Kami Export - EDY5OWDhE5lxG5WdkVMvsQ

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San Francisco State University *

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Jan 9, 2024

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1 © by Savvas Learning Company LLC. All Rights Reserved. Personal Finance Handbook Worksheets Table of Contents Creating a Budget ......................................................................................................................... 2 Opening and Managing a Checking Account ............................................................................... 5 Saving and Investing ..................................................................................................................... 9 Financial Institutions and Services ............................................................................................. 12 Credit and Debt ........................................................................................................................... 15 Paying for Education ................................................................................................................... 18 Buying Insurance ........................................................................................................................ 21 Buying a Car ............................................................................................................................... 23 Renting an Apartment ................................................................................................................. 26 Getting a Job ............................................................................................................................... 28

Name Class Date 2 © by Savvas Learning Company LLC. All Rights Reserved. Creating a Budget Before you can make a spending plan that works for your particular situation, you ’ll need to understand your spending priorities. What must you spend money on, and what items do you simply want? First, make sure you understand the following terms: budget: a plan for saving and spending expenditure: the amount of money spent necessity: an item that a person must have, such as housing, clothing, or food luxury: an item that offers physical comfort or enjoyment but is not necessary for life and health 1. Classify each of the following expenditures as a necessity or a luxury. If any item can be considered either a necessity or a luxury depending on the situation, classify it as either. Expenditure Necessity Luxury Either a. Auto insurance b. Clothing for school c. Concert tickets d. Dinner for two at the newest restaurant in town e. Groceries f. Music downloads g. Medical treatment for strep throat h. Theme park tickets i. New car j. Rent k. School lunches I. School ski trip m. Cell phone service

Name Class Date 3 © by Savvas Learning Company LLC. All Rights Reserved. Creating a Budget (continued) 2. For those items that you indicated could be either necessities or luxuries, describe when you would consider them necessities and when you would view them as luxuries. __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ MAKING A BUDGET 3. Income First, write down your weekly income: $ ______________________ 4. Expenditures For one week, keep track of all of your expenditures. At the end of the week, put the totals in the table below. Weekly Expenditure Current Amount Clothing $ Debt repayment (monthly payment ÷ 4) $ Entertainment $ Food (including groceries, meals out, and snacks) $ Rent and utilities (monthly payment ÷ 4) $ Transportation (own car, ridesharing, public transportation, etc.) $ Personal care items $ Other $ Total Weekly Expenditures $ 5. Subtract your total expenditures from your weekly income. _________________ – _________________ = $ _________________ weekly income total expenditures net gain or loss

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Name Class Date 4 © by Savvas Learning Company LLC. All Rights Reserved. 6. Revised budget At the end of the week, did you have any money left? Or did you spend more than you earned? If you want to make better use of your money, take a look at how you’re spending it and decide where you can trim expenditures. You may find that you could be spending your money on something you really want. Weekly Expenditure New Budget Actual Spending Clothing $ $ Debt repayment (monthly payment ÷ 4) $ $ Entertainment $ $ Food (including groceries, meals out, and snacks) $ $ Rent and utilities (monthly payment ÷ 4) $ $ Transportation (own car, ridesharing, public transportation, etc.) $ $ Personal care items $ $ Other $ $ Total Weekly Expenditures $ $ 7. Using your revised budget as a guide, record your income and expenses for another week. How much money were you able to save? _________________ – _________________ = $ _________________ weekly income total expenditures total saved

Name Class Date 5 © by Savvas Learning Company LLC. All Rights Reserved. Opening and Managing a Checking Account Research ahead of time to determine which bank and type of checking account best meets your needs. To open a checking account, you will need identification (birth certificate or driver’s license) and a deposit to leave with the bank. You should keep careful records when managing your checking account. This record keeping involves two major steps: writing down every check, debit card use, and ATM transaction you make and balancing your check register against your bank statement. CHECK REGISTER 1. The first step in managing your checking account is to keep good records of deposits and debits. Using the check register below, complete the balance column by subtracting withdrawals (debits) and adding deposits (credits). The first transaction is completed for you. AD: Automatic deposit • AP: Automatic payment • ATM: Automatic teller machine • DC: Debit card transaction • SC: Service charge Number or Code Date Transaction Description Payment, Fee, Withdrawal (−) √ Deposit, Credit (+) Balance 323.33 DC 3/18 Butterfields Grocery 22.50 -22.50 appetizers for Erin’s party 300.83 226 3/21 AllTel 73.80 DC 3/22 Cinaplex 18.00 movie with friends 227 3/22 Octagon Ticket Agency 68.80 music festival ticket DC 3/25 U.S. Post Office 6.75 send Shawn’s birthday gift AD 3/28 deposit paycheck 582.50 ATM 3/30 cash withdrawal 100.00 DC 4/5 Monroe’s Dry Cleaners 29.95 DC 4/7 Hawkes Shoe Store 93.99 2 pairs of shoes

