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: Mackenzie Phillipson

Occupation: choreographer

Monthly Income: $2608.00

Roommate 2: Taylor McCourt

Occupation: pediatric surgeon

Monthly Income: $28,973

Total Income for 2 Roommates (Roommate 1 + Roommate 2): $ 31,581

Minus 30% for Taxes (Total Income X 0.30): $ 9474.00

Net Income (Total – Taxes): $ 22,106.70

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: $ 2500

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

Two bedroom, two bathroom, kitchen, large storage closet, fridge, stove, built-in microwave,
dishwasher and in suite washer and dryer. Great views.

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: $250

 hydro
 cable
 water
 electricity

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: $84.27 Roommate 2: $103.00

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

We need to have….
 Kitchen knifes $19.99
 cutlery $18.99
 Pots and pans $69.99
 Plates (borrow from parents)
 Cups (borrow from parents)
 Paper napkins $5.00
 Cutting boards $3.99
 Bowls $33.99
 Measuring cups and spoons $23.99
 Cooking utensils (heat resistant non-stick spatulas, vegetable peeler, rolling pin, meat mallet
spoons etc...)$24.99
 Colander (borrow from parents)
 Bakeware $50.00
 Storage containers $32.49
 Blender $49.99
 Electric hand mixer $49.97
 Couch $120.89
 Little table $59.00
 TV $597.99

Total: $1,161.26

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: $ 130.02

Car Costs: (if applicable) $ 340.00 for insurance plus $250.00 for gas so = $590.00 p/month

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:
Things that need to be budgeted: TAYLOR MACKENZIE

$590.00 $130.02
$150.00 $150.00
1. Car/bus transportation
2. Groceries $50.00 $70.00
3. Clothes $150.00 $150.00
4. Entertainment
5. Eating out $30.00 $30.00
6. Cell phone bills $103.00 $84.27
7. Rent/utilities
$1375.00 $1375.00
8. Personal
$200.00 $30.00

$2648.00 $2019.29

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?

My partner and I did not really have a disagreement with any parts.

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

The part that we had the least disagreement about is the kitchen and common room list
because it was basic things everyone needs in there kitchen and common room so it was easy to
agree 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 total cost for all the things we need for the kitchen
and common room.

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:
1. Roommate 2 gets the bigger room as she earns more money.
2. The living space is shared equally and neither roommate will be annoyed by the presence
of other people in the apartment.
3. If roommate 1 ever is short on rent roommate 2 will help out.
4. If roommates ended up getting a pet they share all duties equally.
5. Everything in the fridge is shared.
6. Switch off every other night for cooking dinner.
7. Switch off every Friday and Saturday night for who gets the living room when having
people over.
8. Whoever cooks doesn’t clean that night and they swap everyday
9. If you make a mess, you clean up after yourself.
10. Do your own laundry.

CLAUSE: NO THROWING PARTIES UNLESS BOTH PEOPLE AGREE AND KNOW ALL DETAILS.

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: Mackenzie & Taylor Statement

The idea of moving out to us is scary because you have to pay rent every month and everything cost a
lot of money and you have to buy your own groceries. The idea of adulthood and having freedom is a
good and exciting part of moving out.

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