As the adage goes, there's no such thing as a free lunch. This principle holds true in the realm of Graduate Management Admission Test (GMAT) preparation as well. While there are indeed cost-free methods of studying for this exam, many aspirants opt for GMAT tutoring services to increase their chances of achieving higher scores. However, these services come with a price tag, and budgeting effectively for them is essential to avoid strain on one's financial resources.

A fundamental aspect to consider while budgeting for GMAT tutoring is the understanding of "opportunity cost", a term coined by Austrian economist Friedrich von Wieser. In the context of GMAT preparation, the opportunity cost refers to the value of the next-best alternative forgone. For instance, if you spend three hours with a tutor, you lose the chance to utilize those hours on self-study or leisure. Therefore, while budgeting, acknowledging the opportunity cost of a GMAT tutor is pivotal.

Moreover, when deconstructing the cost of GMAT tutoring, it's essential to consider the 'sunk cost fallacy'. Pioneered by economists Daniel Kahneman and Amos Tversky, the concept refers to the tendency to continue a behavior or endeavor as a result of previously invested resources. If you've already spent a substantial amount on a tutor and are not seeing the desired results, it's easy to succumb to the sunk cost fallacy and continue investing. Instead, it might be more prudent to re-evaluate your strategy.

When budgeting, it's preferable to consider the 'marginal utility' you gain from tutors. Originating from the economic theory of consumption, marginal utility refers to the added satisfaction a consumer garners from using an additional quantity of a product or service. If the marginal utility of each additional tutoring hour is not contributing to your score improvement, it might be time to alter your budget allocation.

Further, utilizing 'time value of money' (TVM) concepts can be a game-changer in budgeting effectively for GMAT tutoring services. TVM posits that the value of money varies over time, so in essence, a dollar today holds more value than a dollar tomorrow. Therefore, prepaying for tutoring services could be a wiser choice if it saves you money in the long run, as opposed to paying in installments over time.

A point of contention while budgeting for GMAT tutoring services is the dilemma between group classes and one-on-one tutoring. While the former is economically efficient, the latter offers a personalized experience. However, the Law of Diminishing Returns, first introduced by economist David Ricardo, implies that after a certain point, each additional input will yield less output. In this case, the number of tutoring hours might reach a saturation point beyond which there are no significant improvements in your GMAT scores.

In conclusion, deploying principles from economics and finance can be instrumental in optimizing your budget for GMAT tutoring. It's imperative to consider the opportunity cost, avoid the sunk cost fallacy, assess the marginal utility, account for the time value of money, and consider the law of diminishing returns while making your budgeting decisions. Remember, the objective is not merely to minimize cost but to maximize the value derived from your investment in GMAT tutoring. A well-structured budgeting strategy can, indeed, pave the way to your dream B-school.