Name Class Date 6 © by Savvas Learning Company LLC. All Rights Reserved. Opening and Managing a Checking Account (continued) Number or Code Date Transaction Description Payment, Fee, Withdrawal (−) √ Deposit, Credit (+) Balance 4/10 deposit 50.00 birthday gift from Aunt Teresita 228 4/12 Ted’s Auto Shop 179.03 car repairs SC 4/17 bank fee 10.00 AD 4/18 deposit paycheck 546.30 THE BANK STATEMENT You will receive a bank statement once a month, either electronically or by mail, that shows all of the activity on your account for the last month. Note that the dates on the statement for checks indicate the dates the checks cleared the bank, not the date the checks were written. Checking Account Statement Account Number 12345-6789-0 Statement Date 3/18/18 – 4/17/18 Closing balance: $532.04 Opening Balance Total Credits Total Debits Ending Balance $323.33 632.50 – $423.79 $532.04 Credits Date Amount 3/28 582.50 DD 4/10 50.00 Debits Date Number or Code Amount 3/18 DC 22.50 3/22 DC 18.00 3/23 226 73.80 3/24 227 68.80 3/25 DC 6.75 3/30 ATM 100.00 4/5 DC 29.95 4/7 DC 93.99 4/17 SC 10.00 DD: Direct deposit DC: Debit card transaction ATM: Automated teller machine SC: Service charge INT: Interest earned

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Name Class Date 7 © by Savvas Learning Company LLC. All Rights Reserved. Opening and Managing a Checking Account (continued) BALANCING YOUR CHECKBOOK Step 1. In the √ column of your check register, check off every deposit, check, debit card, and ATM transaction that appears on the bank statement. Step 2. Record the closing balance (from bank statement): $ ___________ Step 3. Calculate the total deposits by adding together all deposits made since the closing date on the bank statement (all deposits with no check marks in the √ column): = $ ___________ Step 4. Add together the closing balance (from Step 2) and the total deposits (from Step 3) to get the subtotal: = $ ___________ Step 5. Calculate the total debits by adding together all debits (checks, debit card, and ATM withdrawals) made since the closing date on the bank statement (all debits with no check marks in the √ column). Include bank service fees: = $ ___________ Step 6. Add total debits to the subtotal in Step 4: = $ ___________ This total shows the amount of money in your account according to the bank. It should match the most recent running total in your check register, after recording any bank service fees. Date Amount Total Deposits Date Amount Total Debits

Name Class Date 8 © by Savvas Learning Company LLC. All Rights Reserved. Opening and Managing a Checking Account (continued) WHAT TO DO IF YOUR CHECKBOOK ISN ’ T BALANCED If you have tried to balance your checkbook and your register shows a different amount than the bank records, use this checklist to try to identify the reason for the discrepancy: 1. First, make sure that you started off with a balanced checkbook. ❏ Was your checkbook balanced last month? If not, the problem may be with last month ’ s figures. 2. Then make sure that you have accounted for every deposit, check, debit card transaction, and ATM withdrawal made on your account. Also be sure to record any bank charges in your check register. ❏ Have you recorded every transaction in your check register? ❏ Have you overlooked any deposit, withdrawal, or fee/charge that has not cleared the bank since the closing date on your bank statement? 3. Double-check your math. 4. Check with the bank. If you have double-checked everything and have found no errors, it is possible that the bank made the error.

