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Planning 10 Finance

The Roommate Agreement Project


Overview:
You and your friend have decided to become roommates. Both of you have some
similar and different personalities and ways to make the place cool. In order for both
of you to survive together, you need to establish a few things.
Directions:
Given the worksheets below, you will look for an affordable apartment and fill in the
required information in the different sections. You and your partner will hand in ONE
Roommate Agreement. Please ensure both of your names are on the FRONT of this
legally binding contract.
PLEASE NOTE: YOU MUST FOLLOW EACH DIRECTION CAREFULLY!
Marks breakdown:
Part 1:
Part 2:

____ / 15
____ / 10

Total Marks: ____ / 25


-------------------------------------------------------------------------------------------Part the First: The Contract
15 Marks
1)
Find a Job from the classifieds and estimate ach of your monthly incomes.
Assume you will be working 40 hours per week. If you currently have a job, you may
use it for the purpose of this activity.
Roommate 1:

Adesh

Occupation:

Vehicle Transporter and Tow Truck Operator

Monthly Income:

$7,500

Roommate 2:

Mohammed

Occupation:

Vehicle Transporter and Tow Truck Operator

Monthly Income:

$7,500

Roommate 3:

Bobby

Occupation:

Vehicle Transporter and Tow Truck Operator

Monthly Income:

$7,500

Total Income for 2 Roommates (Roommate 1 + Roommate 2):

$ 22,500

Minus 30% for Taxes (Total Income X 0.30):

$ 6,750

Net Income (Total Taxes):

$ 15,750

2.
Find a Place to Rent using Craigslist Vancouver. Give the description and
attach one picture of the living room. Please label this assignment: The Pad Fill in
the blanks:
Monthly Rent:

$ 2,250

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)
3 bedroom townhouse in central Richmond: $2250.00 per month. Utilities extra
.Includes two car garage, sofa, fire place, dining table and dining chairs. Close park,
elementary school and high school
3.
Utilities cost money as well, so if it is not included with your rent, estimate
10% of the rent money to pay for utilities. If there are utilities included with your
rent, make sure that is mentioned. List the utilities below:

Sofa
Fire Place
Dining Table
Dining Chairs

4.
You need at least one phone; it can be a land line or a cell phone. Look up
different plans from the various BC Telephone/Cellphone Providers. Fill in the blanks:
Land line Cost:
Cellphone Cost:

$ 0.00
Roommate 1 $ 49.95
Roommate 2 $ 49.95
Roommate 3 $ 49.95

5.
Each of you has your own bedroom furniture, but you need to furnish the
kitchen and common room. Make a list of furniture you will buy or borrow from your
parents. Please attach a separate list with the total to the back of this assignment
labelled: Kitchen and Common Room List
Borrowing
1. Oven
2. Fridge
3. Dining table
4. Flat Screen TV
5. Computer table
6. Dresser

Buying
1. Microwave $39.99
2. Computer $46

6.
How are you going to travel from place to place? Discuss this with your
roommate. If one of you already owns a car, then factor in the monthly costs; if
neither of you own a car, find out how much a monthly bus pass is.
Transportation Costs:

$ 120

Car Costs: (if applicable)

$ $19,200

7.
Using the TD Monthly Budget Template, you will create a monthly budget. In
order for you to survive the Roommate Agreement, you must use the total income
from question one to determine your budget. You will also need to factor in other
costs from the previous questions. This must be printed off and attached to this
assignment labelled: TD Monthly Budget. However, you will also need to consider
the other following items:

Grocery Costs
Eating/Dining Out Costs
Clothes
Entertainment
Personal Supplies
Other costs

Please note, your budget must balance and you cannot go over your
budget. You will also need to be realistic.
-------------------------------------------------------------------------------------------The Second Act: Clauses and Articles
10 Marks
Objective: Given the questions below, you will answer them in full sentences.

1)

Article A:
Which section did you and your roommate both have the most disagreement
about and why?

We disagreed on money because we thought we have made good cash. But we


needed to figure out how many we saved and lost.

Article B:

Which section did you and your roommate have the least disagreement about
and why?
Picking the bedrooms because we did not worry about our rooms too much. We just
wanted to sleep in alone with all of our stuff

2)

What cost amount shocked the both of you the most when completing this
activity? Write your answer below:

The cost amount that shocked us was $13,314.65 for monthly expenses. We did not
expect this big of an amount with the combined salary.

3)

The Fairness Clause:


To ensure that there is fairness in your Roommate Agreement, you need to
create 10 Rules and 1 Clause. A clause in contract law is a written contract
that declares that contract to be the complete and the final agreement
between the parties. If you are having trouble creating a cause, refer to
examples from the T.V. Show Big Bang Theory. Please attach these rules to
the back of this assignment labelled: The 10 Rules and 1 Clause

4)
How has your idea of moving out changes after completing this activity? Two
Statements are required and needs to be attached to this assignment labelled:
(Your Name) Statement
I knew moving out would be hard but not this hard. I learned quite a bit in
this project
Roommate Agreement Checklist:
The Roommate Agreement Project
The Pad
Kitchen and Common Room List
TD Monthly Budget
The 10 Rules and 1 Clause
(Your Name) Statement
10 Rules
1. Rotate the trash
2. Respect peoples properties

1 Clause

3. No pets
car, you
4. No smoking/drinking
gas
5. One person has a duty to do the weekly budget
6. Chores duty changes
7. Clean up your mess
8. Certain bed time
9. Respect the house
10.Someone gets food per week

Living room picture

If you take out the


need to refuel the