It’s no secret that an MBA can be expensive. The average cost of tuition and fees for a two-year program can lead to students becoming in debt as much as $100,000 to $200,000.
And that doesn’t even account for the opportunity cost of not working for two years. Some college MBA programs are so rigorous and strict, you won’t have the opportunity to continue working in your job while in school. However, you can minimize the financial damage by opting for an online program instead, such as the Radford MBA program.
You can also budget ahead of time to prepare for your upcoming college courses. Budgeting and setting a financial plan can help you save enough to attend school comfortably and still have enough left over for your bills. Below are some tips to help you when budgeting for your MBA program.
Consider an online MBA program
As mentioned earlier, Online programs can be more affordable than traditional campus-based programs, since you won’t have to pay for things like room and board. You’ll also have the flexibility to continue working while you’re in school. Online programs also require fewer credit hours to complete their program. You can finish an MBA in as little as 10 to 12 months, while a traditional MBA might last from two to three years.
The less time you’re in school, the less you have to pay, and the more time you have later on to land a secure job and put your degree to use. MBAs can be worth it, since the average MBA grad makes $115,000. That’s not bad for a year’s worth of work for a lifetime of success!
Look for Scholarships and Grants
Many MBA programs offer scholarships and grants to help offset the cost of tuition. Do your research and see what’s available to you. You may be surprised at how much money you can save. If you’re already working at another job, consider whether or not your job will offer tuition reimbursement. Many corporate jobs are willing to pay for an MBA if their employees offer their employment for another couple of years after they finish their degree.
If you’re a military veteran, consider using the GI bill, which can help offset the debt you might accumulate, cover tuition, and pay for expenses like books and transportation.
Create a Budget
This may seem like an obvious tip, but it’s important to create a budget and stick to it. Determine how much money you’ll need for things like tuition, books, and living expenses, and then set aside that amount each month. This will help ensure that you don’t overspend and find yourself in debt before you even graduate.
Save up Ahead of Time
If possible, start saving for your MBA program as early as you can. This will help reduce the amount of debt you’ll have to take on and make it easier to budget for your other expenses.
If you’re able to, consider working while you’re in school. This can help offset some of the costs of attending an MBA program and make it easier to budget for your other expenses. Saving up ahead of time by opening up a savings account, putting away some of your paychecks, or using round-up savings is worth it for your degree.
Budget For Family Expenses
Many students find that they need to work while enrolled in an online MBA program, so factor in the cost of child care or other expenses associated with working while in school. While it may be tough to balance work and family, remember that an MBA is an investment in your future. Budget accordingly and make sure you have the financial resources in place to pursue your degree.
By following these tips, you can budget for an online MBA program that fits both your financial and educational needs.