By YOSEF IBITAYO/Staff Writer
Living life as a college student can be so expensive. If only someone took the time to list some ways to live a little cheaper… Oh, wait.
- Look for “Utilities Paid” Apartments
Let’s talk bills. According to RentCafe, the average energy bill for a Tylerite comes to $196.89. Texas Real Estate Source agrees, estimating an average bill between $150 and $200. Texas Real Estate Source also averages between $75 and $100 for water in Tyler. Looking at Internet service providers, cheaper options average around $65, with Optimum and Frontier offering $40 to $45 for their cheapest plans.
All in all, at the cheapest rates, your utility bills will run you around $340. Luckily, this extra expense can be mitigated if you opt for an apartment complex that includes said bills in your rent. There are 183 apartment complexes in Tyler that offer utilities as part of their tenants’ monthly rent, with the cheapest one-bedroom apartments in this category having a median price of $800.
- Aim for a Minimum Wage of $15, But Push for $20+
As one of nine states without a state income tax, take-home pay in Texas is among the highest in America. At the federal minimum wage of $7.25, Texas’ bi-weekly take-home pay is $531, while $12 an hour nets you $844. In order to have somewhat of a financial cushion, you should advocate for $15 an hour at minimum. Your bi-weekly income of $1037 will cover a month’s rent and around $200 in groceries.
Say that you’ve graduated, however. With a degree under your belt, you would be well within your rights to push for $20 or more. While Payscale averages Tyler’s hourly pay at $17.88, ZipRecruiter places it at $24.23. As either pay rate has a bi-weekly take-home pay above $1200, you should have more than enough cash for anything that comes up.
- Go for Smaller over Larger
For those of you who’ve lived in on-campus housing, you may be tempted to go with a multi-bedroom apartment as your first choice of living space. However, you would be better off settling for a studio or one-bedroom apartment. The inherent limitation in space that comes with such apartments can actually be beneficial, as it forces your mind to prioritize and put living needs above living wants.
- Learn How to Invest
There are plenty of online resources and apps designed specifically to help you learn how to start investing. As a practice, investing can be a great way to both grow your money and get some back relatively quickly. A great source of such information is Investopedia, a website centered around teaching newcomers the ropes of global finance.
In addition, websites like M1 Finance or Acorns can serve as excellent introductions to the practice of investment. M1 engages in what is known as “fractional investing”, where an investor can buy a portion of a company’s stock for a price that they themselves determine. Meanwhile, Acorns takes your extra income and invests it in predetermined portfolios according to life goals you’ve set.
