Moving out and finally living on your own is something to look forward to; but, first, there are a few things you need to think about. There are 6 sections you must research and present, including a cost analysis - figuring out the costs on a monthly basis. 

Will you rent on your own or share accommodation? Will you buy a car or take transit? Which credit card will you choose and why? What about food? What monthly bills will you have? (cable, satellite TV, internet, phone - landline or cell, bus pass, car insurance, gas, etc.). 

You will start out with $7500 in the bank for furniture, purchasing a used car, and/or first and last month's rent. Now, hit the road, so to speak, and enjoy the experience of starting out on your own. Your one time start-up experiences (furniture, used car, first and last month's rent) will come out of your savings. Month to month expenses (monthly rent, groceries, bills and monthly transportation costs) will be covered by your job. What is your gross and net income? How much disposable income will remain after expenses? Remember, the math has to work - you can't live beyond your means.

 

 

Section #1: Finding a Job

Section #1 Information

• Research "help wanted" ads in the newspaper, company websites and internet sites to find at least two potential jobs you are qualified for (High School Diploma). Use a job that you can find enough information for to give a detailed description. 
• Include the following information about each job:
  • Company Name
  • Job Position
  • Wage
  • Hours/Week
  • Location
  • Benefits
• Decide which job you will choose and justify your choice.

1. Possible Jobs

 

2. My Job

 

Section #2: A place to live

 

Section #2 Information

• Use the newspaper or Internet to find two apartment options where utilities are included.
• Consider the following:
  • Will you live on your own or share accommodation?
  • Are parking or laundry facilities included or an additional expense?
    • If they aren't included...additional cost must be included in your expenses!
  • What furniture and electronics do you need? Sometimes furniture is included in the apartment you rent.
  • Include furniture and electronics for a bedroom, living room and kitchen. Furniture costs come out of your $7500 nest egg!
• Choose the apartment where you are going to live and justify your choice (location, transit, work, neighbourhood).

1. Possible Living Situations

2. My Home

 

Section #3: Monthly Bills

 

Section #3 Information

• For each "convenience" compare 2 companies and their services.
• Consider the following conveniences
  • Cable/Satellite TV/Netflix/Hulu
  • Internet
  • Phone (cell or landline)
• Be sure to include initial connection fees
• For each "convenience", pick a company and justify your choice.

1. Possible Entertainment Options

2. My Choice

3. Possible Internet Options

4. My Choice

5. Possible Cell Phone Options

6. My Choice

Section #4: Groceries

 

Section #4 Information

Part A:

• Plan 3 meals/day
•  grocery list for the day to determine the cost of the food(use real prices!)
• Project the cost for one month (Daily Cost x 30)

 

Part B:

•  list of personal items (at least 10) (eg. toothpaste, dish soap, soap, laundry detergent, deodorant, shampoo etc.) and include the cost in your monthly budget

1. Meal Plan

 

Breakfast	Lunch	Dinner

 

2. Grocery List

 

Item	Cost
Total Cost:
Monthly Cost (Total Cost x 30):

 

3. Personal Items List

 

Item	Cost
Total Cost:

 

Section #5: Budget

 

Section #5 Information

Fill in the information in the budget sheet based on the research you've done in the previous sections!

The goal is to figure out if you are living within the budget or not!

 

 

1.  

Earnings (monthly)		Expenses (monthly)
Full Time Job		Apartment
Hourly Wage =		Rent =
Number of Hours/Week =		÷2 (if sharing) =
Gross Weekly Earnings =		Laundry =
Gross Monthly Earnings =		Parking =
1. Net Monthly Earnings (x0.8) =		2. Total =
Savings	$7500	Bills
(minus) Furniture expenses =		Home Phone =
(minus) 1st and last month's rent =		Cell Phone =
Leftover Savings		Internet =
=		TV/Netflix =
		Food =
Totals		Personal Items =
Total Monthly Income (1)		3. Total =
5.  Total Monthly Expense (2+3)
Disposable Income (1 - 5)

 

 

Section #6: Reflection

Section #6 Information

Use the questions on the following sides as prompts for your reflection. Answer them as completely as you can!

1. Reflection Questions

• Are you living within your means or not?

 

• Are there any other monthly expenses that we haven't included?

 

• Where could you save money?

 

• Is the job you found a job you would actually enjoy? What you would like to do in the future?

 

2. Reflection Questions

Is the apartment you found somewhere you could see yourself living for a long time?

 

Was it difficult making a grocery list and meal plan? What do you think would make it easier?

 

What did you notice when creating your budget sheet? Was anything missing?

 

Does this seem like a plan that you could execute?

What would you do differently in real life?

Answer rating: 100% (QA)

SOLUTION To start I can see that you have six sections that you need to research and present Section 1 is about finding a job Section 2 is about findi... View the full answer