Lisa is a third-year college student living alone in an apartment. She works 20 hours a week at a local bank, making $10 per hour. Lisa has a savings account that she built up during high school and by working full-time summer jobs. During the school year, she withdraws $350 per month to help cover her living expenses. Lisa’s college tuition and books are covered by her scholarships. Her parents help by providing an additional $500 a month and also provide her health insurance. Lisa’s fixed monthly expenses are: • Rent: $600 • Insurance (renter’s and identity theft): $25 • Car insurance: $110 • Utilities: $60 • Cell phone: $60 • Streaming services: $40 * Lisa’s budget should include giving and saving. It could also include spending categories like the following: food, gas, entertainment and personal. What changes, if any, could Lisa make to her income? 5. What alternatives might Lisa consider to cut her streaming services expense? 6. What other changes could Lisa make to positively affect her budget? What changes, if any, could Lisa make to her income? 5. What alternatives might Lisa consider to cut her streaming services expense? 6. What other changes could Lisa make to positively affect her budget?

Question

Lisa is a third-year college student living alone in an apartment. She works 20 hours a week at a local bank, making $10 per hour. Lisa has a savings account that she built up during high school and by working full-time summer jobs. During the school year, she withdraws $350 per month to help cover her living expenses. Lisa’s college tuition and books are covered by her scholarships. Her parents help by providing an additional $500 a month and also provide her health insurance. Lisa’s fixed monthly expenses are: • Rent: $600 • Insurance (renter’s and identity theft): $25 • Car insurance: $110 • Utilities: $60 • Cell phone: $60 • Streaming services: $40 * Lisa’s budget should include giving and saving. It could also include spending categories like the following: food, gas, entertainment and personal. What changes, if any, could Lisa make to her income? 5. What alternatives might Lisa consider to cut her streaming services expense? 6. What other changes could Lisa make to positively affect her budget? What changes, if any, could Lisa make to her income? 5. What alternatives might Lisa consider to cut her streaming services expense? 6. What other changes could Lisa make to positively affect her budget?

Answer 1

1. Lisa could look for a higher paying job that offers more hours. She could also consider applying for internships or part-time positions in her field of study that may pay more.

2. To cut her streaming services expense, Lisa could consider sharing a subscription with a friend or family member, opting for a less expensive plan, or canceling services she does not use frequently.

3. Lisa could consider meal prepping and cooking at home more often to save money on food expenses. She could also look for cheaper alternatives for entertainment, such as free events and activities in her community. Additionally, she could try to reduce her utility bills by being mindful of her energy usage and possibly finding ways to save on her cell phone bill, such as switching to a cheaper plan or provider. Lisa could also look for ways to save on transportation costs, such as carpooling or using public transportation. Lastly, she could look for ways to increase her savings, such as putting a portion of her income into a high-yield savings account or investing in a retirement account.