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:

Chasen Williams McArdle

Occupation:

junior carpenter

Monthly Income:

4,140

Roommate 2:

Aidan Heemskerk

Occupation:

plumber

Monthly Income:

5,589

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

$ 9,729

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

$ 2,918.70

Net Income (Total Taxes):

$ 6,810.30

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:

$ 1,300

What does this place feature? (Bathroom(s),

Dining Room, Bedroom(s). etc.)
This basement suite 1400sq. ft. and has 2
bedrooms, a full bathroom, a large kitchen. I
has a small dining room and a living room.
And mostly furnished.
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:

Wi-Fi, $88.70
Hydro, included
Heat, included
Laundry, included
Electricity, included
Netflix, $10.00/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:
Cellphone Cost:

$0
Roommate 1 $ 105.00
Roommate 2 $ 105.00

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
Common room
kitchen

T.V
Couch (included)
Recliners
Coffee table
Side table
lamp

Silverware
Bowls
Plates
Cutting board

Fridge

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:

$ 260/monthly

Car Costs: (if applicable)

$ 1499/monthly

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?
On finding a house because we couldnt decide on if we should save money
and get a small house or spend money and have it furnished.

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

We disagreed the least on the entertainment section. We disagreed the least here
because we both enjoy the same thing so it was easy to find entertainment that we
agreed on so that made it easy to find the cost and the entertainment.

2)

What cost amount shocked the both of you the most when completing this
activity? Write your answer below:
On how much overall you spend on everything

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
1. MUST have bacon in freezer at all times
2. Must have an arm wrestle for last piece of food
3. If someone asks you to hide a body you must help
4. Clean up your mess
5. Rotate taking the trash out
6. If the room be a rocking dont come a knocking
7. If bringing home a girl must give 24 hrs prior notice
8. No wearing shoes inside
9. No smoking in the house
10.Whoever cooks the other cleans
Clause: if you eat the bacon in the freezer you must get more.

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
Chasen; my ideas hasnt really changed because I know that it is hard to
move out on your own and that a roommate is really helpful.
Aidan: My idea of moving out has changed I always thought that it was
going to be easy and that it could be even more difficult to find a good
roommate.
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