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:

___Sagar Samra___________________________________

Occupation:

______Warehouse Worker____________________________________

Monthly Income:

_________$2560_________________________________

Roommate 2:
Occupation:
Monthly Income:

_______Tyler Adlem___________________________________
Dishwasher
___$2460_______________________________________

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

___________5020___________
Minus 30% for Taxes (Total Income X 0.30):
____________1506__________

Net Income (Total Taxes):

________________3514______

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:

$ ___1250________________

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)
2 bedrooms, one bathroom, living room, and kitchen with appliances including a
small balcony.
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:

hydro and electricity included in rent

cable $75
$50 for internet
$30 for telephone
$420 for food

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:

$30
Roommate 1 $ __20___________________
Roommate 2 $ __27____________________

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
Sagar: couch, chairs, coffee table
Tyler: chairs, TV stand, TV, hopes and dreams, side tables
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:

$ 90 a month for both

Car Costs: (if applicable)

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?

Sagar and Tyler most disagreed about whos bringing what from home
Article B:
Which section did you and your roommate have the least disagreement about
and why?

Sagar and Tyler least disagreed about who gets the tv at certain times
2)

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

How much we made together

3)
The Fairness Clause:
Who ever gets there first gets it
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
1. Everyone brings their own stuff to the apartment
2. Who ever waks up first gets the bathroom
3. Go to work by ourselves
4. Rotate who cooks
5. No loud noise after 1130pm
6. For furniture changes in the living area must be approved by all tenents
7. No using eachothers bathroom utilities
8. No entering eachs bedroom without consent
9. Any damage done is responsible to the person who did it
10.
Is one side doesnt pay rent they owe the other person that amount if
said person pays for them
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
Finding a compatible roommate is important
Moving out isnt as easy as expected
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