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I found it helpful to read about other people's specific GMAT study process, so now I'm sharing my own. This is how I spent only $42 on GMAT prep and ended up with a score in the 99th percentile on my first (and only) try. You don't need expensive subscriptions, tutors, or test-prep courses, but you do need to have a solid routine, use effective study materials, and maybe get a bit creative.
9 FREE GMAT resources I used to get a 780: • 9 FREE GMAT Resources ...
I started studying around April for a test scheduled on July 1. Before immersing myself in studying, I wanted to familiarize myself with what exactly the GMAT was, what it consisted of, and general strategies and resources I could use to study. I did this by reading tons of articles, browsing r/gmat, and watching videos on youtube.
Once I had some base knowledge down, I started studying. My main resource was the 2017 OG guide - even though it was 2019, the 2017 guide suited my needs perfectly well. I used the guide mostly for questions practice, while using the Manhattan Prep books (accessed through a free Scribd trial) to learn and refresh the content that would be on the test. I also employed a bunch of other free resources, including free trials, unofficial practice tests, and general online educational material.
I tried to study for around an hour a day, and made sure I varied the question types from the OG guide, so that I could check my answers frequently and get consistent feedback on what I struggled with in each section. I also bought a whiteboard and marker to practice writing with, and later bought the 2020 math and verbal question books, which I used once I ran out of OG questions. For practice tests, I took two unofficial ones shortly after I started studying, but saved the official ones until close to test time so I would have a clearer idea of what score to expect. I also admittedly didn't really study for IR or AWA (besides memorizing a template) because a) those aren't as important and b) I was confident in my abilities on both those sections.
The week before the test, I didn't make any substantial changes besides making sure to study every single night, and the morning of the test I did 5 questions from each subsection, which I do think helped get me in the mental mindset. And so I took the test, which didn't go quite as planned, but was rewarded with a 780! My score broke down to 49Q, 51V, 8 IR, and 6 AWA, so now I never have to take the GMAT again.
In general, I think consistency and constant reflection on your errors and weak points is key. Study smarter, not harder. Know not only the material, but how the material is presented and questions are asked on the GMAT itself.