How to Budget for an Executive MBA
Now that you’ve made the big decision to apply for an online executive masters in business administration it’s easy to get caught up in the excitement. I mean, let’s face, it’s a big decision deciding what your future career path will be.
So now comes the logistics of an online executive MBA program, which is how you plan to pay for it?
Chances are the online version of the program will save you some money, so that alone will help, but you’re still going to need to budget for it. Here is a closer look at some budgeting tips you can put into action right away, which will make paying for the program that much easier.
Determine the Total Cost
In order to budget properly you need to know exactly how much money is needed. This means figuring out how much your tuition, books, and any other added expenses will be.
You need to do this as early as possible, even before you get accepted if possible. The more time you have to save your money, the better, so a head start will definitely help.
As a side note, when determining the cost it’s always best to over-estimate how much something will be. It’s also a good idea to factor in miscellaneous costs, as something unexpected always seems to pop up.
Look into Student Loans
For many students, even with the best intentions and most exact budget, they still aren’t able to save enough. A student loan may be the best way to go about it. Pretty much every bank offers student loans, or a student line of credit. It’s best to speak to one of their financial advisors and get advice from them directly.
If you do go the route of a student loan, make sure you understand the repayment terms. Find out when you have to start paying the loan back, what the instalments or payments are, and how long you have to pay it back, etc.
Look into Grants and Scholarships
Obviously a grant or a scholarship would be even better than a loan since you won’t be required to pay these back. There is usually quite a lot of competition involved though, so you want to be sure you keep your grades high to help your chances.
Make Adjustments in your Life
Now it’s time to start making adjustments in your life and start living on a student budget. It doesn’t matter that you aren’t technically a student yet; living on that student budget right away will help you save money leading up to your start date and get you used to living on a budget.
Adjustments can include packing your meals rather than eating out, bringing your own coffee instead of buying one, possibly getting rid of your car if the payments are high and using public transit instead, cutting back on entertainment and clothing that you purchase, etc.
Believe in Yourself
Budgeting for the program won’t be easy and there are going to be times where you just want to splurge and toss that budget out the window. Try to remind yourself why the program is so important to you and what it means for your future. This is just a small price to pay.
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Category: Career
