We can easily understand why many MBA student make the mistake of ignoring their finances. Keeping up with business school can be incredibly difficult with so many complex classes and studies. Most MBA students are so occupied with their careers that they often have a hard time taking some time out for their social life and health, but if you neglect your credit and student debt it will ultimately have bad consequences once you’re on the road to find a job. Below are financial tips MBA students can’t afford to ignore.
Keep up with your credit
Don’t forget to monitor your credit score. Every once in a while check how your full credit report is doing. As an MBA student you are probably still learning how to pay your student loan, manage bank accounts, and deal with job changes, all these things put you at risk of identity theft. With that said, it’s best if you check your credit report at least three times a year, this will give you better protection.
Take advantage of student discounts
Business school isn’t cheap, so you can’t afford to pass up on student discounts. Your student identification will help you get a price reduction on almost anything, from plane tickets to insurance. Even if you are not sure if you will get a discount on a certain item it doesn’t hurt to ask, every penny counts.
Budget, budget, budget
Know your financial goals, keep tracks of your costs and expenses and prioritize meeting your financial obligations each month. If you have a considerable amount of money left, then act wisely and start investing.
Refinancing your loan
Business school can cost up to $70,000-$100,000 just on tuition. If you would like to lower your debt consider viewing other alternatives. A refinanced loan can lower your interests, resulting in lower monthly payments. The best part is you won’t have to get a job to refinance, you can start before graduation.
Learn how to cook
Maybe you didn’t see this one coming, but learning how to cook will definitely cut off unnecessary expenses. Even if you feel like you don’t have time to cook, doing so will save you a lot of money. There are many cooking apps and guides available for college students, you can learn how to make portioned meals that will last you an entire week. Once you get into the habit of cooking you won’t want to go out.