Name Class Date 9 © by Savvas Learning Company LLC. All Rights Reserved. Saving and Investing SAVING FOR THE FUTURE Saving and investing can help you reach your goals whether you want to buy a new house, pay for your education, or fund your retirement. Whatever your goal, remember that the key to both saving and investing is time. The earlier you start, the more money you can earn. THE MAGIC OF COMPOUNDING Suppose you have $100 to invest each month in a tax-deferred retirement account, such as an Individual Retirement Account (IRA) or a 401(k) plan. The plan has an average return of 10 percent per year, and you plan to retire at age 66. Study the table at the right, and then answer the following questions. 1. If you invest $100 per month starting at age 18, how much more will you have when you retire than if you waited to start saving at age 35? __________ 2. If you wait until age 45 to begin investing for your retirement, how much less would you have than if you had begun saving at age 25? __________ MAKE A MILLION DOLLARS Suppose that your goal is to retire with $1 million in your IRA or 401(k). Assume that your retirement account has an average return of 10 percent and you plan to retire at age 67. Study the following table to see how much you need to set aside each month to reach your goal. 3. Complete the table by calculating your total contribution toward your $1 million. Multiply the monthly investment by the number of months until retirement to get your total contribution. Start saving Monthly investment Number of months until retirement Total contribution at age 18 $65 588 $ at age 25 $130 504 $ at age 35 $360 384 $ at age 45 $1,050 264 $ 4. How much less money do you have to contribute overall if you begin investing at age 18 than if you wait until you’re 45? ___________________ Start saving $100 per month Total at retirement a t age 18 $1,567,088 a t age 2 5 $774,430 at a ge 35 $278,513 at age 45 $95,317 at age 55 $27,644 at age 60 $12,095

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Name Class Date 10 © by Savvas Learning Company LLC. All Rights Reserved. Saving and Investing (continued) EFFECT OF INTEREST RATES ON HOW SAVINGS GROW Interest rates on saving instruments vary with changes in the general health of the economy. For example, 6-month CD interest rates from 1990 to 2015 are shown in the following chart. Source: Statistic Brain Research Institute 5. What has been the general trend in 6-month CD interest rates since 2006? __________________________________________________________________________ __________________________________________________________________________ Consider the effect interest rates have on the growth of savings: Start saving $100 a month Interest Rate 4% 6% 8% 10% 12% at age 18 $182,287 $355,556 $731,236 $1,567,088 $3,465,104 at age 25 $130,518 $227,016 $412,049 $774,430 $1,496,511 6. If you began saving and investing at age 18 but were able to get only a 6 percent interest rate, how much less will you have when you retire than if you earned 10 percent? __________________________________________________________________________

Name Class Date 11 © by Savvas Learning Company LLC. All Rights Reserved. Saving and Investing (continued) 7. In times of low interest rates, is it more or less important to begin saving early? Explain. __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________

Name Class Date 12 © by Savvas Learning Company LLC. All Rights Reserved. Financial Institutions and Services There are several different kinds of financial institutions you can use for receiving, keeping, and borrowing money. Complete each sentence below with the correct term. brokerage firm credit union savings and loan association commercial bank mutual fund company savings bank 1. A is a nonprofit bank owned by its members and generally offers higher interest rates than most other banks. 2. A specializes in offering long-term financing for homes but may also offer other financial services. 3. At a , you can get the widest range of financial services, including checking and savings accounts, money market accounts, certificates of deposit (CDs), and loans. 4. One major function of a is to accept deposits, but it also specializes in low-risk investments, such as government bonds. 5. You can use a or a for making investments, but neither offers a full range of banking services. UNDERSTANDING FINANCIAL SERVICES Match the descriptions in column 1 with the terms in column 2. Write the letter of the correct answer in the blank provided. _____ 6. allows you to use the services of your bank from your computer a. ATM card _____ 7. electronically deducts the cost of a purchase from your account and credits it to the seller’s account b. automatic withdrawal _____ 8. gives you 24-hour access to your money through ATMs c. debit card _____ 9. makes payments on your regular bills by making deductions directly from your account d. direct deposit _____ 10. protects you from bouncing checks by providing you with a small line of credit e. electronic banking

