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# What's your monthly budget for everything?

### How much?

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Author Message
GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
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Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45

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03 May 2007, 06:37
GMATT73 wrote:
How many square feet?

If I get the one I've been looking at.... roughly 1400sq ft, plus a 15x19 outdoor deck and 10x12 storage area.

Kudos [?]: 2163 [0], given: 7

GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926

Kudos [?]: 2163 [0], given: 7

Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45

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03 May 2007, 06:58
squali83 wrote:
If that is a house then not too bad, if you wanted a house around U of MD, the monthly rent was between 3500/5000. It is horrible how supply and demand works in college town where students are on a measly fixed income... thank God H-town real estate is MUCH more affordable rent is about \$1/sq ft. and 2 bedroom condos < 1 mile from campus are about 150K

I wish it was a house, it's a 3bd condo. I can own a 3bd for \$2,300 a month, plus the tax benefits. Or I can rent a 2 bedroom for about \$2,500 or \$2,600 a month. Renting a 3bd would run me > \$3,000 a month.

Kudos [?]: 2163 [0], given: 7

Current Student
Joined: 04 Dec 2006
Posts: 440

Kudos [?]: 8 [0], given: 0

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03 May 2007, 07:47
rhyme wrote:
squali83 wrote:
If that is a house then not too bad, if you wanted a house around U of MD, the monthly rent was between 3500/5000. It is horrible how supply and demand works in college town where students are on a measly fixed income... thank God H-town real estate is MUCH more affordable rent is about \$1/sq ft. and 2 bedroom condos < 1 mile from campus are about 150K

I wish it was a house, it's a 3bd condo. I can own a 3bd for \$2,300 a month, plus the tax benefits. Or I can rent a 2 bedroom for about \$2,500 or \$2,600 a month. Renting a 3bd would run me > \$3,000 a month.

Are you looking in Hyde Park area? The problem with that is that you are so restricted with where you can live because the surrounding area is so rough. But I would probably do the same, as adding commute time to an already stretched out schedule would just suck and I am sure your soon to be wife would not appreciate it. Story about living in safe places though, my mom lives on Fullerton in Lincoln Park and my little 15 year old brother has been mugged once and my 18 year old sister's bf has been mugged 3 times! So I guess no matter where you live you cannot escape what you are trying to avoid. But you can lessen your risk. Anyway, being in Hyde park puts you about 15/20 minutes from a casino, why not finance your MBA that way?

Kudos [?]: 8 [0], given: 0

Manager
Joined: 01 Mar 2005
Posts: 56

Kudos [?]: 3 [0], given: 0

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03 May 2007, 08:04
rhyme wrote:
squali83 wrote:
If that is a house then not too bad, if you wanted a house around U of MD, the monthly rent was between 3500/5000. It is horrible how supply and demand works in college town where students are on a measly fixed income... thank God H-town real estate is MUCH more affordable rent is about \$1/sq ft. and 2 bedroom condos < 1 mile from campus are about 150K

I wish it was a house, it's a 3bd condo. I can own a 3bd for \$2,300 a month, plus the tax benefits. Or I can rent a 2 bedroom for about \$2,500 or \$2,600 a month. Renting a 3bd would run me > \$3,000 a month.

Rhyme, are you looking at places on the North side? Because I'm sure you can find cheaper rents in Hyde Park. We currently rent a 1000+ sq ft. apartment w/underground parking and easy access to public transportation for \$1450 a month. Granted, it's a one-bedroom, but a REALLY NICE two-bedroom (w/parking) should only be around \$1800 - \$2000.

Kudos [?]: 3 [0], given: 0

CEO
Joined: 20 Nov 2005
Posts: 2893

Kudos [?]: 316 [0], given: 0

Schools: Completed at SAID BUSINESS SCHOOL, OXFORD - Class of 2008

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03 May 2007, 08:40
Everything is in British Pounds

Rent: GBP 600
Council Tax: GBP 140
Internet: Included
Utilities: GBP 150
Cell Phones: GBP 80
Food etc : GBP 500 (Including Eating Outside)
Entertainment: GBP 200
Public Transport: GBP 100
My Son's Play School: GBP 350
Health Insurance: FREE in UK

TOTAL = GBP 2170 = \$4340

I voted for 3500-4000 but now I can't change.

