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:

Manveer Chohan

Occupation:

store manager for lens crafters

Monthly Income:

$1950

Roommate 2:

Isabelle Stevenson

Occupation:

store manager for aritzia womans clothing boutique

Monthly Income:

$1880

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

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

$1149

Net Income (Total Taxes):

$2681

$3830

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:

$900

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)
$900/ 2Br-800ft2- 2 bedroom basement 148 street and 61 avenue

3.
10%
rent,

Utilities cost money as well, so if it is not included with your rent, estimate
of the rent money to pay for utilities. If there are utilities included with your
make sure that is mentioned. List the utilities below:
electricity
gas
water
phone
cable
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:

$149.80

Cellphone Cost:

Roommate 1 $40/month
Roommate 2 $50/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

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 /month-bus pas

Car Costs: (if applicable)

$ no car

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 both had the most disagreement on the house we wanted to live in and the
location we wanted to be in

Article B:
Which section did you and your roommate have the least disagreement about
and why?
Fe had the least disagreement on furnishing the house because we hadsome
borrowed furniture that we both agreed on

2)

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

The cost that shocked us the most was the amount of money we lose because of
taxes

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

Rules
Clean up after yourself
5nly take whats yours
In the mornings only use the bathroom for no more than = minutes
split the bill equally for groceries
fair chores
respect each others space
let the other know when you are having people over
do own laundry
do your dishes in a timely fashion
dont be too loud ex: Music
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
Divide the rent equally and on time
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