Managing your Personal Finances Apartment Expenses October 6, 2014 1.
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Managing your Personal FinancesApartment Expenses
October 6, 2014
1
Do Now
Review Friday’s notes: Please create a list of apartment
amenities. Please create a list of apartment
utilities. Please answer: Is there an easier way to keep track and calculate monthly apartment expenses?
2
Standards
4.1 Students will be able to understand
factors associated with the cost of living space choices and furnishings.
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Goals of the day:
• Students will be able to understand the typical expenses associated with an apartment.
• Students will be able to complete simple tasks within Excel.
Yesterday…
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You used the www.apartments.com website to research four apartments.
You chose one of them based on criteria important to you.
Some of the more important criteria were probably location, price, layout, and amenities.
Monthly rent…
Average cost of a one bedroom apartment in South Jersey $800 - $1200
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Landlord’s Insurance
Landlord carries business insurance that covers: any structural damage due to
vandalism, fire and certain inclement weather
personal liability for accidents occurring outside of the units.
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Renter’s Insurance
Renter should carry insurance that covers: loss of personal property due to theft,
fire or other covered loss personal liability for accidents
occurring within their unit
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Renter’s Insurance
Determine if insurance is actual cost or replacement cost Actual cost will be current market
value (depreciated cost) Replacement cost is price paid when
purchased (typically higher)
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Renter’s Insurance
Typical Policy provides $30,000 property coverage $100,000 personal liability coverage
for about $12 per month Might require additional insurance for
certain breed of pets
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Renter’s Insurance Tips…
Keep a list of possessions and their receipts to prove what was stolen or destroyed
Videotape your possessions Keep list, receipts and videotape in
a safe place outside your apartment
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Electric
Lights, appliances, TV, computer, etc Average $60 per month
Air Conditioning – central or window Bill will depend on outside temperature
and settings Possibly cooking, hot water, heat
Bill will depend on usage and outside temperature and settings
Could be very expensive
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Gas
Cooking, hot water, heat Bill will depend on usage and outside
temperature and settings Could be very expensive
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Cable
Basic Cable Premium Channels
HBO, Showtime, Sports Package (RedZone, Soccer)
High Definition DVR Broadband Internet Router/WiFi
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Telephone
Landline Going the way of the dinosaurs
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Cell Phone/Tablets
Can’t live without them Might need WiFi
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Excel Mini-lesson
Open Excel
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Average Apartment Monthly Expenses
Bill Monthly AnnuallyRent $900 $10,800 Insurance $12 $144 Electric $60 $720 Gas $40 $480 Cable $125 $1,500 Cell Phone $75 $900
$1,212 $14,544
Let’s add it up…
Rent - $900 Insurance - $12 Electric - $60 Gas - $40 Cable - $125 Cell Phone - $75
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Using the Excel spreadsheet
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Formulas in Excel
Total =sum(A1:F1) Multiply = A1*B1 Divide = A1/B1
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Advantages of Using Excel
Accurate calculations Copy and paste features Better organization of information Performs “What if Analysis” example: What will my salary have to be in
order for my rent to be within the 30% rule?
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Please complete Excel activity
You will be guided through using formulas in Excel.
Calculate yearly expenses by using monthly expenses * 12.
Calculate both monthly and yearly income(salary) amounts needed.
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Exit Ticket
Please provide 3 ways that Excel either simplifies or allows you to more accurately record and predict future apartment expenses….
How might someone who is usually disorganized with their bills benefit
from using an Excel spreadsheet?
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