8/10 - 8/13 homework

Dear Students,

Answer the questions and hand it in Tuesday, August 14th. 

**All homework must be signed by a parent.**

You want to move out and live on your own!  What will it cost?

Scenario:  You finished high school and want to live on your own. You will begin to search for your first apartment. Other than the refrigerator, dishwasher, stove, washer and dryer you are responsible for filling up the apartment with your own furniture. Your parents have kindly provided you with your clothes and a $4000 gift to put towards furnishing expenses.  After this money is spent, it is up to you to provide anything else you need to furnish the apartment.  What is it going to cost you to live on your own?  Can you make it?

Part 1:  Determining your Income

1. You scored a great job working as an __Summer Youth Employee_______!  Right out of high school you are making $____13.50_____ per hour take home and you are working a 40 hour week.  Determine the amount of money you take home each week.

2. Find the amount of money that you take home per year, and then find the average amount per month.  This amount is what you will need to build your budget amount. 

Job Title	Hourly Wage	Income Per Week	Income Per Month
Summer Youth Employee	$	$540 (8 hours per day)	$

Part 2:  Creating a Working Budget

1. Make a budget to determine how much you can spend on each item per month.

Expense	Amount Budgeted
Housing
Food
Transportation/Metrocard
Insurance
Entertainment/Recreation
Clothing
Savings
Cell Phone
Miscellaneous/Pocket Money
TOTAL

Part 3:  Finding an Apartment

1. Out of the four options below, select the apartment you want to live in assuming you will live with a roommate and be responsible for paying half of the rent.

Option #1: $3100: West Village, 2-bedrooms and 1-bathroom                           

Option #2: $1700: East Harlem, 2-bedrooms and 1-bathroom

                             
Option #3: $1700: Brighton Beach, Brooklyn, 2-bedrooms and 1-bathroom                   

Option #4: $930: Fieldston, Bronx, 2-bedrooms and 2-bathrooms

               

Part 4:  Finalizing your budget

1. As you find the cost for each item, place it in the “amount actually spent” area.