Katy has been ranked the 5th best city to live in for students looking to pay off their debt quickly. The city fared so well due to students being able to pay back what they owe in just 5.13 years, which is significantly less than the national average of 21.1 years. And while your location is a crucial component to cutting down your student debt rapidly so is making sure that you cut back on these household expenses.
Rental costs
As a recent graduate, you’re sure to be renting a property rather than purchasing one. The average rent in Katy currently sits at $1,750 per month, according to Fox Business. However, if you’re anything like the average Texan student who graduates owing more than $26,000, you’ll need to save as much cash on your rent as you can. An effective way to save on your rent is to get a roommate as this will instantly cut your rental costs in half. Alternatively, offer your services to your landlord in return for a reduction in rent. If you’re willing to carry out maintenance work yourself, the landlord will save cash, and, in return, so will you.
Household utilities
Numbeo reports that basic utilities for a typical apartment in Katy will set you back $125.66 per month. Costs are rising in the Houston area though, with electricity bills up almost 18% in the past year. To ensure your finances remain healthy, you should always keep on top of your cash flow. Additionally, taking action to reduce your costs so that you keep your debt to a minimum is essential too. Simple ways to reduce your electricity bills and, therefore, the total amount you owe, include turning off all lights and appliances when they’re not in use, installing a smart thermostat so that you can monitor your usage, and regularly switching between energy plans with your supplier.
Food and drink
A single household living in the Houston area will spend $2,994 per year on food, according to MIT’s Living Wage Calculator. However, there’s no need to spend anywhere near this much cash when you shop smart for groceries in Katy. While Katy offers a huge range of dining out options, including Torchy’s Tacos and Antonia’s Restaurant, it’s best to restrict eating out to special occasions only. By shopping for your own ingredients and making your own meals, you could save as much as $16 per meal based on figures by My Domaine. Over the course of a year, this will equate to thousands which will enable you to pay off your student debt in record-time and enjoy life in Katy with cash in your pocket.
Katy is one of the best places to live for graduates looking to pay back their student loans fast. When combined with these great cost-cutting methods, you’ll eliminate your debt in no time at all, leaving you to enjoy all that Katy has to offer worry-free.