When you made the decision to enroll into an MBA program, once you saw how much the tuition costs, you already knew that it was going to be a pretty big investment. After all, no matter where you go, you are looking to pay anywhere between $12,000-80,000 a semester.
And while there is a lot of data to support the fact that having your MBA can increase your chances of landing a dream job, can earn you more money and it can also provide you with the skills that you need to be a successful entrepreneur, we’re pretty sure that while you’re in school, you want to do all that you can to keep as much money in your pocket as possible.
That’s why, if you’re a first-year MBA student, we wanted to provide you with five easy ways that you can save money below:
Buy used textbooks. Out of all of the things that you might consider buying new, one thing that should definitely not go on that list is a set of textbooks. Used ones work just as well and sometimes even better because previously owners will sometimes already highlight the information that you need to know. Amazon, Book Byte and Half eBay are all websites that can get you the textbooks that you need at a really great (discounted) price.
Use coupons and promo codes. Whether you’re looking for furniture for your dorm room or apartment or you need a new laptop or tablet, don’t head out to get anything without looking to see if there is a coupon or promo code available. Thanks to websites like Retail Me Not and Coupons, you can find discounts for virtually anything that you need. And if you’re ordering something online, oftentimes you can get it shipped for free.
Eat at home. There is a lot of money that is spent on pizzas and alcohol. And while that’s fine to budget out for the weekends, try to do as much grocery shopping as possible. Not only because it’s a healthier way to eat but also because choosing to cook at home rather than eating out can easily save you several dollars each month.
Use cash. If you took the time to interview most of the people who are currently in credit card debt, they will probably tell you that it started off with a card that they got in college. Although credit cards are tempting, don’t overlook the fact that they are loans; loans that tend to come with a significant amount of interest, at that. So, if you can’t get it, whatever “it” is with cash, you should strongly rethink buying it at all (or saving up until you can).
Get a job. Whether you’re looking to be a student at University of Maryland’s MBA in Marketing or someplace closer to where you live, you’re going to have living expenses. Well, one of the best ways to save money is to actually make some. So, consider getting a part-time job, even if it’s through a work-study program. The more money you have in the bank, the more you can save and that’s a great lesson to learn while you’re in business school.