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Rental application

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  • 1. Appendix I Student Work Pages Appendix I Page 1
  • 2. APARTMENT RENTAL APPLICATION (Complete separate application for each adult tenant.) Name: _______________________________________ Social Security Number: ___________ Last, First, Middle Driver’s Lic/ID #: _______________________ State: _________ Date of Birth: _______________ Month/Day/Year CURRENT Address:_______________________________ City: ______________ State: _____ Zip: ________ Street/Unit # Home Phone: ( ) ______________ Work Phone ( ) _______________ How Long? From: ______________ To: _____________ Last Rent Paid: Month ____________ Amt $ ______ Month/Year Month/Year Owner/Manager: ________________________ Tel: _______________ Reason for leaving: _______________ =============================================================================== PREVIOUS Address:______________________________ City: ______________ State: _____ Zip: ________ Street/Unit # Home Phone: ( ) ______________ Work Phone ( ) _______________ How Long? From: ______________ To: _____________ Last Rent Paid: Month ____________ Amt $ ______ Month/Year Month/Year Owner/Manager: ________________________ Tel: _______________ Reason for leaving: _______________ =============================================================================== SECOND PREVIOUS Address:______________________________ City: ______________ State: _____ Zip: ________ Street/Unit # Home Phone: ( ) ______________ Work Phone ( ) _______________ How Long? From: ______________ To: _____________ Last Rent Paid: Month ____________ Amt $ ______ Month/Year Month/Year Owner/Manager: ________________________ Tel: _______________ Reason for leaving: _______________ =============================================================================== CURRENT EMPLOYMENT Company Name: ____________________________ Address: _____________________________________ Phone: ________________ Occupation/Position: __________________ Type of Business: ________________ Name of Supervisor: _____________________ Dates of Employment From: _________ To: _________ Monthly Salary: ____________ =============================================================================== PREVIOUS EMPLOYMENT Company Name: ____________________________ Address: _____________________________________ Phone: ________________ Occupation/Position: __________________ Type of Business: ________________ Name of Supervisor: _____________________ Dates of Employment From: _________ To: _________ Monthly Salary: ____________ =============================================================================== WHEN DO YOU PLAN TO MOVE IN? DATE: ______________ Applicant represents that statements made are true and correct and hereby authorizes owner’s periodic verification of credit, income and references to include but not limited to credit, unlawful detainer, and bounced checks and agrees to furnish additional credit references on request. Applicant agrees to pay for said verification via check made payable to the Apartment Association, which check shall accompany this Application. Such payment is a part of the application process and is a charge for the administrative costs of application consideration. If applicant’s check is return “NSF”, owner shall be liable for the charge on demand. The undersigned makes application to rent housing accommodations designated as: I hereby apply to rent/lease Apartment No. ______ at _________________________________ for $__________ per month and upon approval of my Application agree to pay the first month’s rent of $__________ and a security deposit in the amount of $__________. Applicant Signature: _____________________________________ Date: ________________ Appendix I Page 2
  • 3. Name: ______________________________________ Date: ___________________ SETTING UP A MONTHLY BUDGET You have now set up a checking account and a savings account, and you have received a debit card from your bank. You have money in both accounts, and it is time to think about how you will use that money. Soon, you will begin searching for a job and an apartment. This means you will have money coming in, but you will also have money going out. You will have to follow a budget (a written plan) to keep track of your income and expenses. Think about the expenses you listed on Activity 1. You will have some expenses every month, such as utility bills. You will have other expenses every once in a while, like medical bills. Some expenses will cost the same amount every month; these are fixed expenses. Other expenses may change from month to month; these are variable expenses. Remember that your income must balance with your expenses. Your income should be more than your expenses so that you can deposit money into your savings account each month in case there is an unexpected expense. Once you get a job, you will have to follow a monthly budget and keep track of where your money goes. Review the monthly budget form and cash on hand form. Read the list of expenses below. Estimate how much you think each bill would cost every month if you had your own apartment and your own vehicle. Then determine the total. Keep this amount in mind when you search for a job. Write the start up cost’s below. 1. Rental Deposits: _____________ 2. First month’s rent: _____________ 3. Furnishings: _____________ 4. Turning on Electric: _____________ 5. Turning on Water & Garbage: _____________ 6. Turning on the Phone: _____________ 7. Turning on Cable if you decide to get cable for your Television: _____________ Appendix I Page 3
