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Please include the Advanced Addition, on the answer to the entire thing Economics Due Unit: Budgets Homework Assignment: Apartment Budget Purpose: Practice setting up a

Please include the Advanced Addition, on the answer to the entire thing

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Economics Due Unit: Budgets Homework Assignment: Apartment Budget Purpose: Practice setting up a personal budget, and understand the costs involved in a housing choice. Imagine that you are finished with college and are going to rent an apartment on your own. This assignment is to determine a budget for your apartment and living expenses Starting Points. You have landed a job that pays $32,000 per year, payable semi-monthly. It is located in south Fort Worth. You want to rent an apartment in Tarrant County to be close to your family and your new job. You have received a gift of $5,000 from your parents to furnish your new apartment. You may (but don't have to) take your current bedroom furniture from your parents' home to your new apartment, but not anything else. You will have to provide your own transportation. If you have a car now, assume it has died and you will need another. Assignment. Calculate your net pay. Research actual costs for Rent (include security deposit, if required) o Utilities (include deposit, if required) o Phone/Internet (you may use your current expense amount for this, but do not have to) For transportation, you will need to choose a vehicle and research car payments and insurance. Determine how much to allow for gas and routine maintenance. If you choose to have a pet at your apartment, include all the expenses that go along with pet ownership. include an amount for savings. Written Presentation. Present your budget for one month in a spreadsheet or chart. Itemize your budget, listing income and all expenses. For those expenses that are not paid monthly (example: car insurance is sometimes paid semi-annually), calculate the monthly cost. Show the calculations for a net paycheck. Identify your research and how you arrived at your budget numbers. For example, list the name of the apartment complex where your rent amount came from. How did you arrive at a grocery amount? List how you will spend the $5,000 gift (it does not all have to be spent) Advanced Addition. One of your friends wants to share an apartment with you and split the costs evenly. Recalculate your budget with a two-bedroom apartment and adjust your other expenses as needed (pay attention to which expenses can be split and which can't, as well as how having two people will affect some expenses). Show the new numbers as an additional column next to your first budget. Assume that you will not lose any security deposit with the move. In addition to the two-bedroom budget numbers, write a paragraph on whether or not this would be a good financial move for you to make

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