Dangerously in Love.. With this Apartment
What is the monthly payment you make to live in an apartment called?
Rent.
What is the difference between gross income and net income?
Gross income is what you earn before taxes and deductions. Net income is your take-home pay.
Name three bills you might have to pay when living independently besides rent.
Electricity, water, internet, phone, gas, insurance, etc.
Name three household items you would need to purchase when moving into your first apartment.
Bed, dishes, towels, cleaning supplies, cookware, toilet paper, etc.
True or false: If you have enough money for one month's rent, you're ready to move out.
False.
Name three things you should consider when looking for an apartment besides how it looks.
Cost, location, safety, transportation, distance from work, utilities, etc.
You earn $500 from your paycheck and want to save 20%. How much money should you put into savings?
$100.
What is the difference between a fixed expense and a variable expense?
A fixed expense (like rent, car payment) generally stays the same each month, while a variable expense (like clothing, entertainment) changes.
What is a lease?
A legal agreement between a landlord and tenant that explains rent, rules, responsibilities, and the rental period.
What is an emergency fund, and why is it important?
Money saved for unexpected expenses, such as job loss, medical bills, or car repairs.
What is a security deposit, and why do landlords require one?
Money paid upfront that can cover unpaid rent or damage beyond normal wear and tear.
You want to save $3,600 to move out in one year. How much money do you need to save each month?
$300.
Your electric bill is $95, internet is $65, and phone bill is $50. What is your total?
$210.
What are two things you should do before signing a lease?
Read the entire lease, inspect the apartment (do you see bugs), understand added fees, ask about utilities, and verify the landlord.
You want to move out, but your income is inconsistent. Why might signing a 12 month lease be risky?
You are responsible for rent even during months when you earn less money.
You find an apartment that costs $1,200 per month. What are three expenses you might have to pay before you can move in?
First month's rent, security deposit, application fees, moving expenses, utility setup fees, etc.
You make $15 per hour and work 30 hours per week. Approximately how much do you earn in four weeks before taxes?
$1,800.
You make $2,000 per month after taxes. Rent is $1,100, groceries are $250, utilities are $175, and transportation is $200. How much money do you have left?
$275.
Your roommate loses their job and cannot pay their half of the rent. What could happen, and what should you do?
Depending on the lease, you may be responsible for the full rent. Communicate, review the lease, discuss a payment plan, and seek assistance if needed.
You find your dream apartment, but rent would cost 70% of your monthly take home pay. What financial problems might this create?
Difficulty paying other bills, buying groceries, saving money, or managing emergencies.
You find two apartments. Apartment A costs $1,000 per month but is 45 minutes from work. Apartment B costs $1,250 but is 10 minutes from work. What factors should you consider before deciding which apartment is actually cheaper?
Transportation costs, gas, commute time, car maintenance, public transportation, utilities, and lost time.
You have $2,000 saved. Your apartment costs $1,100 per month, and the security deposit is $1,100. Can you afford to move in? Explain.
No. You need at least $2,200 just for the first month's rent and deposit, before other moving expenses.
You have $300 left after paying all your bills. Your car suddenly needs a $500 repair. What are three responsible ways to handle this situation?
Use emergency savings, reduce nonessential spending, explore safe transportation alternatives, or negotiate a repair payment plan.
Your heater has broken during winter. What steps should you take?
Notify the landlord in writing, document the issue, and contact housing assistance or maintenance right away!
You're 18, have $4,000 saved, and make $2,200 per month after taxes. You find an apartment for $1,300. Explain at least four things you should consider before deciding to move.
Monthly expenses, move-in costs, job stability, emergency savings, transportation, groceries, furniture, utilities, and long-term affordability.