Budget ?

[rvchat]

Thinking about going back to school for my MBA. THIS would mean living on about $1300 a month only. If it were just dc and I, could it work?

No mortgage, no rent, just basics: food, electric , utilities, water, clothing essentials and health insurance would be $200 a month.

It'd be for 1-1.5 years only. wdyt? thanks!

 

[scrapquitler]

Thinking about going back to school for my MBA. THIS would mean living on about $1300 a month only. If it were just dc and I, could it work?

No mortgage, no rent, just basics: food, electric , utilities, water, clothing essentials and health insurance would be $200 a month.

It'd be for 1-1.5 years only. wdyt? thanks!

Well no rent might make it easier, but I think that money would be very tight. How old is the child? Do you need to pay babysitting or daycare? You need to add in money for transportation (bus passes, or a car and insurance, auto upkeep, things like that). At that income, you'd probably qualify for things like free lunch if your child is school age, and possibly food stamps and or WIC. You would also need to seriously consider how much better off you will be in the long and short term with the MBA rather than without it. Will it make a big difference in your pay as soon as you get it? Will you have a job or will you have to hope that you can find one? What about repaying student loans?

 

[rvchat]

thanks much. No loans needed, no daycare needed.

 

[dfchelbay]

Thinking about going back to school for my MBA. THIS would mean living on about $1300 a month only. If it were just dc and I, could it work?

No mortgage, no rent, just basics: food, electric , utilities, water, clothing essentials and health insurance would be $200 a month.

It'd be for 1-1.5 years only. wdyt? thanks!

Can you elaborate on if it were dc and I...you plan on leaving your spouse? If so, think about all the ramifications of that, for you and your child. If this is the case, are you planning on living on child support? If that's the case, is it fair that you will choose not to work, making the child's other parent responsible for everything since you are choosing to have zero income, making the check the other parent has to write for child support that much more money and burden on them. What happens if the child's other parent loses their job...just thinking out loud...

 

[burnurcomputer]

Can you elaborate on if it were dc and I...you plan on leaving your spouse? If so, think about all the ramifications of that, for you and your child. If this is the case, are you planning on living on child support? If that's the case, is it fair that you will choose not to work, making the child's other parent responsible for everything since you are choosing to have zero income, making the check the other parent has to write for child support that much more money and burden on them. What happens if the child's other parent loses their job...just thinking out loud...

^^^That was rude and has nothing to do with the proposed senario.^^^

OP: money would be tight, but it is do-able. I went to school full time and worked part time when my ex had the kids so I could maintain health insurence and pay my bills. It was hard, tiring and worth every second of that year. I am now remarried and a SAHM, but I have the ability to get a job ANYTIME in my field at the drop of a hat. That kind of peace of mind to a mother is priceless.

 

[QVCshopper]

I think you have to do some soul-searching. What will the MBA get you that your current degree won't? Just asking b/c both DH and I have a graduate degree and really can't say we saw much increase in our salary, etc. Maybe marketability, but I'm not even sure about that, since I'm mostly a SAHM now during the day and doing my same type of job at night.

However, we both worked at a company that basically paid for almost 100% of the cost (we put out the tuition and we reimbursed for an A and B; we only had to cover fees and books). You also had to stay at the company for X amount of time or else you owed that money back.

So, I might put my time into finding a better job than in getting a graduate degree. Just an honest opinion from someone who has a graduate degree. Also, it would have been much harder if I got it when I had kids...

 

[Where'sPiglet?]

Thinking about going back to school for my MBA. THIS would mean living on about $1300 a month only. If it were just dc and I, could it work?

No mortgage, no rent, just basics: food, electric , utilities, water, clothing essentials and health insurance would be $200 a month.

It'd be for 1-1.5 years only. wdyt? thanks!

I think the best way for you to see if it would work for you would be to track your spending - every penny - for a few months. It would give you a very clear picture of if you could pull it off or not.

If you don't have a few months to make a decision, look back at your bank statements and credit card statements to see what your spending amounts were.

By knowing the actual numbers, it will either allow you to move forward with your MBA plans with confidence, or allow you the chance to work on revising your numbers before you dig yourself a hole.

Good luck with whatever you decide!

 

[rvchat]

Thanks much.

 

[msmama]

Do you have some kind of "emergency fund?"

What if something happens and you need extra money?

Also, I'm assuming you did your math and stuff, but did you include books/school supplies in your budget? And did you actually include the cost of schooling in the budget?

Would you consider taking a loan to make things less of a burden? If you kept money in a high yield savaings and paid for with a loan, you could make some money in interest (albeit, probably not a ton) and then pay off the loan in full once you graduate.

Just thinking out loud for you.