I passionately believe that it is in every MBAs best interest to live frugally while in school. When I have mentioned my blog to fellow Haas MBAs, the most common response I receive is: why watch our money when we are likley to make lots of it after we graduate? Dave, this the time to take advantage of our freedom and live life to the fullest!
I agree that there are many oppportunities that deserve our loan money while in school (e.g. winter break trips, conferences, case competitions). However, I also believe that the "this is the time to live it up" excuse is often applied too generously.
I would argue that frugality opens doors to MBAs, not closes them. Too often I have heard my entrepreneurially and socially minded friends lament school loans as the limiting factor for them to pursue what they are truly passionate about after graduation. By living within (and below) our means in school, we can more quickly start doing what it is that we came to business school to do--whatever that may be (start a business, work for a non-profit, etc.).
Through this blog I want to share some of the lessons I have learned about how to save money during the MBA application process and while in business school. Here is a radical thought--creatively saving money with classmates will enhance your time as an MBA. Anyone can blow $1500 at a club and have a good time (just ask my roommate), but it takes a saavy individual to figure out a way to have the same amount of fun on $5.
I want this site to be interactive and fun. Please share you ideas!
Sincerely,
Dave Bend
MBA Candidate
Class of 2010
Haas School of Business
University of California, Berkeley
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