Personal Budgeting Assignment

Topics: Renting, Leasehold estate, Landlord Pages: 7 (1421 words) Published: November 20, 2012
You are to imagine that you are 21 years of age and have decided to make it on your own. You earn $606 a week and are looking for an apartment/unit/house to rent. Your parents have generously given you $2,000 to help pay for furniture and the bond on your new residence. You will need to calculate your weekly repayments and cost of living arrangements. Remember you cannot spend more than you have and you cannot borrow money.

As it dawned upon me that $606 was quite limiting I realised that I would have to find a job that would not be an option for my life. I was lucky enough to find a job that’s interesting as a hairdresser in Melbourne City. The qualifications needed are experience and reliability; fortunately both of which I already posses. I earn the exact minimum wage of $31,512 per year.

When searching for an abode, with my new-found job wage burning away in my back pocket, I again contemplated the obvious. It wasn’t much! As I searched and searched I came across a god-send in disguise as an apartment. At just $60 per week it barely scraped away at my weekly wage, leaving me after paying the initial bond and $546 for the weeks after. With the extremely cheap price I was blown away when I saw that it was in the same suburb (Melbourne) as my previously stated job- could this 1 bedroom, 1 bathroom apartment get any better? Apparently it could. As I looked up pictures of my abode I saw it was very modern looking; with sleek, homely wooden floorboards, white painted walls and skirtings and stainless steel taps. All of these traits contribute to why I chose to ‘move in to’ apartment number 15; 22-24 Jane Bell Lane, Melbourne.

There are many things to keep in mind when renting a property, especially if you are renting at the same time. 1. Lease Agreements: Are listed in contract signed by both parties, they are terms of agreements. 2. Time Period: The time period of which the tenant signs the lease stating how long they will be occupying the property for. Either party can terminate the lease if they have a suitable reason. 3. Right of Entry: The landlord is given permission to enter the premises during normal business hours regarding maintenance issues. However the tenant should know 24 hours beforehand. 4. Rent: The tenant must pay the amount listed on the lease agreement. 5. Pets, Maintenance and Discrimination: When leasing the land lord is legally not allowed to reject someone on the basis of age, gender or sexual orientation. There may be pet policies either allowing or not allowing. 6. Insurance: The tenant is responsible in case of fire, theft and flood insurance yet the landlord is responsible for insurance of the tenants belongings.

PICTURE| DETAILS| WHERE PURCHASED| WHY I BOUGHT IT| | | GUMTREE| To store my books and other trinket items in.| | | GUMTREE| To store my clothing and put my television on.| | | GUMTREE| To sit on while I’m at the desk.

To do my work at.|
| | GUMTREE| To put things on in the lounge room.|
| | GUMTREE| To sleep on.|
| | GUMTREE| To cook food in.|
| | GUMTREE| To sit on in the lounge room.|
| | GUMTREE| To sit and eat at.|
| | GUMTREE| To watch television on.|
| | GUMTREE| To wash my cloths in.|

item| Price and why I need it|
| To cook toast|
| To cook toast|
| To blend|
| To beat food|
| |
| Price- $35.45To clean.|
| To clean.|
| To clean.|


UTILITIES| SUMMER| AUTUMN| WINTER| SPRING| TOTAL| WEEKLY COST| COMBINED WEEKLY COST| ELECTRICTY| $181| $174| $180| $172| $707| $13.59| $47.06| WATER| $150| $138| $164| $270| $722|...
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