WebQuest
Personal Finance- Renting a House
Process
Find a house for rent in your price range. You will document your costs using the provided "Personal Budget" worksheet. Your goal is to not spend all of your income. You want to have money left over after paying rent, utilities, food, and putting money aside for your dream house. Use the following assumptions below.
Renter's Insurance $18 a month
Food expense $150 a month
Water bill $15 a month
Cable/Internet bill $95 a month
Electric bill $75 a month
Miscellaneous bills (ex. cell phone bill) $100 a month
Pick an amount to set aside to save for your dream house each month
Steps to complete
1. Based on the assumptions above, estimate the maximum rent you will be able to afford. You will pick an amount you wish to save for your dream house each month. The more you set aside in savings, the more you will save each year. If you set aside more in savings, you will be able to afford your dream house quicker than someone who does not save as much. If you do not save as much, you will be able to rent a more expensive house. The choice is yours.
1. Based on the assumptions above, estimate the maximum rent you will be able to afford. You will pick an amount you wish to save for your dream house each month. The more you set aside in savings, the more you will save each year. If you set aside more in savings, you will be able to afford your dream house quicker than someone who does not save as much. If you do not save as much, you will be able to rent a more expensive house. The choice is yours.
2. Search online to find a house for rent with a rent less than or equal to your maximum rent payment that you established in Step 1. You may search for houses for rent anywhere in the United States. There is not a requirement for the number of bedrooms/bathrooms.
3. Calculate the cost of housing each month using the assumptions above and the price of rent you found in Step 2.
4. Calculate the cost of living each month using the cost of housing found in Step 3 and the assumptions listed above.
4. Calculate the cost of living each month using the cost of housing found in Step 3 and the assumptions listed above.
5. Decide on an amount you wish to place in savings each month to save for your dream home. Use the income provided and the total cost of living you found in Step 4 to determine the money you have leftover. From the money you have leftover, choose an amount to save for your dream house. It is important to remember to leave some money for personal and emergency expenses. So do not place all the money you have leftover in savings for the dream house.
6. Calculate the total yearly savings for your dream house. Use the amount you chose in Step 5.
7. Calculate the total money leftover for personal and emergency expenses by subtracting the cost of living you found in Step 4 and the amount you are placing in savings for your dream house from Step 5 from your income.
8. If the amount you found in Step 7 is more than or equal to $0, answer Yes. If it is negative, answer No.
9. Question 9 should be answered using complete sentences. Discuss whether or not you would choose the same house to rent after completing your personal budget.
10. Question 10 should be answered using complete sentences. Discuss whether or not you think saving for your dream house is important.
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