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:

_______Tyler Adlem___________________________________

Occupation:

Dishwasher

Monthly Income:

___$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:

$30

Cellphone Cost:

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.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Everyone brings their own stuff to the apartment

Who ever waks up first gets the bathroom
Go to work by ourselves
Rotate who cooks
No loud noise after 1130pm
For furniture changes in the living area must be approved by all tenents
No using eachothers bathroom utilities
No entering eachs bedroom without consent
Any damage done is responsible to the person who did it
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