May 23, 2013

Twenty-Something Simulation Project

CALM
Amanda Morgan

Personal Profile:
I will move out of my parent’s home when I am 17 years old.
I will be making $2400 per month.
I want to go to the University of Victoria and study to be an engineer.
I will be driving a Toyota Echo.
I want to live in an apartment with one or more roommates in Victoria, BC.
I will move to Victoria, BC when I am 18 years old, after one year of traveling.
Pay Cheque Definitions:
Gross Income = $15.00 x 40hrs/week x 4wks/month = $2400.00
Income Tax Deduction = $2400/month x 14% = $336.00
Employment Insurance Deduction = $2400/month x 1.73% = $41.52
Canada Pension Plan Deduction = $2400/month x 4.95% = $118.80
Total Pay Cheque Deductions = Income Tax + EI + CPP = $496.32
Net Income = Gross Income – Total Pay Cheque Deductions = $1903.68
Roommate Decisions:
Advantages of a roommate: shared costs of accommodation, companionship, and security.
Disadvantages of a roommate: no privacy, shared accommodation, lack of total control over
the accommodation.
Accommodation Options:
Advantages of a townhouse or duplex: larger area than an apartment, more privacy than an
apartment, no apartment or condo fees, less expensive than a single detached house.
Advantages of an apartment: less expensive than a townhouse or single detached house,
views, location, less maintenance than a townhouse or single house.
Advantages of a single detached house: larger area than an apartment or townhouse, more
privacy than a townhouse or an apartment.
Decisions for Consumers:
Best type of housing for a retired couple with no children who don’t want to cut grass or do
maintenance: apartment.
Best type of housing for a middle aged couple with two small children who desire room form
children and friends to visit: single attached house.
Best type of housing for a young couple with a small child: apartment or townhouse.
Best type of housing for a young, single person, who travels frequently for their job:
apartment.
Rental Accommodation:
When I move out, I picture myself in a two-bedroom, inner-city apartment with one or more
roommates. I’d like to be in a good location so that I can walk places but I will probably also
have a car. The apartment does not have to be large or very nice, as I don’t really care about
that. Affordable is a must.
$975 / 2br - Newly Updated Two Bedroom Suite Cook/Pandora
(Cook/Pandora)

Unfurnished ground floor corner 2 bedroom suite with large balcony,

Very quiet Southern exposure overlooking large fir trees,

Easily walking distance to downtown,

All amenities including shopping, medical and bus transportation close to the property,

Very private, clean & bright suite with NEW kitchen & bathroom cabinets, updated appliances, paint, & carpet,

Secure bike storage included in rent and parking available,

Laundry facility on site,

Please no email inquiries,

Move-in early free

Address 1224 Balmoral Road,

NO SMOKERS, NO PETS,

Contact (250) 385-8544 to arrange for a viewing.

Monthly Cost of Renting Apartment: $487.50
Monthly Cost of Tenant Insurance: $6.00
 Monthly Cost of Electricity: $30.00
Monthly Cost of Cell Phone Plan: $50.00
Monthly Cost of Television (Netflix): $4.00
Monthly Cost of Internet: $25.00
Total Monthly Cost of Renting an Apartment: $602.50
Moving-In Expenses
Security/Damage Deposit: $365.63
Internet Hook-up Cost: $15.00
Cell Phone Purchase: $0.00
New Furniture Costs: $100.00
Total One-Time Cost of Moving In: $480.63
Transportation
Toyota Echo: $0.00
Transportation Operating Costs
1000km per month X $0.28 = $280.00
Total Transportation Expenses = $280.00
Transportation Decisions
When living on my own I would use both my car and public transit, as well as walking and
bike riding, in order to save money and get exercise.
Shopping for Food
Monthly Cost of Food = $200.00
Clothing Purchases
Monthly Cost of Clothing = $50.00
Health Care and Hygiene
Monthly Cost of Health Care = $50.00
Monthly Cost of Blue Cross = $30.00
Monthly Cost of Toiletries = $30.00
Total Cost of Health Care and Hygiene = $110.00
Recreation and Entertainment
Total Cost of Recreation and Entertainment = $150.00
Household Maintenance and Furnishings
Total Cost of Household Maintenance and Furnishings = $20.00
Summary of Total Monthly Expenses
Total Monthly Cost of Renting an Apartment: $602.50
Total One-Time Cost of Moving In: $480.63
Total Transportation Expenses = $280.00
Monthly Cost of Food = $200.00
Monthly Cost of Clothing = $50.00
Total Cost of Health Care and Hygiene = $110.00
Total Cost of Recreation and Entertainment = $200.00
Total Cost of Household Maintenance and Furnishings = $20.00
Total Monthly Expenses = $1893.13
Net Monthly Income = $1903.68
Difference = $10.55