Kudos [?]: 316 [0], given: 0

GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926

Kudos [?]: 2163 [0], given: 7

Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45

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03 May 2007, 13:54
squali83 wrote:
rhyme wrote:
squali83 wrote:
If that is a house then not too bad, if you wanted a house around U of MD, the monthly rent was between 3500/5000. It is horrible how supply and demand works in college town where students are on a measly fixed income... thank God H-town real estate is MUCH more affordable rent is about \$1/sq ft. and 2 bedroom condos < 1 mile from campus are about 150K

I wish it was a house, it's a 3bd condo. I can own a 3bd for \$2,300 a month, plus the tax benefits. Or I can rent a 2 bedroom for about \$2,500 or \$2,600 a month. Renting a 3bd would run me > \$3,000 a month.

Are you looking in Hyde Park area? The problem with that is that you are so restricted with where you can live because the surrounding area is so rough. But I would probably do the same, as adding commute time to an already stretched out schedule would just suck and I am sure your soon to be wife would not appreciate it. Story about living in safe places though, my mom lives on Fullerton in Lincoln Park and my little 15 year old brother has been mugged once and my 18 year old sister's bf has been mugged 3 times! So I guess no matter where you live you cannot escape what you are trying to avoid. But you can lessen your risk. Anyway, being in Hyde park puts you about 15/20 minutes from a casino, why not finance your MBA that way?

I wouldnt live in hyde park..... Its far far too remote from anything for my tastes. No, I'd be moving up to belmont. The commute, based on conversations with current students living up there, should be about 30 minutes. Thats tolerable. Tell you the truth, I think a wife sitting in Hyde Park at 8pm at night while I'm in some study session is going to be far more irritated than a wife sitting in Lincoln Park at 8pm at night.

I'm aware that the extra 30 minutes each way arent going to be a lot of fun, but I don't mind 30 minute commutes. When it gets up to like 1 hour or more I start getting pissy. Plus, its actually kind of a nice commute from up north to there. The commute back isn't bad either.

Last edited by rhyme on 03 May 2007, 14:00, edited 1 time in total.

Kudos [?]: 2163 [0], given: 7

GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926

Kudos [?]: 2163 [0], given: 7

Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45

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03 May 2007, 13:58
klong009 wrote:
rhyme wrote:
squali83 wrote:
If that is a house then not too bad, if you wanted a house around U of MD, the monthly rent was between 3500/5000. It is horrible how supply and demand works in college town where students are on a measly fixed income... thank God H-town real estate is MUCH more affordable rent is about \$1/sq ft. and 2 bedroom condos < 1 mile from campus are about 150K

I wish it was a house, it's a 3bd condo. I can own a 3bd for \$2,300 a month, plus the tax benefits. Or I can rent a 2 bedroom for about \$2,500 or \$2,600 a month. Renting a 3bd would run me > \$3,000 a month.

Rhyme, are you looking at places on the North side? Because I'm sure you can find cheaper rents in Hyde Park. We currently rent a 1000+ sq ft. apartment w/underground parking and easy access to public transportation for \$1450 a month. Granted, it's a one-bedroom, but a REALLY NICE two-bedroom (w/parking) should only be around \$1800 - \$2000.

Yea, this is north side. Up near belmont. Sure, I can rent a nice two bedroom for \$2,000 in hyde park - heck, I can probably find a decent two bedroom for \$1,600.. but... there are 3 things I cant really get around easily:

1) Space. 1300 sq ft minimum really. Anything less than that is tough.
2) I have a big 75 pound dog and a cat. Landlords are usually friendly to cats, and usually very unfriendly to dogs.
3) Must be near the L.

Tell you the truth the biggest problem has been #2.

Kudos [?]: 2163 [0], given: 7

VP
Joined: 11 Dec 2006
Posts: 1430

Kudos [?]: 223 [0], given: 6

Location: New York, NY
Schools: NYU Stern 2009

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03 May 2007, 14:57
ps_dahiya wrote:
Everything is in British Pounds

Rent: GBP 600
Council Tax: GBP 140
Internet: Included
Utilities: GBP 150
Cell Phones: GBP 80
Food etc : GBP 500 (Including Eating Outside)
Entertainment: GBP 200
Public Transport: GBP 100
My Son's Play School: GBP 350
Health Insurance: FREE in UK

TOTAL = GBP 2170 = \$4340

Your Utilities are overstated, but will be easily compensated by the increase in entertainment cost (that is a fairly tight one).

