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In today's activity you will:
In today's activity you will:
- Determine rent prices in your area
- Budget for utilities
- Calculate renter's insurance
- Calculate your total cost of living
Materials needed:
Materials needed:
- Salary Based Budgeting Worksheet, steps 9-12
- Journal Entry Page 3
Step 9
Step 9
Choose an option below:
Choose an option below:
Option 1: RENT (Live at home)
Option 1: RENT (Live at home)
If you’re planning to live at home or with other relatives, estimate how much they’re going to charge you per month. Better yet, ASK! Do not assume they’ll let you live rent free! Record the answer in Monthly Rent, which is Step 9 on your Salary Based Budget Worksheet.
If you’re planning to live on your own or with roommates, continue on.
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Option 2: RENT (Live in an apartment/house by yourself )
Option 2: RENT (Live in an apartment/house by yourself )
If you want to live completely on your own, use the Zumper Average Rent Tool to calculate your Monthly Rent:
Input the city you would like to live in after college.
Scroll down to Apartment Rent Prices and select STUDIO or 1 BEDROOM
Click on the latest data point
Enter this value for your Monthly Rent, Step 9 on your Salary Based Budget Worksheet.
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Option 3: RENT (Live in an apartment/house with roommates)
Option 3: RENT (Live in an apartment/house with roommates)
If you are willing to live with roommates ($ saving!), use the Zumper Average Rent Tool to calculate your Monthly Rent:
Input the city you would like to live in after college.
Scroll down to Apartment Rent Prices and select # of bedrooms based on total number of people living there (you + roommates)
Click on the latest data point
Calculate your Monthly Rent using the formula below.
Monthly Rent = rent price / # of people living there
Enter this value for your Monthly Rent, Step 9 on your Salary Based Budget Worksheet.
Step 10
Step 10
Renter’s Insurance
Renter’s Insurance
You want to have renter’s insurance, to cover replacement of your belongings in case of theft or apartment-wide damage (flood, fire, etc).
You want to have renter’s insurance, to cover replacement of your belongings in case of theft or apartment-wide damage (flood, fire, etc).
Unless you have a lot of expensive stuff, you can budget $20 for Renter’s Insurance. Enter this number on Step 10 on your Salary Based Budget Worksheet.
Unless you have a lot of expensive stuff, you can budget $20 for Renter’s Insurance. Enter this number on Step 10 on your Salary Based Budget Worksheet.
Step 11
Step 11
Utilities
Utilities
Option 1: If you’re living with family, they may expect you to chip in full or partial amounts. (Ask what you owe)
Option 1: If you’re living with family, they may expect you to chip in full or partial amounts. (Ask what you owe)
Option 2: If you’re living on your own, you’ve got to pay the full costs.
Option 2: If you’re living on your own, you’ve got to pay the full costs.
Option 3: With roommates, you get to split a lot (but not all) of these costs, so remember to divide those bills by the # of people you live with!
Option 3: With roommates, you get to split a lot (but not all) of these costs, so remember to divide those bills by the # of people you live with!
Enter your choices on Step 11 on your Salary Based Budget Worksheet.
Enter your choices on Step 11 on your Salary Based Budget Worksheet.
Step 12
Step 12
Calculate your total monthly budget for the cost of living:
Calculate your total monthly budget for the cost of living:
ADD: Rent + Renter’s Insurance + Cable/Satellite + Internet + Home Phone + Mobile Phone + Electricity/Gas = Total Cost of Living
ADD: Rent + Renter’s Insurance + Cable/Satellite + Internet + Home Phone + Mobile Phone + Electricity/Gas = Total Cost of Living
Enter this number on Step 12 of your Salary Based Budget Worksheet.
Enter this number on Step 12 of your Salary Based Budget Worksheet.
JOURNAL
JOURNAL
Fantastic! You have all of your housing expenses established! Here are your journal reflection topics for this lesson:
Fantastic! You have all of your housing expenses established! Here are your journal reflection topics for this lesson:
Why did you select the rent option of living at home, living alone, or living with roommates?
Why did you select the rent option of living at home, living alone, or living with roommates?
What are the advantages and disadvantages of your choice?
What are the advantages and disadvantages of your choice?
Here is the Zoom recording for this week's Webinar!
Here is the Zoom recording for this week's Webinar!
Apartment Living.pptxDavid Garate, TAMU Graduate
David Garate, TAMU Graduate
Thank you to David Garate, graduate from Rio Hondo High School and graduate from Texas A & M University, for your talk today on renting an apartment! The slides are to the left. You can email David if you have any questions at garatedavid5@gmail.com.
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