  • 4. MONTHLY BUDGET FORM INCOME: AMOUNT: Pay check ______________ Other ______________ FIXED EXPENSES: Rent ______________ Phone Bill ______________ Cell Phone Bill ______________ Vehicle Payment ______________ Vehicle Insurance ______________ Medical Insurance ______________ VARIABLE EXPENSES: Gas Bill ______________ Electric Bill ______________ Groceries ______________ General Shopping ______________ Laundry ______________ Clothes ______________ Entertainment ______________ Vehicle Maintenance & Gas ______________ Miscellaneous ______________ TOTAL INCOME: ______________ TOTAL FIXED EXPENSES: ______________ TOTAL VARIABLE EXPENSES: ______________ MONEY LEFT OVER: ______________ CHECKING ACCOUNT BALANCE: ______________ SAVINGS ACCOUNT BALANCE: ______________ Appendix I Page 4
  • 5. Name: ______________________________________ Date: ___________________ VEHICLE INSURANCE APPLICATION Westwood Insurance Applicant Information: Applicant Name: ___________________________________________ Mailing Address: ___________________________________________ ___________________________________________ City/State/Zip Code Home Phone: _________________________ Years/Months at Current Address: ______________________ Own: ___ Rent: ___ Policy Information Policy Number: ________________________ Customer ID: ________________________ Total Estimate Premium: $540.00 Term: 12 Months Payment Plan: Monthly Monthly Payment: $45.00 Application signed by: _________________________________________ Vehicle Description/Use: Vehicle ID: _____________________________ Make/Model: _____________________________ 4-Door: Yes ____ No ____ Year: _____________________________ Registered State: _____________________________ Date Purchased: _____________________________ New: _____ Used: _____ Miles driven to Work/School (one way): ____________ Days Driven per week: _____________________ Estimated Annual Mileage: ______________________ Antitheft Device used: ______________________________________________________________ Employment Information: Occupation: _____________________________ Years in current Occupation: ______ Employer: ______________________________ Phone: ________________________ Address: _________________________________________ _________________________________________ City/State/Zip Code Appendix I Page 5
  • 6. VEHICLE INSURANCE APPLICATION (Continued) Driver Information: Name: _______________________________________________ License Number: ______________________________ State: _______________ Date Licensed: ________________ Date of Birth: ______________ Gender: Male ___ Female ___ Marital Status: ____________________ Violations/Accidents in the past 3 years: _______________________________________________________ ________________________________________________________________________________________ ________________________________________________________________________________________ ________________________________________________________________________________________ ________________________________________________________________________________________ Is there any damage to the vehicle? Yes ___ No ___ Do you park the vehicle on the street? Yes ___ No ___ Has your driver’s license been revoked or suspended? Yes ___ No ___ Are you in the military? Yes ___ No ___ Do you have any physical or mental impairments? Yes ___ No ___ NOTICE: Personal information about you, including information from a credit report may be collected from other people. This information will be treated confidentially. You have the right to review your personal information in our files and can request correction of any inaccuracies. Applicant’s Statement: I have read the above application and I declare that all the statement I have made are true to the best of my knowledge and belief. Applicant’s Signature: ______________________________ Date: ____________________ Appendix I Page 6
  • 7. Name: ______________________________________ Date: ___________________ FIRST PAY CHECK You have been working hard at your new job for a month and now it is time to be rewarded for your work. You are going to get your first paycheck. Look over the words and definitions below so that you will understand the information printed on your pay check. Deductions: Money that is subtracted from your gross pay for things like taxes, social security and insurance. Federal Income Tax: Money that is subtracted from your paycheck and given to the federal government to help run the country. Gross pay or Gross Amount: The total amount of money you earn before any deductions are taken out of your pay check; if you get paid by the hour, you can calculate this amount by multiplying the number of hours worked by the amount you earn per hour. Insurance: Money that is subtracted from your pay check to pay for your medical insurance. Net amount or net pay: The amount of money you are paid after all