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Name Class Date 15 © by Savvas Learning Company LLC. All Rights Reserved. Credit and Debt Complete each sentence by writing the correct term in the space provided. credit collateral annual percentage rate credit bureau finance charges Truth in Lending laws credit rating 1. If you use your car as (property used to secure a loan), and you do not pay the loan back, the creditor has the right to repossess your car. 2. When a bank extends you , it allows you to borrow money and pay it back later with interest. 3. The require lenders to disclose the monthly interest rates and the method they use to calculate finance charges. 4. The kind of organization that maintains a record of your past borrowing and bill-paying habits is a . 5. Creditors use your ability to repay debt and your history of borrowing and repayment to give you a , which is their evaluation of your credit worthiness. 6. When you pay your credit card bills, you pay back not only the principal but also interest and fees, which together are called . PAYING OFF DEBT You have a $3,000 balance on a credit card with an 18 percent APR, and then you suddenly come into a $3,000 windfall. Should you pay off your debt or invest it in the stock market? Examine the following chart, and then answer the questions that follow. Stocks at 12% per year Credit card at 18% per year At Launch $3,000 $3,000 Year 1 $3,360 $3,540 Year 5 $5,287 $6,863 Year 10 $9,317 $15,701 7. After five years, how much greater would that original $3,000 debt be? __________________________________________________________________________

Name Class Date 16 © by Savvas Learning Company LLC. All Rights Reserved. Credit and Debt (continued) 8. How much would your $3,000 have earned in the stock market after 10 years? __________________________________________________________________________ 9. Which do you think is a wiser choice — investing in the stock market or paying off debt? Explain. __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ READING A CREDIT REPORT Information about how you use your credit is reported to credit bureaus, which compile the information into a credit report. Lenders will review your credit report when you apply for a credit card, and potential employers may review it when you apply for a job. Review the sample credit report below, and then answer the questions that follow. Credit Report Prepared for: Maria Hill Social Security Number: 123-45-6789 Source Date opened Type/Terms/ Monthly Payment Responsibility Credit limit or original amount/ High balance Recent balance/Recent payment Status First City Bank 100 Elm St. Anytown, TX 2-2017 installment/ 24 months/ $150 Signer with John Hill $3217/ NA $3217 as of 2/2017 open/ never late Morgans Dept. Store PO Box 3176 Anycity, CA 4-2016 revolving/ NA/ $20 individual $500/ $127 $0/ $0 paid/ never late University Bank PO Box 78 Sametown, NY 3-2015 revolving/ NA/ $67 individual $5000/ $4703 $3662/ $67 open/paid 3 times 30 days late Educational Loan Corp. 1125 Smart St. Mytown, NC 8-2014 installment/ 118 months/ $63 individual $4988/ NA $3723/ $63 open/ never late 10. According to this report, how much total debt does Maria carry? _________________________________________________________________________ 11. Which account has Maria paid off? What was the largest balance she had on that account? _________________________________________________________________________

Name Class Date 18 © by Savvas Learning Company LLC. All Rights Reserved. Paying for Education You know that higher education is costly, but how expensive will it be for you? Before you can figure out how to pay for your education, you’ll need to find out what the real costs are. 1. Decide which three colleges or universities you might consider attending. Write the name of each institution at the top of one of the columns in the chart. Then complete the chart, using information from the institutions’ websites or print publications (available at libraries or your school’s guidance department). Annual Expenses College #1 College #2 College #3 Tuition Fees Books Housing Food Transportation Other living expenses Total 2. Choose your top school from the chart above. How much would it cost for you to attend that institution for four years? _____________________________________________________ UNDERSTANDING FINANCIAL AID If, like most students, you don’t have enough money saved to pay the full cost of your education, you will be applying for financial aid. Read and understand the following financial-aid terms, and then answer the questions that follow. subsidized student loan: a student loan for which the government pays the interest while you’re in school; your repayments begin after you leave school unsubsidized student loan: a student loan which you have to begin repaying while you are still in school Federal Pell Grant: federally funded, need-based financial aid that does not have to be repaid Direct Stafford Loan: a federally funded student loan that may or may not be subsidized, depending on the student’s financial need PLUS Loan: an unsubsidized loan that parents can take out to help pay the cost of their children’s education

