SCENARIO
You have just moved out of home and have a part-time job that pays you $18 per hour after tax (you work 20 hours a week). You also have $5000 in a savings account. You have found a share house where you pay $70 per week to share with 3 other people (total rent is $280 per week). The house has 4 bedrooms and 2 bathrooms.
REQUIREMENTS
1. Outline your character and housemates. Explain the job you have, and any connection you have with support systems (e.g. – church, family, clubs, etc.).
2. Develop a Personal Financial Plan (budget) based on the scenario given. This plan must include a realistic personal budget that aims to satisfy your goal of providing long-term financial security for yourself. Remember to estimate living costs.
3. Outline a job roster for the household. Assume that all housemates are available from 6pm onwards each evening.
4. Find (online or from a bank) a savings plan that suits your situation. Explain WHY you have chosen it, using the guidelines from the textbook.
5. Find a vehicle to purchase (must have the advertisement to include in your assignment). Explain why this vehicle is appropriate, and research the associated costs (e.g. – registration, insurance, etc.).
This is a student-based inquiry. Present your findings in one of the following formats:
- An essay or report.