the deductions are subtracted; this is the amount of your pay check. Overtime pay: The amount of money you earn for working more that 40 hours per week. Pay Stub: The part of a paycheck that provides information about the pay period, including the number of hours worked and the deductions taken out of the pay check. Regular Pay: The amount of money you earn for working 40 hours each week. Social Security: Money that is subtracted from your pay check to be saved and paid back to you when you retire; this is sometimes written as FICA on your pay check. State Income Tax: Money that is subtracted from your pay check and given to your state’s government to help run the state. Carefully review your pay check and then deposit it into your checking account. To deposit a check you must endorse it. This means you have to sign your name on the back of the check above the line that says, “DO NOT WRITE BELOW THIS LINE”. You should never endorse a check until you are at the bank ready to make a deposit. If someone found an endorsed check, he or she could cash it. Endorse your pay check, fill out a deposit slip and record the transaction in your check register. Appendix I Page 7
  • 8. GAS AND ELECTRIC BILL Utility bills are bills you will probably have to pay to have heat, air conditioning, and water in your apartment. Electric bills are one kind of utility bill. Electricity is often used for air conditioning and heating homes. Things like lamps and appliances need electricity to make them work. Gas can also be used to heat homes and to make stoves and hot water heaters work. When you move into an apartment, you will need to call the gas and electric company to begin your service. If you are opening a new account, you might have to pay a deposit to start your service. You will receive a monthly bill for the gas and electricity you have used. Gas and electricity meters (a type of machine) will keep track of how much gas and electricity you use. You will usually receive a gas and electric bill in the mail once a month. Make sure you look at the due date on the bill as soon as you receive it so that you can pay the bill on time. You can pay your bill by mailing a check to the gas and electric company or by taking a check to the company’s office. You can also pay this bill at the grocery store. Because gas and electricity make so many important things work, you should make sure to pay your bill on time each month so that this service will not be turned off. If you do not have enough money to pay the bill, try to pay at least half of the amount you owe. This will show the gas and electric company that you are trying to pay your bill. If you ever get a notice in the mail that says your gas and electricity are going to be turned off, call the gas and electric company immediately to make arrangements to bay your bill. Remember that you can lower your next gas and electric bill by conserving power whenever possible. Turn off the lights when you leave a room. Adjust the thermostat for your heater and air-conditioner when you leave the apartment; you do not need to heat or cool the apartment when you are not at home. You have just received your first gas and electric bill. Study your bill carefully and answer the following questions. 1. When is your payment for this bill due? 2. How much do you owe for gas? 3. Hw much money do you owe for electricity? 4. What is the total amount you owe? 5. How much is the state and local sales tax? 6. How often do people usually receive gas and electric bills? 7. What are three ways you can pay your gas and electric bill? 8. Look up a gas and electric company in a local phone book. What is the phone number? 9. What should you do if you cannot afford to pay the total amount you owe on your gas and electric bill? 10. What are two ways you can conserve electricity? After you have looked over your bill, write a check for the total amount due. Record the amount of the check in your check register. Then fill out the entry for this bill on your monthly budget form. Decide if you want to mail the check, take the check to the gas and electric company’s office, or pay the bill at the grocery store. If you mail it, you will need to by a stamp. If you go to the office, you will need $1.00 to pay for the bus ride. If you pay your bill at the grocery store, you will need $.75 for the handling fee. When you decide how you will pay your bill, record any cash spent on your cash on hand form. Appendix I Page 8
  • 9. WATER BILL A water bill is another type of utility bill. Water is essential for bathing, cooking and drinking. When you move into an apartment, you will need to call the water company to begin your service. You will receive a bill each month that will show you haw many gallons of water you used during the previous month. If you are opening a new account, you may have to pay a deposit to start your service. Make sure you look at the due date on the bill as soon as you receive it so that you can pay the bill on the time. You can pay your bill by mailing a check to the water company or by taking a check to the company’s office. You can also pay this bill at the grocery store. Because you use water every day, you should make sure to pay your bill on time each month so that this service will not be turned off. If you do not have enough money to pay the bill, try to pay at least half of the amount you owe. If you ever get a notice in the mail that says your water is going to be turned off, call the water company immediately to make arrangement to pay your bill. If your bill shows that you have used more water that month than you have in other months, you might have a water leak. It could also mean that you used too much water during the month. You can conserve water by making sure you do not leave the water running when it is not necessary. Limit the length of your showers as well. You have just received your first water bill. Study your bill carefully, and answer the following questions. 