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Name Class Date 19 © by Savvas Learning Company LLC. All Rights Reserved. Paying for Education (continued) Federal Supplemental Educational Opportunity Grant: gift-aid for undergraduates with exceptional financial need Federal Perkins Loan: a low-interest loan for students with exceptional financial need 3. Which of the following forms of financial aid are offered only to students who have the greatest need? Circle all correct answers. a. Federal Supplemental Educational Opportunity Grant b. Direct Stafford Loan c. PLUS Loan d. Federal Perkins Loan 4. Suppose you graduated from college six months ago and you just received a letter from a lender telling you that it is time to begin paying back your student loan. What kind of loan did you have? a. subsidized student loan b. PLUS Loan c. unsubsidized student loan 5. Which of the following do not need to be repaid? Circle all correct answers. a. Federal Pell Grant b. PLUS Loan c. Federal Perkins Loan d. Federal Supplemental Educational Opportunity Grant e. subsidized student loan COMPARING FINANCIAL AID OFFERS Suppose you are interested in two universities: Dream University and Great State University. Each has offered you a financial aid package. Study the chart below, and then answer the questions that follow. Financial Aid Package (for one year) Dream University Annual cost: $28,000 Great State University Annual cost: $12,250 Expected family contribution $6,500 $6,500 Scholarship $6,000 $2,500 Work-study job $1,500 $1,750 Loans $14,000 $1,500 6. How much does each university expect your family to contribute toward the cost of your education? __________________________________________________________________________

Name Class Date 20 © by Savvas Learning Company LLC. All Rights Reserved. Paying for Education (continued) 7. Which part of Dream University’s offer is better? __________________________________________________________________________ __________________________________________________________________________ 8. Which part of Great State University’s offer is better? __________________________________________________________________________ __________________________________________________________________________ 9. Overall, which financial aid package do you think is better? Explain. __________________________________________________________________________ __________________________________________________________________________

Name Class Date 21 © by Savvas Learning Company LLC. All Rights Reserved. Buying Insurance Before you decide to buy a vehicle, you’ll need to consider what auto insurance coverage you will need. Review the following terms used by the auto insurance industry. Collision: This pays to repair or replace your vehicle (minus the amount of your deductible) when you hit an object, such as another vehicle or a guardrail. Comprehensive: This pays to repair or replace your vehicle (minus the amount of your deductible) when it’s damaged by something other than a collision, such as vandalism, fire, or hail. Comprehensive insurance also covers your vehicle if it is stolen. Property Damage Liability: This coverage, usually required by law, pays for any damage your vehicle may cause to somebody else’s vehicle or other property. Bodily Injury Liability: This coverage, usually required by law, pays for the injuries to others and covers you against lawsuits in case you injure another person while driving your vehicle. Personal Injury Protection: This pays for medical expenses that you or any of your passengers have as the result of an accident. Uninsured/Underinsured Motorist: This covers damages to your vehicle or injury to you and your passengers caused by a person without any insurance or without enough insurance. It also covers you if you’re the victim of a hit -and-run. 1. Complete the table by writing the coverage needed in the space provided. Accident Extent of the damage Coverage needed a. A driver in a large van just hit your car and drove away. Your front fender is crushed. b. A hailstorm hit your town last night. Your car is completely pitted with hail damage. c. You backed your car into a support pole in a parking garage. Your bumper is dented. d. You drove too fast into your best friend’s driveway and ran into the garage door. The garage door is damaged beyond repair, and the front end of your car is crumpled. e. You drove your car off a country road and into a ditch. Your back is hurt, and your doctor says you may need extended physical therapy. f. You ran into a pedestrian in a crosswalk during a rainstorm. The pedestrian is injured badly.

