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How much?

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89nk
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What's your monthly budget for everything? 01 Apr 2008, 22:30
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Just wondering, how much should a person save for business school? I mean a reasonable amount.
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kryzak
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What's your monthly budget for everything? 01 Apr 2008, 22:43
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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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bherronp
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What's your monthly budget for everything? 02 Apr 2008, 08:02
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89nk
Just wondering, how much should a person save for business school? I mean a reasonable amount.
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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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kryzak
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What's your monthly budget for everything? 02 Apr 2008, 11:24
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bherronp
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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TSX's are 50K? I thought they were the smaller Acuras, right?
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What's your monthly budget for everything? 02 Apr 2008, 11:41
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kryzak

TSX's are 50K? I thought they were the smaller Acuras, right?
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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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kryzak
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What's your monthly budget for everything? 02 Apr 2008, 12:02
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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.
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What's your monthly budget for everything? 02 Apr 2008, 12:38
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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.
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GMAT4Lyfe
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What's your monthly budget for everything? 02 Apr 2008, 12:57
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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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kryzak
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What's your monthly budget for everything? 02 Apr 2008, 13:24
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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:
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bherronp
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What's your monthly budget for everything? 02 Apr 2008, 13:37
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kryzak
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:
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Well she is paying for me to eat during school...
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kryzak
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What's your monthly budget for everything? 02 Apr 2008, 14:26
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ahh, in that case, then do as she tells you! :P
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89nk
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What's your monthly budget for everything? 02 Apr 2008, 14:40
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GMAT4Lyfe
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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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,
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