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Saving Money as a Master's Student

Travis BaughComing right off of my undergraduate degree, the last thing I wanted to do was accumulate a lot of student debt while I obtained my MBA. By following the tips listed below, I have been able to cut costs and put myself in a good position upon graduation.

Get a Graduate Assistantship

Graduate Assistantships are an extremely valuable way to limit the costs of a Master’s degree and gain valuable work experience. By working 10 hours or 20 hours a week, students are able to save significantly on tuition in addition to getting a monthly stipend.

Assistantships can also offer work experience. By benchmarking other Master’s programs, generating content for this blog and social media and writing messaging for prospective students, I have gained valuable marketing experience I have been able to speak about in job interviews as well.

Bring your meals from home

You can save hundreds of dollars over the course of the semester by bringing your meals from home instead of buying them every day. I have gotten into a habit of grocery shopping and meal prepping my lunches for the week on Sundays. Between classes, homework, group meetings, and my Graduate Assistantship, days are few and far between when I am not at Rawls Hall during lunch hour.  Not only does it save money, but it saves valuable time of having to walk to a restaurant, order your food, and come back to Rawls Hall. It is tempting to grab a bite to eat at one of the several options within a few blocks of Rawls Hall, but resist the urge to eat out for every meal.

Wait before you buy your books

Most Krannert professors are up front and honest about whether their students need to purchase a textbook for the course or not. Several courses use the textbook in a limited capacity with important information emphasized in class notes. Even if the book is a valuable resource, many Krannert students opt to share a book with their team members since they work together on most assignments anyway. I have saved a lot of money by taking a wait-and-see approach before purchasing textbooks for each module.

Secure a housing option as soon as possible

Housing is extremely competitive on and around campus between the 39,000+ students attending Purdue. Students are much more likely to find a housing option within their budget and location preferences by starting the search process as soon as possible. Resources like BoilerApartments.com and ExponentHousing.com can help tremendously with this process. 

Travis Baugh

First-Year MBA