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Name Class Date 22 © by Savvas Learning Company LLC. All Rights Reserved. Buying Insurance (continued) CALCULATING THE COST OF AUTO INSURANCE In this activity, you will compare the cost of insuring two different cars for six months: a new sports car and a five-year-old compact car. 2. Insurance companies will need a certain amount of information from you. You must be truthful when actually buying insurance, but for this activity, you can use fictitious information to answer the following questions: a. How old is the driver? ____________________________________________________ b. How long has the driver been licensed? ______________________________________ c. How will the car be driven — commuting to school or for business? _________________ d. How many miles per year will the car be driven? _______________________________ e. Has the driver had any tickets or accidents in the last five years? ___________________ 3. Now, find out the insurance rates for each car by vis iting an insurance company’s website or by calling an insurance agent directly. Complete the chart below. Coverage New sports car 5-year-old compact car Property Damage Liability ($50,000 coverage) $ $ Bodily Injury Liability ($30,000 per person/$60,000 per accident) $ $ Collision ($500 deductible) $ $ Personal Injury Protection ($25,000) $ $ Comprehensive ($500 deductible) $ $ Uninsured/Underinsured Motorist ($30,000 coverage) $ $ Emergency Road Service (optional coverage that pays for towing, locksmith service, and other services) $ $ Rental Car Reimbursement (pays for a rental car if your car is disabled in an accident) $ $ Total Six-Month Premium 4. What is the difference between the cost to insure an economy car versus a sports car? __________________________________________________________________________ 5. Why do you think there is a difference? __________________________________________

Name Class Date 23 © by Savvas Learning Company LLC. All Rights Reserved. Buying a Car You have been saving for years and now have $20,000 to spend on a new vehicle. How do you decide which vehicle to buy? DECIDE ON A VEHICLE CATEGORY Before you start looking for a vehicle, you need to figure out what you really need. Complete the following questions to help narrow down your options. 1. What are all your reasons for buying a vehicle? Examples include commuting to work and school, going on long vacations, or taking your younger siblings to soccer games. __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 2. What type of driving do you do (city, off-road, long trips, suburban)? __________________________________________________________________________ 3. Do you need a large amount of cargo space? _____________________________________ 4. Do you need room to transport a large group of people, or do you need room for only two to four people? _______________________________________________________________ 5. Now go back through the reasons you listed in Question 1. Find the three most important points and write them in the spaces below. These are probably the things that you will use your vehicle for most of the time. __________________________________________________________________________ __________________________________________________________________________ 6. Now for the tough part. Below is a list of several vehicle categories. Based on your answers to Questions 1 –5, cross out the categories that don’t fit your vehicle use profile. In other words, if one of your main uses is to ―go camping every weekend,‖ then cross out ―two - seater convertible‖ because you won’ t be able to fit all of your camping gear into it. economy hatchback two-seater convertible crossover compact two-door sedan sport-utility vehicle (SUV) full-size pickup truck full-size four-door sedan minivan luxury sedan hybrid/electric sports car Which major vehicle categories do you have left? _________________________________

Name Class Date 24 © by Savvas Learning Company LLC. All Rights Reserved. Buying a Car (continued) 7. If you have more than one category left, choose the one that you would prefer. __________ __________________________________________________________________________ NARROW DOWN YOUR CHOICES There can be dozens of makes and models in each vehicle category, so before you rush out to take a test drive, you should narrow down your choices. For the questions below, the following resources from the library or the Internet may help you: • car-buying guides • consumer guid es from nonprofit organizations such as Consumer Reports or Consumers’ Checkbook • National Highway Traffic Safety Administration’s website 8. Choose three specific vehicles within your category that you particularly like. Include both the make and model. __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 9. Now decide which options you would like on your new vehicle. Below is a list to get you started, but you may want other options not included on this list. Write your desired options in the space provided. smart cruise control keyless entry power seats and locks full-size spare tire navigation system USB ports leather interior Bluetooth connectivity theft recovery system all-wheel drive automatic braking heated steering wheel __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________

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Name Class Date 25 © by Savvas Learning Company LLC. All Rights Reserved. Buying a Car (continued) 10. Complete the table below. Begin by listing the make and model of the vehicles you ’ re comparing at the top of the right three columns. This vehicle... Vehicle #1 Vehicle #2 Vehicle #3 includes the options I want. has a good safety record. has a good reliability record. has a solid warranty. has an invoice price of . . . $ $ $ has a manufacturer ’ s suggested retail price (MSRP) of . . . $ $ $ 11. After comparing the three vehicles in the chart above, which one would you buy? (Remember that you have $20,000 to buy this vehicle.) Explain why you made this decision. _________________________________________________________________________ _________________________________________________________________________

