CLC 11 – 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: ____ / 15
Part 2: ____ / 10

Total Marks: ____ / 25

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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: Anshdeep Atwal__________________________________

Occupation: Firefighter/ Accountant ____________________________

Monthly Income: $8,978__________________________________________

Roommate 2: Amanjot Sidhu____________________________________

Occupation: Dentist__________________________________________

Monthly Income: $8,403_________________________________________

Total Income for 2 Roommates (Roommate 1 + Roommate 2): $17,381

Minus 30% for Taxes (Total Income X 0.30): $5,214

Net Income (Total – Taxes): $12,167

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: $ 1,725$______________

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)

Two-bedroom, two shower/bathrooms, living room and dining room.

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:

 washer_____________________________
 Dryer______________________________
 Fridge______________________________
 Microwave__________________________
 Dishwasher_________________________
 Electric stove_________________________
 T.V with cable________________________
 Wireless internet______________________

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: Roommate 1 $ 55 dollars a month______________

Roommate 2 $ 65 dollars a month______________

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

The unit comes with a couch, dining table, coffee table, two beds with dressers and decor.

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: $ 45.00 X 2= $90.00__________________________

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

Our monthly budget is $2000 and whatever we don’t spend we save to buy a bigger and better place

Please note, your budget must balance and you cannot go over your budget. You will also need to be
realistic.
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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 both had a small disagreement on the entertainment set up, Amanjot wanted a bigger set up which
would ultimately cost more but we both agreed on a mid sized setup

Article B:
Which section did you and your roommate have the least disagreement about and why?

We didn’t argue about groceries or eating out because we agreed on a turn bases where I would do the
cost for this week or this time we went out and he would do the same.

2) What cost amount shocked the both of you the most when completing this activity? Write your
answer below:
The part that shocked us is the amount of money we would’ve spent eating so we decided to buy
groceries and making home cooked meals and maybe eating out every two weeks.

3) The Fairness Clause:

1. Food can be eaten by anyone because the grocery bill will be split up unless stated before
verbally that you would like a portion of a certain food bought.
2. Sharing the tv and we have both decided on shows to watch together in case both of us want to
watch tv
3. No loud music after 12am unless we are all together and agree upon it.
4. Each roommate must cook at least five meals a month
5. Must inform roommates one day before minimum of guests coming over.
6. Everyone can keep their own bedrooms how they want, but must complete the cleaning job
assigned to them (dishes, vacuuming etc.) These jobs will rotate every week.
7. Knock on closed doors before entering.
8. Ask for permission one week prior to throwing a party and even if you did not set up the party, if
you partake in the act of partying you must help clean up
9. Making decisions together for example buying a pet
10. Arguments must be settled in 24 hours

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

[ansh] This assignment has really opened my eyes up to what it is like to live on my own and how
much everything cost, I also appreciate my parents a little bit more for how hard they work for me and
my siblings.

[amanjot] This project has really changed my perspective on how much everything will cost and how I
can save money and I think this has prepared me if I decide to move out for university.

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