is 5 min walking distance from campus.

aaudetat wrote:
* Put your credit cards in a bowl of water and stick them in a freezer

Done......My beloved AMEX is now frozen until I land a job in 2 years...

Attachment:

AMEX Card.jpg [ 42.9 KiB | Viewed 3408 times ]

_________________

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SVP
Joined: 04 Dec 2007
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Kudos [?]: 204 [1], given: 31

Schools: Kellogg '11
Re: Tips to save/manage money in school? [#permalink]

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17 Jun 2009, 08:22
1
KUDOS
krispy wrote:
>xenok
Cooking on Sun sounds like a great idea. But I dont know if I have enough repertoire to last till Fri. But from the looks of it, food seems to be where I can really cut down. I will definitelly take your advice. Well, I will at least try...

If you're interested, try websites like this one: http://www.foodnetwork.com/topics/make-ahead/index.html. Also I think a lot of casseroles/rice/pasta dishes are relatively easy to make and last well in the fridge, so maybe search for those recipes?

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Current Student
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Re: Tips to save/manage money in school? [#permalink]

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19 May 2009, 16:37
Find the drink specials!
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GMAT Club Legend
Joined: 10 Apr 2007
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Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010
Re: Tips to save/manage money in school? [#permalink]

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19 May 2009, 17:04
Eat at recruiting events...definitely helps the food budget.
Dont cheap out if you want to go on career treks...they might be the difference between landing a gig and not. So if you are serious about something spend the money if your school has a trek for it.
If you don't need a car dont bring or buy one...you can do zipcar (or whatever) and save a ton of money over parking, insurance, payment, and maintenance required of your own car.
Get a roommate if you can stomach the idea of it. Might work better second year after you know people better. Many of my friends with roommates have had great experiences.
Live in student housing...usually not as nice but usually saves you a bunch of money and often you wont have to pay rent during the summer internship or semester abroad.
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SVP
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Re: Tips to save/manage money in school? [#permalink]

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19 May 2009, 17:55
Thanks guys!!

Any others?

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GMAT Club Legend
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Re: Tips to save/manage money in school? [#permalink]

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19 May 2009, 19:58
Student discounts...most places in Evanston have them since its a college town. Everything from the hair places to restaurants have discounts ranging from like 10-20%. However, they usually aren't good for alcohol. Also find the local deals...different restaurant/bars have specials e.g. dollar burger night at Bar Louie and \$9 pizzas every day at whole foods.
_________________

Kellogg Class of 2010...still active and willing to help. However, I do not do profile reviews, don't offer predictions on chances and am far to busy to review essays, so save the energy of writing me a PM seeking help for these. If I don't respond to a PM that is not one of the previously mentioned trash can destined messages, please don't take it personally I get so many messages I have a hard to responding to most. The more interesting, compelling, or humorous you message the more likely I am to respond.
GMAT Club Premium Membership - big benefits and savings

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VP
Joined: 28 Feb 2008
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Schools: Tuck
Re: Tips to save/manage money in school? [#permalink]

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22 May 2009, 05:51
togafoot wrote:
riverripper wrote:
Eat at recruiting events...definitely helps the food budget.

I've got a friend who managed to get into McKinsey this way (at undergrad level). He never heard of McKinsey, didn't even know what they did, he just turned up to the event because of free food & drink, got talking to a few people, ended up with an interview and ended up with a job with them.

Awesome!!!

RF
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Re: Tips to save/manage money in school? [#permalink]

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25 May 2009, 05:46
togafoot wrote:
riverripper wrote:
Eat at recruiting events...definitely helps the food budget.

I've got a friend who managed to get into McKinsey this way (at undergrad level). He never heard of McKinsey, didn't even know what they did, he just turned up to the event because of free food & drink, got talking to a few people, ended up with an interview and ended up with a job with them.

Someone I know landed a PE job that way too. He actually went to the PE company's info session because this girl he had a crush on was going. He got the PE gig, she ended up at McKinsey and they ended up never dating

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Senior Manager
Joined: 10 Dec 2008
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Location: United States
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Re: Tips to save/manage money in school? [#permalink]

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01 Jun 2009, 12:02
For managing money, I definitely recommend using software, such as Quicken or MSMoney. A really good one that is free online is mint.com. I'm sure people here have used it or have heard of it. You'll be surprised how much you spend on drinks/snacks...etc.

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Manager
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Location: Bay Area
Re: Tips to save/manage money in school? [#permalink]

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03 Jun 2009, 17:32
A big part of the MBA experience is networking and bonding with your fellow students and they are usually done with drinks and snacks. Therein lies the money pit.

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Current Student
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Location: Durham, NC
Schools: Fuqua '11
Re: Tips to save/manage money in school? [#permalink]

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03 Jun 2009, 21:26
Cut the cable!

It's expensive and my wife and I found there was never anything good on in the rare moments where we got enough time to watch TV. (It gets even worse when you can't get free time together until 11pm or midnight.)

We now get all our media from Netflix (esp. Watch It Now), Hulu, and iTunes. Way cheaper, even if we have to pay \$20-25/season for season passes to some of the stuff we watch. And we can watch whenever we want without paying for a DVR. Another bonus is that when I'm traveling, I can still watch the same stuff I do at home.

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Re: Tips to save/manage money in school? [#permalink]

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03 Jun 2009, 23:07
My best move was getting a roommate. I was not able to move in with one until the second year (when I knew who I should or should not share an apartment with) but it helped a lot with the budget (30% savings, which can be significant in large metro areas) and also loneliness and job search depression
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Re: Tips to save/manage money in school? [#permalink]

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11 Jun 2009, 13:59
Oh, another that is especially good for students:

Many of us live on the lump sums that come from student loans a few times a year, and it can be tempting to throw it all in a checking account and just spend. Instead, consider putting those funds in another account and then "paying yourself" through regular transfers of set amounts to your checking.

And you might even consider making that savings account less liquid - put it at another institution, in a 3-month CD, or similar.

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Re: Tips to save/manage money in school? [#permalink]

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12 Jun 2009, 06:30
LOVE it!

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Re: Tips to save/manage money in school? [#permalink]

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12 Jun 2009, 11:06
nink: From the looks of it, that's a gold card, so your little AMEX-sicle will cost you \$250 in fees over the next two years; probably better cancelling it if you're not going to use it.
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Re: Tips to save/manage money in school? [#permalink]

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12 Jun 2009, 11:30
Does the credit score matter while you are at school?
Does it matter for the Student Loan?

If not, you can You could probably save some money by applying for a bunch of Credit Cards and taking sign up bonuses and 0% APR offers to gain some interest. For instance Hotel, Airline, and other cards can have some lucrative sign up bonuses. If you have trips, this will save \$\$\$ and the ding of the credit report/credit score should not matter too much as credit report inquiries stay only for 2 years, again assuming you don't need good credit score to apply for student loan your second year.

We can probably argue if this is ethical - I am not sure, but it is a game Credit Card companies are willing to play and that's what the sign up bonuses are designed for - to get you to sign up.
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Re: Tips to save/manage money in school?   [#permalink] 12 Jun 2009, 11:30

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# Tips to save/manage money in school?

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