BUDGET You will be given two class periods to complete the following budget. The budget sheet needs to be completed along with the following items: 1. A copy of the advertisement for where you will be living. (Are utilities included, how many bedrooms, parking, and laundry?) This will be part of your fixed expenses. If staying in residence, copy of the information and costs. 2. If attending post-secondary education or a training program, a copy of the approximate cost for tuition and books. A brief written discussion summarizing your budget amounts regarding the following: 3. If you presently work, will you be working while going to school? If so, an approximation of how many hours and your hourly wage needs to be included, you may wish to look at your pay stub to get this information. 4. If you expect to get any scholarships, include the approximate amount. (ex: Rutherford) 5. Transportation costs: car payment, bus pass (check out current amounts, U of C provides a bus pass as part of the tuition costs) 6. Variable Expenses, try to be as accurate as possible…you may wish to get help from a parent to estimate the monthly costs of groceries, personal care. 7. Recreation: again, be as accurate as possible here…will your recreation patterns change when you move out, if so, how? Will this impact your spending? 8. Household items: how are you going to get your furniture and cleaning supplies? (Vacuum?) 9. Gifts: how will this change when you move out? 10. Health care: will you still be covered by your parents? If not, what are the basic health care costs? (include relevant documentation) Practical Issues to Consider for Where to Live If you are thinking of renting a place to live, there are many practical things you should think about. Some of the choices that you make may have legal implications. Some practical issues might include: What kind of place are you interested in renting? o Self-contained suite in a house o Suite in an apartment building o Room in a house with the landlord o Condominium Are you going to have roommates? If you are going to have roommate(s), how would the rent be divided and collected? How long would you want to rent? Month to month? Six months? A year? Will a security deposit be required? In what amount? Do you have enough money for the security deposit and first month's rent? Are there any hidden costs that you need to consider (for example, hookup fees for utilities, or moving costs)? Do you want to be able to repair things when they are not working in your rented place? Do you want to pay utilities? Do you have pets? Is the property for adults only? Are the premises in a secure and safe area? Is the location convenient for you in relation to work, family, friends, school, transportation, daycare and amenities? Is the property smoke free? Do you have enough furniture? What kind of appliances would you like to have in the suite? Are there laundry facilities? What is the cost of laundry? Will you need tenant’s insurance? What kind of security would you like to have? An entrance door that locks? Deadbolts? Double locks? Alarm? Bars on the windows? Is an application process required for the property? Do you need personal references? When you submit an application, what are you agreeing to if the application is accepted? Is there an application fee? Is a deposit required to hold the premises and is this deposit refundable? Is a holding deposit required in addition to the first month's rent? If you do not move in on the agreed date, will you lose the holding deposit? When is the first rent payment due?
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