Full Year Course



Full Year CourseBudgeting for Your HomeStudent Activity PacketName: In this lesson, you will learn: Factors to consider when deciding where to live, including the cost of livingHow much you’ll need to budget for utilities and renters insuranceResourcesQuestions4NerdWallet's Cost of Living CalculatorLet’s take a moment to explore the cost of living in two different U.S. cities. To use this calculator, select the big city closest to you, another city you’re interested in comparing, and a $50,000 pre-tax income (the average college grad’s starting salary). Use the results to answer the questions. Estimated time: 7 minsWhich two cities are you comparing? The calculator’s results say “To maintain your standard of living…” What does that mean -- to maintain your standard of living? Would you need to earn MORE or LESS in your new city compared to where you live now? How much? As you look at the 5 comparison categories -- housing, transportation, food, entertainment, and healthcare -- are the differences in cost similar across all categories or very different? Why might this be the case? 9COMPARE: Select Your UtilitiesYou’ve got one more step to take care of after you’ve signed a lease. You need to get your utilities set up and determine how much they will cost. Follow the directions on the worksheet to complete this activity. Estimated time: 25 mins10What’s Your Stuff Worth?Once you move into an apartment you’ll need furniture and housewares. Your home will also contain your electronics, clothes, collectibles, etc., so you’re going to want Renters Insurance. Use this interactive to “customize” your hypothetical first apartment. Then, answer the questions. Estimated time: 5 minsHow much did the website estimate it would cost to replace all the items in your apartment? On the final screen, it asks how much “disposable income” you have per month. That’s the amount of money you’d have each month after saving/investing and paying all your other required expenses (rent, loan payments, food, gas, etc.). Many Americans live paycheck to paycheck (with no disposable income), but let’s assume you have $300. How long will it take you to replace EVERYTHING in your apartment? How much does the interactive assume your renters insurance policy will cost per month? Does this surprise you? Explain.Do you think you will get renter’s insurance as a young adult? Why or why not? ................
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