Personal Budgeting Assignment

PERSONAL BUDGETING PROJECT You argon to imagine that you argon 21 years of age and shake off decided to make it on your own. You earn $606 a week and are looking for an apartment/ unit of measurement/house to rent. Your parents vex generously given you $2,000 to help pay for article of furniture and the bond on your new residence. You will need to calculate your hebdo sick of(p)ary repayments and cost of living arrangements. Remember you cannot spend more than you have and you cannot adopt money. TASK ONE As it dawned upon me that $606 was quite limiting I established 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 thats 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. TASK TWO, TASK trey & TASK SEVEN When searching for an abode, with my new- launch job wage burning away(pre dicate) in my back pocket, I again contemplated the obvious. It wasnt 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 sawing machine that it was in the same suburb (Melbourne) as my previously stated job- could this 1 bedroom, 1 bathroom apartment hold fast any better? manifestly it could. As I looked up pictures of my abode I saw it was genuinely modern looking with sleek, homely wooden floorboards, white painted walls and skirtings and virtuous steel taps. All of these traits contribute to why I chose to move in to apartment number 15 22-24 Jane Bell Lane, Melbourne. http//www. realestate. com. au/rent/between-50-100-in-melbourne/list-1? inauguration=location-search TASK FOURThere are many things to keep in mind when renting a property, specially if y ou 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 occlusive of which the populate signs the lease stating how long they will be occupying the property for. both party can terminate the lease if they have a sufficient reason. 3. Right of Entry The landlord is given permission to enter the premises during design 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 diversity 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 trustworthy in case of fire, theft and flood insurance yet the landlord is responsible for(p) for insurance of the tenants belongings. TASK FIVE 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 telly on. GUMTREE To sit on while Im at the desk. To do my work at. GUMTREE To put things on in the lounge room. GUMTREE To sleep on. GUMTREE To mend food in. GUMTREE To sit on in the lounge room. GUMTREE To sit and bury at. GUMTREE To watch television on. GUMTREE To wash my cloths in. TASK SIX item worth and why I need it To cook scrunch up To cook toast To blend To beat food Price- $35. 45To clean. To clean. To clean. TASK EIGHT UTILITIES SUMMER gloam WINTER SPRING TOTAL hebdomadary COST COMBINED WEEKLY COST ELECTRICTY $181 $174 $180 $172 $707 $13. 9 $47. 06 WATER $150 $138 $164 $270 $722 $13. 88 bollix up $122 $150 $251 $172 $659 $12. 67 PHONE $90 $90 $90 $90 $360 $6. 92 Bills are a part of life in the big(a) world everybody gets and needs to pay them. After paying my rent and thusly my utility bills, each week I am remaining-hand(a) with $498. 94 for other everyday expenses such as food and transport. I am left, out of the total $31,512 a year, $25,944. 88. INCOME ($606) convey ($60) UTILITIES ($47. 06) = $498. 94 TASK night club When travelling to work just about people use some draw of transportation.Walking or riding a bike isnt ceaselessly impound after taking into consideration the pros and cons of owning a car and taking humankind transport, I have opted to use public transport to get to and fro. A car is very expensive as you have to pay petrol, insurance, adaptation and maintenance Taking into consideration the fact that I come through in the inner city, traffic at peak hours (the times I would most likely be on the road heading to or from work) would be ghastly Not to mention parking. The less costly alternative of travelling trams and trains allows me to always be on the go, with no trafficThe general price is listed in the below table, though I would spend $32. 80 on weekdays and if I go out on both days on the weekend $6. 60 (total of $39. 40) Public transport is also very eco-friendly. INCOME ($606) RENT ($60) UTILITIES ($47. 06) TRANSPORT ($39. 40) = $459. 54 TRIP FARES Daily Zone 1+2 Full Fare (weekday) $6. 56 Daily Zone 1+2 Full Fare (weekend) $3. 30 TASK TEN FOOD & footing QUANTITY TOTAL COST 1 3 1 3 1 1 1 1 1 500g 6 1 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 4 4 5 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 INCOME ($606) RENT ($60) UTILITIES ($47. 06) TRANSPORT ($39. 40) SHOPPING ($221. 61) = $237. 93 TASK ELEVEN I am finally free to live the way I please and do the things I like emerge of the $2,000 given to me from my loving, caring parents I have $1,225 much money left and I am choosing to save it so I can go on holidays in the future, or in case of an emergency. Out f my weekly wage after paying everything I need to I have $237. 3 left, which I am also saving. I intrust it will be good for me to have that money left oer in the bank, it also proves to my parents or any other people whom have doubts of young people making it on their own TASK cardinal The real world can be a hard, gruelling place- especially if you go at it on your own In this budget check over I will talk about what I expected, how I mad our decisions, problems and difficulties, things I have learned, influencial changes and some advice to those starting out. This labor has given me a right taste of that world, and let me tell you it was not what I expected.I always thought it wasnt that hard to find a job or a house- but it sure is. After hours of looking I found my job and house, both in the appropriate area. It was hard finding food and understanding the terms of leasing a property but I managed to get through it all. I did not expect that I would have budgeted so well though The amount of money I have left shoc ked me to the core as I am usually I am an extremely rapid spender, yet this project has taught me that you cant go spending all your money on silly pocketable things and that money doesnt grow on trees.Those learning curves influenced my decisions throughout the project greatly. If I were to give advice to anyone starting out, I would let them know that yes it is a hard place but once youve got it all sorted you intent so proud. Dont ever give up Also, acquire stuff from gumtree. com. au- massive bargains I am so looking before to moving out of home an putting to use the lessons I have learned in the past weeks.