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Name Class Date 26 © by Savvas Learning Company LLC. All Rights Reserved. Renting an Apartment You need more than just the rent money to be able to afford a place of your own. In addition to rent, you have to pay monthly utility bills. How do you know which apartment you can afford? CALCULATING THE REAL COST OF AN APARTMENT 1. Using the classified ads in your local newspaper or an online resource such as www.apartmentfinder.com or www.forrent.com, find an apartment listing that appeals to you. Complete the table below to determine how much that apartment really costs. • If you do not need some of these utilities, or some of them are included with the rent, enter a zero on the appropriate lines. • Estimate utility costs by talking to people who pay utility bills for apartments similar in size to the one you ’ re interested in. You can also call the utility companies and find out the average bills on the apartment you ’ re considering. Regular Expenses Your Apartment Example Rent (from the ad) $ $950 Gas and electricity (or other heating/cooling costs) $ $80 Garbage/recycling collection, water, and sewer charges $ $35 Phone/Internet/TV service $ $55 Parking fees $ $0 Renters insurance $ $12 Other $ $20 Total Monthly Expenditures $ $1,152 2. A good rule of thumb is that you should spend no more than one-fourth of your monthly take-home pay on housing. Using the form below, calculate how much you need to earn to afford that apartment. Total monthly rent and utilities (use first three lines from table above): $ $1,065 Total monthly take-home pay x 4 x 4 needed to afford the apartment: $ $4,260

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Name Class Date 27 © by Savvas Learning Company LLC. All Rights Reserved. Renting an Apartment (continued) 3. If this apartment is too expensive, how could you make your housing costs more affordable? __________________________________________________________________________ __________________________________________________________________________ READING AND UNDERSTANDING A LEASE Once you’ve signed a lease, you are legally responsible for upholding all provisions of it. Before you sign, be sure that you understand everything you’re agreeing to! Below is an excerpt from a standard apartment lease. Read it carefully, and then answer the questions. RESIDENTIAL LEASE AGREEMENT USE OF LEASED PREMISES. The Leased Premises shall be used as a private dwelling only. Tenant shall not permit the Leased Premises to be used for (i) offensive, noisy, or dangerous activity; (ii) repair of any vehicle; (iii) the conduct of business of any type, including childcare; (iv) any purpose which will interfere with the rights of other persons near the Leased Premises. Non-operative vehicles shall not be stored on the Leased Premises or on the street in front of or adjacent to the Leased Premises. RESPONSIBILITY FOR CONDITION OF LEASED PREMISES Tenant shall not (i) make any alterations to the Leased Premises without written permission from Landlord; (ii) remove any part of the Leased Premises for any purposes; (iii) remove, change, or re-key any lock without permission of Landlord; or (iv) make holes in the woodwork, floors, or walls except that a reasonable number of small nails may be used to hang pictures in sheetrock walls and grooves of paneling. Tenant agrees to surrender the Leased Premises at the end of the term of this Lease in the same condition as when received, normal wear and tear excepted. Normal wear and tear means deterioration which occurs without negligence, carelessness, or abuse. DEPOSIT DEDUCTIONS. At the end of the Lease Term, there shall be deducted from the Deposit appropriate charges for: (i) cleaning, damages, and required repairs to the Leased Premises or its content beyond normal wear and tear; (ii) removing and storing abandoned property; (iii) cost of pest control if required by Landlord; or (iv) stickers, scratches, burns, stains, or holes, etc., in walls, doors, floors, draperies and/or carpets. 4. Suppose your old car has just broken down and you won’t be able to afford to fix it for months. Under the terms of this lease, can you leave the car on the street in front of your apartment? ________________________________________________________________ 5. Can you hang pictures on the walls of this apartment? ______________________________ 6. Under what circumstances can you make changes to the apartment, such as painting a room or changing the locks? _______________________________________________________ 7. What is an example of ―normal wear and tear,‖ according to its definition in this lease? __________________________________________________________________________ 8. What can the landlord do if you abandon some of your property when you move out? __________________________________________________________________________

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Kami Export - EDY5OWDhE5lxG5WdkVMvsQ

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