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: ____ / 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: _______________Mansi ___________________________

Occupation: ________________doctor__________________________

Monthly Income: __________________$12,800________________________

Roommate 2: _______________Bohmee___________________________

Occupation: __________________Doctor________________________

Monthly Income: ___________________$12,624_______________________

Roommate 3: ________________Madi__________________________

Occupation: _________________Neurologist

Monthly Income: __________________$20,260________________________

Total Income for 3 Roommates (Roommate 1 + Roommate 2+Roomate 3):
$ ____45,684___per month_______________

Minus 30% for Taxes (Total Income X 0.30): $ ___________13,705.2________

Net Income (Total – Taxes): $ ___________31,978.8___________

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: $ _____2100(700)______________

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

________3bedrooms, Kitchen, 2washrooms, kitchen, fridge, stove appliances fireplace, yard, heat,hot
water and electricity are included in the rent fee
_____________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

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 ARE INCLUDED IN RENT

 ___Electricity_______________________________
 ___Hot water/water____________________________
 ___Gas___________________________
 ___Refrigerator _______________________________
 ___Laundry_______________________________
 __________________________________
 __________________________________
 __________________________________

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: $ ________NO LANDLINE ______________

Cellphone Cost: Roommate 1 $ ____50/per month__________________

 Roommate 2 $ _______$35/per month_______________

Roommate 3$ ______$40/per 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

SEPARATE LIST ATTATCHED

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: $ ____________95x3 =285/per month __________________

Car Costs: (if applicable) $ _______________no cars _______________

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

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

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

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