UNIT 4: GETTING YOUR FIRST LIVING SPACE Topic: Pros and Cons of Having a Roommate Managing Your Personal Finance

UNIT 4: GETTING YOUR FIRST LIVING SPACE

Topic: Pros and Cons of Having a Roommate

Managing Your Managing Your Personal Finance Personal Finance

To Do:To Do:What Personal

Traits Would you use to describe

yourself?

Lesson StandardLesson Standard

4.2- Students will be able to discuss the pros and cons of sharing your living space.

Goals of the LessonGoals of the LessonI can compare and contrast the pros and cons of sharing my living space.

I can describe effective strategies for "keeping the peace" between me and my roommate.

Pros of Sharing SpacePros of Sharing SpaceWhether you are sharing an apartment/dorm…Whether you are sharing with a relative/friend /or significant other…the following are advantages of having a roommate:

Pros of Sharing SpacePros of Sharing Space

1. Financial: you get to share rent and other expenses.


2. Sharing expenses may enable you to afford living space that might otherwise be out of your budget (you can possibly afford larger space, a nicer/more convenient location, more amenities, etc.)

Pros of Sharing SpacePros of Sharing Space3. Household duties like cleaning, dishes, and laundry can also be shared. (Sharing duties make life easier, especially if you work full-time or have a job in which you travel.)


4. Roommates can share in the expenses of furnishing/ decorating the living space.


5. Roommates provide someone to talk to, provide support, and minimize loneliness.

Cons of Sharing SpaceCons of Sharing SpaceAlong with advantages of a roommate, there are disadvantages as well including:

1. You can’t get along due to personality clashes (neat vs. messy.)

Cons of Sharing SpaceCons of Sharing Space

2. You may suffer lack of privacy. Sometimes you may just want to have your own space or be alone!)


3. You become financially dependent on someone else for their share of the expenses. (If your roommate can’t pay their portion of the rent, you will need to make up the difference.)


4. You can be legally responsible for the actions of someone else. (If your roommate vacates, you will still be responsible for all of the terms of the lease.)


(4. Continued) You can be also be legally responsible if someone gets hurt or if your roommate does something illegal.

Doing the Math #1Doing the Math #1You find a two bedroom apartment for $1,800.

How much would your share be if you get the larger bedroom/bath and pay 60% of the rent?

$1,800 * 60% = $1,080

Your TurnYour TurnYou find a two bedroom apartment for $1,800.

How much would your share be if you get the much larger bedroom/bath and pay 70% of the rent?

Math workspace:

Doing the Math #2Doing the Math #2You find a two bedroom apartment for $1,800.

How much should your net salary be to afford your share (if your share was 60%)? Remember, you should spend no more than 30% of your net salary?

$1,800 * 60% = $1,080 / 30% = $3,600

Your TurnYour TurnYou find a two bedroom apartment for $1,800.

How much should your net salary be to afford your share (if your share was 70%)? Remember, you should spend no more than 30% of your net salary?

Tips for Keeping the Tips for Keeping the PeacePeace

1. Communication is key! Don’t let problems fester….tell your roommate when you’re not happy or upset by something in the apartment.


2. Decide who is responsible for what!

A. Household expenses (can be split 50/50 or each roommate is responsible to pay a bill to build credit).


2. Decide who is responsible for what!

B. Household chores (including who vacuums, wipes down kitchen, take out the trash, etc.)


3. Create a Roommates Agreement.


3. A Roommates Agreement addresses concerns that can cause conflict including: storage, living space, personal items, cleanliness, noise, parties, and overnight guests.


4. Respect each other’s privacy.

5. Put a lock on your bedroom door.


6. Get everything in writing.

7. Be a respectful roommate!

Tips for Keeping the Tips for Keeping the PeacePeace8. Select a compatible roommate before signing the lease.


What would make a compatible roommate for

you?

Exit Ticket:Exit Ticket:Create a poster that shows your ideal roommate.Include at least 4 desirable traits that your roommate will need and 2 traits that would make a person undesirable as a roommate.

Documents

UNIT 4: GETTING YOUR FIRST LIVING SPACE Topic: Pros and Cons of Having a Roommate Managing Your Personal Finance