Living on your own – kind of

You’ve been booted and now are venturing out to live on your own. Remember, I am trying to get you to look at your future and have a more realistic view of what life will require of you. Do you really know what it takes? Those among you who are honest will say no. In the budgeting activity we started the adventure. Now comes a little more exploration. Some asked if they could bring things from home (bed, tv, computer and more). I said yes. Thing is, do you really know how much these items cost? Be honest again. To measure your honesty, read on.

1. Look around in your bedroom. You are leaving home. You want to have a comfortable bedroom where ever you are going. How much do you think it would cost to provide another bedroom for yourself similar to the one you have now? Provide your estimate.

2. Next, prepare an itemized list of every major object in your bedroom, including furniture, linens, and creature comforts. These are items you want to have. Then, estimate the cost of each item and place that amount next to the item. For example,
Incredibly comfortable Tempurpedic - $150.00

3. Total of your room, estimated?
How did the total compare to what you expected? Is it higher or lower?

Now for some research (remember the class name is Internship Experience and Research).

4. For each item, find a real cost to furnish your bedroom. For example,
My estimate, Incredibly comfortable Tempurpedic - $150.00
Real cost, Incredibly comfortable twin Tempurpedic - $699.00 + S & H

List items you underestimated.
List items you overestimated.
What is the total difference between your estimate and the real cost?

So much for the bedroom. Even if it is a Studio that you want to move into, you may need to do this in the future. I realize some might have chosen a furnished apartment, but the cost is higher for your monthly rent. For this assignment, you have the parameters.

Now for the living room and kitchen.
How much do you think this will cost? Provide an estimate.
Research how much it would cost to furnish and equip these 2 rooms. Consider various alternatives, including secondhand stores, garage sales, donations from relatives, etc.
1. List items you included.
2. What was your source for each item?
3. What was the total cost?
4. How did the total compare to what you expected?

Putting it all together
For the first portion of budgeting I wanted you to simply start putting g things together. Now it becomes a little more complex. Opps! For those that found places to live, supply information required below. For those that have not found a place to live, the shelters are full, the streets are cold.

Moving-in costs
Rent for first month $
Rent for last month $
Cleaning deposit $
Security deposit $
Utilities deposit $
Other costs (cable, internet, valet parking, grocery delivery, etc) $
Moving costs (if you borrow my truck you’d better fill it up and wash it when you return it) $
Total cost to move in $

Cost of furnishing and equipping an apartment
Bedroom #1 $
Living room $
Kitchen $
Other $
Total cost $


Summary
Total cost for first month (Your bedroom + your kitchen and living room + what it costs to move in + moving costs) $


Now for the especially good part of this assignment. Your $1, 000.00 budget along with these items are due Tuesday. We will talk about this Thursday, Friday and Monday.
In before Tuesday – Exceeds
On Tuesday – Meets
After Tuesday – Falls Below

Ask questions if you are not sure what is going on.