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:

Gabriel

Occupation:

Finance Assistant

Monthly Income:

$3,398

Roommate 2:

John

Occupation:

restaurant cleaner

Monthly Income:

$2,500

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

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

$ 1769.4

5,898

Net Income (Total Taxes):

4,129

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:
https://vancouver.craigslist.ca/van/apa/5623423785.html
Monthly Rent:

$ 1,500

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)
950ft2

Second-floor, 2 BR apartment is conveniently located on Kingsway, near

Rupert Street. Recent renovations include new kitchen cabinets, bathroom,
flooring, dishwasher, and washer/dryer. Features a small covered patio and a
convenient laundry and storage room.
Located a short block from public transit and the Collingwood library. Both
the Joyce and 29th Avenue Skytrain stations are within easy walking
distance, as are restaurants and shops.
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:

Utilities (heat/hot water) approx. $50/month

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:

$0.00

Cellphone Cost:
$90)

Roommate 1 $45

(Rogers 2.5G Share Everything Plan

Roommate 2 $45
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

hometrends Rim 32 Piece Dinner Set

Sofa
Armchair

$599.00
$299.00

$62.74

TV/TV Stand. $470 (43 TV)

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:

$ 151.75 EACH PER MONTH ($303.50)

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?

Getting a tv or not getting a tv. Because we didnt know if it would be worth it or

not but we ended up getting one.

Article B:
Which section did you and your roommate have the least disagreement about
and why?
Buying the phones and appliances because we both wanted a middle priced plan
with no landline phone.

2)

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

How fast we were spending our money on things we didnt really need.

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 your own mess
No pets aloud
Ask first before borrowing
No party in the apartment
No foods inside the bedroom
Notice your roommate first before inviting a friend in the apartment
Respect each others privacy
You break it, you pay it
Keep your area as clean as possible
No illegal activity in the apartment
Clause: You must assist your partner if ever he turns into a robot

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

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
(John) Statement: After doing this activity I realized that moving
out is so hard because I need to budget my money wisely and I
should be compatible with my roommate decision.
(Gabe) Statement: After doing this project my view on moving out
doesnt really change I still would love to try it out on my own
with a friend or a roommate because it would be a great
experience.