We’ve all heard the popular saying of “living on a student budget”, which of course means living on very tight means. If you’re currently enrolled in an online master’s program at Northeastern University such as the master in taxation, then you know first-hand what this famous saying means. If you’ve never had to live on a tight budget before, a student budget can be rather shocking at first. This is why you’ll find these smart and simple tips on ways to cut down on your expenses so helpful.

Housing Costs – Can You Downsize?

Of course you need a roof over your head, so housing expenses are something you’re going to incur. With that said there are ways you can cut down on these expenses. You may want to consider downsizing to a smaller, more affordable space. Remember, it doesn’t have to be permanent; it’s just a temporary thing while you are working on earning your degree. Having a smaller rent or mortgage payment each month can take a lot of stress off your plate.

Save on Transportation Costs

Another large expense is transportation expenses. Again, this isn’t something you can cut out entirely, but you can make some adjustments. If you are currently financing or leasing a car, you may want to look at your options and see if you can get out of the contract. It may be cheaper for you to rely on public transportation or a cheaper vehicle.

Get a Part-Time Job

The great thing about an online degree program is that it’s so flexible, which makes it possible for you to keep on working. There is no need to quit your job and devote all your time to your studies. This can certainly help you where the budget is concerned. While you may not want a full-time job, you will certainly be able to fit a part-time job into the mix.

Reign in the Groceries

It’s amazing how much people spend on groceries each month, especially when you consider how much ends up going to waste. In order to save on groceries you can start watching for sales, using coupons, buying what’s in season, and shopping off a list. A good tip is to pre-plan your meals and then create a grocery list based on those meals. By doing this you’ll waste less food, and spend less money.

Eat at Home

Still on the topic of food, now is the time to start eating at home and preparing lunches from home. The amount of money spent on eating out, grabbing a few coffees a day, and buying lunch each and every day adds up really fast.

Keep the End Goal in Mind

So as you work to complete your online master of science in taxation you can follow these tips to help ensure you live within your means, but don’t feel like you have to make too many sacrifices. For those times when the student budget seems really difficult, try to keep your end goal in mind. Remember that your master’s degree will open all kinds of career paths and help you to make the kind of salary you deserve.