Health is free here, but put in your best efforts to locate the nicer local doctor's surgery. It makes a huge difference.

If you want to ask any UK questions on stuff, feel free to get in touch.

Kudos [?]: 223 [0], given: 6

Director
Joined: 07 Aug 2006
Posts: 572

Kudos [?]: 6 [0], given: 0

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03 May 2007, 16:21
ps_dahiya wrote:
Everything is in British Pounds

Rent: GBP 600
Council Tax: GBP 140
Internet: Included
Utilities: GBP 150
Cell Phones: GBP 80
Food etc : GBP 500 (Including Eating Outside)
Entertainment: GBP 200
Public Transport: GBP 100
My Son's Play School: GBP 350
Health Insurance: FREE in UK

TOTAL = GBP 2170 = \$4340

I voted for 3500-4000 but now I can't change.

Ugh. Those figures would look reasonable if they were in USD. Now I remember why I felt ill the last time I left London (after my LBS visit). That three day visit put a big dent in my bank account.

Kudos [?]: 6 [0], given: 0

SVP
Joined: 31 Jul 2006
Posts: 2302

Kudos [?]: 480 [0], given: 0

Schools: Darden

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03 May 2007, 16:53
Yeah, London is super tough these days - especially for people changing USD because the exchange rate has gotten so bad. On the other hand, the continuing success of big US companies owes at least some thanks to the current FX, so I guess it's good for those of us planning to look for a job in the next year or two that the economy has been holding steady.

Kudos [?]: 480 [0], given: 0

GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464

Kudos [?]: 408 [0], given: 14

Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming

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31 Mar 2008, 20:34
reviving this one for the 2007ers to fill out to help out the 2008ers.
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Director
Joined: 18 Dec 2007
Posts: 983

Kudos [?]: 136 [0], given: 10

Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010

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31 Mar 2008, 22:43
kryzak wrote:
reviving this one for the 2007ers to fill out to help out the 2008ers.

quite funny how the economic outlook has changed so dramatically within a year.

I've already started my budgeting (converting to USD so that people can relate to it easier)

Rent: 2100 ( inclusive of private playground for kids, swimming pools, fitness centre, private residents club and 24 hour security) ~1100 sq ft... which is large for Hong kong
Internet: 40
Utilities: not yet known
Cell Phones: 16 (I already own advanced mobile phones so no need to purchase)
Food etc : 300
Entertainment: 300
Public Transport: 30
Health Insurance: 800 total for family of 4 (subsidised by my wifes severance package for 12 months as part of her ex-pat package)
Full time maid: 350

Total :- (excl utilities) ~4000 USD PCM for a family of 4

However course is only 16 months total cost = 64,000 - Internship income.
tuition fees = ~42000... - scholarship
Cost ~\$106,000 - Internship income - scholarship - rental income from UK House.
= ~\$82,000 USD - Internship Income

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GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
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Kudos [?]: 408 [0], given: 14

Location: SF, CA, USA
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01 Apr 2008, 00:15
wow, \$4000/month for family of 4 (6 people total) ain't too bad at all!
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Director
Joined: 18 Dec 2007
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Location: Hong Kong
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01 Apr 2008, 00:50
kryzak wrote:
wow, \$4000/month for family of 4 (6 people total) ain't too bad at all!

4 people in total ... still pretty good. Me, wife and 2 kids... That's mostly because of the wifes health insurance package. If it wasn't for that, the price would shoot way higher.

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Director
Joined: 24 Apr 2007
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01 Apr 2008, 08:13
I am hoping to be able to live in Ann Arbor (two of us) for under 3k per month. That way our cash burn rate will be low

Regular expenses:
Rent: 1000
Gas: 200
Car Insurance: 100
Food: 600
TV/Internet: 110
Cell phones: 120
Utilities: 120
Total: 2250

Of course there are expenses still to be included that I am not sure of yet.
Medical: ????
Entertainment: ????

And the irregular expenses, clothing, travel, etc.

