Navigating the cost of an MBA can be challenging—here are eight MBA money saving tips from current and former students to help you manage your expenses
With the prospect of vast career opportunities and the potential to significantly alter your salary, it’s no surprise that studying an MBA comes at a large cost.
Tuition fees, living expenses, and healthcare payments can all add up—but there are ways to manage these finances. You can secure funding through loans or scholarships, set yourself a budgeting plan, and make sure to plan events and expenses ahead of time.
Managing your finances effectively could have a significant impact on your stress levels and overall enjoyment of your MBA degree. So, here is some advice from current and former MBA students on how to save money while at business school.
“In the months before the program, I significantly reduced discretionary spending—cancelling unused subscriptions and avoiding luxury purchases. These small adjustments created meaningful savings over time. With family living in the same city, I moved in with them to cut rent and utilities, which accelerated my savings rate. I also used this transition to sell unneeded items and simplify my lifestyle.”
Mwambela Tembo, MBA class of 2026, HEC Paris
Seek tuition funding
“Between need-based aid, external fellowships, loan forgiveness programs, and other sources of financing, I was able to put together a financial package that I felt comfortable with. The key was being proactive about applying for as many opportunities as I qualified for and tapping into the various resources internally and externally to make pursuing an MBA financially attainable.”
Anthony Martore, MBA class of 2025, Harvard Business School
Plan events as early as possible
“Even before the MBA begins, start early by creating a monthly budget. Students often cater for tuition and living expenses but overlook costs of treks, events, networking, and so on. If available, review the event calendar in advance or speak with alumni to understand the yearly plan and allocate a dynamic budget with a predefined upper limit for months which have marquee events. Choose events that offer higher ROI such as networking events, sector specific conferences, career treks, etc.
"Treks are an important aspect of the MBA journey. I would suggest that one should focus on quality over quantity by prioritizing treks that offer unique professional or personal experiences.”
Divya Chaurasia, MBA class of 2025, London Business School
Treat your MBA as an investment
“One key piece of advice I would offer is to treat MBA finances like a strategic investment rather than just an expense. While the cost of an MBA can seem significant, its real value lies in the long-term personal and professional growth it unlocks. Tuition can often be fully covered through education loans, with several banks offering competitive terms for MBA programs. For monthly expenses, it helps to use personal savings and maintain a simple budget tracker; an Excel sheet worked well for me to monitor actual versus planned spends.”
Waras Singh, PGP Class of 2026, Indian School of Business
Fundraise for activities
“I planned for the activities that I did not want to miss yet required additional spending, such as a healthcare competition that took place in Italy. I started fund-raising through the healthcare club and our team looked for sponsorships on flight tickets. We made the trip and thanks to small funding from various places, we were able to cover economy flights for four people from Shanghai to Milan and two nights of accommodation.
"Planning ahead will save students a lot of hassle and provide great training ground to be more proactive, be resourceful and most importantly, to prioritize.”
Cammy Xu, MBA class of 2012, CEIBS
Choose your intake strategically
“If the program offers multiple intakes, decide early which one aligns best with your timeline. I chose the September intake a full year in advance, which helped me backward-plan everything from applications to savings. I reviewed my existing spending to distinguish between essentials and luxuries. This exercise helped me estimate the cost of the life I wanted during my MBA and how long I needed to save. Based on this, I targeted receiving admission results by February or March and planned to work until the end of July—giving me a clear application round to aim for.”
Mwambela Tembo, MBA class of 2026, HEC Paris
Seek information from classmates and alumni
“I would suggest speaking with your classmates, as many are figuring it out just like you. Personally, the LBS FLII community on campus was incredibly helpful in guiding me to cut down on miscellaneous costs through their unique subsidy programs, mentorship, and their annual welcome and winter guides.”
Divya Chaurasia, MBA class of 2025, London Business School