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Senior Manager
Joined: 02 May 2004
Posts: 311

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01 Apr 2008, 11:11
I know a single person can get a school policy for around 1200-1400 per year
I am not sure if you could add your wife to such a policy though.

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GMAT Club Legend
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01 Apr 2008, 11:22
Here's mine... estimated of course:

Required:
Rent: \$550 (yeah, renting a room in my friend's condo)
Internet: \$50
Utilities: \$30-40
Cell Phones: \$70 (I have a joint plan I pay for my mom)
Food etc: \$500-600 (currently around 400-500 for groceries and eating out, in school I'll probably eat out for lunch every day and all the gatherings... then again, the company infosessions may save some money... so I'm estimating 500-600)
Entertainment: \$400 (I watch a lot of movies)
Car: \$1400 in insurance/maintenance a year + \$50/week gas = \$350/month (if gas prices don't go up more
Health Insurance: \$1800 for the school year, divided by 9, so \$200/month, subtract 50% tuition and fees, so \$100/month
Parking: \$100-200/month (\$100/month for school parking, up to \$100 if I can rent a spot from someone by the apartment)

Optional:
Track Events: \$200/month average (yeah, I'm still going to continue my hobby)
Travel/Trips: Assuming 3-4 trips, \$2k each, that's roughly \$600/month

Total : \$2300 excluding track events and trips, \$3100 if you include optional things

I guess I can cut down on food and entertainment, maybe save \$50/month if I park on the streets (very difficult parking) at home. I can probably come down to \$2000/month + trip/track events...
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GMAT Club Legend
Joined: 10 Apr 2007
Posts: 4318

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Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010

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01 Apr 2008, 19:03
Joining this discussion...some stuff will be estimates, some we already know what they will cost. This is combined for my wife and myself, and definitely on the high side just to make sure.

Required:
Rent: \$1800 (dog makes options limited) but includes parking
Cable/Internet: \$125
Utilities: \$50
Cell Phones: \$85
Food etc: \$600-700 (400 for groceries, the rest for going out for dinner which we will probably do more than we do now and costs in Chicago are pretty high for nice places)
Entertainment: \$200-300, definitely going to some sporting events so averaging for the year
Car: \$250 Paying off my car and selling the wifes, so insurance, gas (probably wont drive much), maintenance.
Misc: \$400 everything from toilet paper to clothing stuff you cant really budget for just need to have a reserve
Class related stuff: \$250 (books and everything else I might need probably high but better to plan)

Optional:
Trips: \$750...2k each, a couple a year and then trips home another 1k for flights

Total : \$4,000 or so but could go up to \$5k if we arent careful

Luckily my wife will be bringing home a good paycheck so in reality my debt wont be as bad as a single person even with very high looking payments.
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GMAT Club Legend
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Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010

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01 Apr 2008, 19:05
Hmm this friend doesnt happen to live in the bay area now does he? hahaha Just fess up we all know where you are going.
kryzak wrote:
Rent: \$550 (yeah, renting a room in my friend's condo)

What kind of Audi do you have, I have a friend who swapped an S4 engine into a golf (2.7T) as a track car.
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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

Kudos [?]: 761 [0], given: 5

GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464

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Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming

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01 Apr 2008, 20:58
riverripper wrote:
Hmm this friend doesnt happen to live in the bay area now does he? hahaha Just fess up we all know where you are going.
kryzak wrote:
Rent: \$550 (yeah, renting a room in my friend's condo)

What kind of Audi do you have, I have a friend who swapped an S4 engine into a golf (2.7T) as a track car.

LOL! Well, I need to sell my place, so I'm moving into my friend's place in Oakland. Good thing is, my move out (of condo) date is *after* I have to make a decision, so that will determine whether I move the bulk of my stuff into storage (if I go to Kellogg) or into his place (if I go to Haas). Right now I just have the bare minimum stuff at his place so I can have a place to live for the months of June, July, and maybe August.

But yes, \$550 for rent is one of the perks of Haas right now...

I have a simple stock A4, with minor mods (sway bar, tires, brakes, engine chip). Wow, S4 engine into a Golf, that thing will FLY on the track! I'm drooling over the new A4 coming out this fall... first thing I'm getting for myself after b-school (give them 2 years to get the kinks out of a new model).
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Re: What's your monthly budget for everything?   [#permalink] 01 Apr 2008, 20:58

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