1. When is your payment for this bill due? 2. What is the total amount you owe? 3. What were you charged for other than water and fees? 4. Which portion of the bill should you take with you if you pay in person? 5. What are three ways you can pay your water bill? 6. How often do people usually receive water bills? 7. Look up a water company in a local phone book. What is the phone number? 8. What are two ways you can conserve water? After you have looked over your bill, write a check for the total amount due. Record the amount of the check in your check register. Then fill out the entry for this bill on your monthly budget form. Decide if you want to mail the check, take the check to the water company’s office, or pay the bill at the grocery store. If you mail it, you will need to buy a stamp. If you go to the office, you will need $1.00 to pay for the bus ride. If you pay your bill at the grocery store, you will need $.75 for the handling fee. When you decide how you will pay your bill, record any cash spent on your cash on hand form. Appendix I Page 9
  • 10. PHONE BILL Having a phone allows you to communicate with other people when you are not with them. You can use a phone to call friends and relatives, to contact your employer or people you work with and to get help if there is an emergency (for example, by calling 911 if there is a fire or an accident). When you move into an apartment, you will need to call the phone company to set up an account and get a phone number. If you have never had a phone account before, you might have to pay a set-up fee. You will receive a monthly bill for your basic service and any long-distance phone calls you made during the month. Your bill will list the charge for your basic service, the charge for any long-distance calls made, taxes and the total amount due. If you do not make any long-distance calls, your bill will be for the same amount every month. You can pay extra each month for services such as call waiting and caller ID. Since you are just starting out, you should probably order only basic phone service. If you think you can afford it, you can always add extra feature later. When you receive your phone bill, make sure you look at the due date on the bill so that you can pay the bill on time. You can pay your bill by mailing a check to the phone company or by taking a check to the company’s office. You can also pay this bill at the grocery store. Because having a home phone is so helpful, you need to pay your bill on time so that your phone will not be disconnected. If you ever get a notice that you phone is going to be disconnected, call the phone company immediately to make arrangement to pay your bill. You have just received your first phone bill. Study your bill carefully and answer the following questions. 1. How much money do you owe for your basic phone service? 2. Do you have any long-distance charges on your bill? 3. What is the charge for taxes? 4. How much is the set-up fee? 5. What is the total amount you owe? After you have looked over your bill, write a check for the total amount due. Record the amount of the check in your check register. Then fill out the entry for this bill on your monthly budget form. Decide if you want to mail the check, take the check to the phone company’s office or pay the bill at the grocer store. If you mail the check, you will need to buy a stamp. If you go to the office, you will need $1.00 to pay for the bus ride. If you pay your bill at the grocery store, you will need $.75 for the handling fee. When you decided how you will pay your bill, record any cash spent on your cash on hand form. Appendix I Page 10
  • 11. Name: ______________________________________ Date: ___________________ FIRST MONTHLY BUDGET You should be very proud of yourself for working hard and earning your first pay check. Now that you are making money and paying bills, you need to begin budgeting your money each month so that you know exactly what you are spending. Filling out a monthly budget will also help keep you from spending too much money. Look at your monthly budget form. Record the amount of your pay check and the amount you will have to pay for rent. Next fill in the amounts of money you currently have in your checking account, in your savings account and in cash. Write the amounts you have spent this month on groceries, general shopping and laundry. In the “Miscellaneous” category, record the amounts you spent on furniture and your apartment security deposit. You will fill in the remaining blanks on your monthly budget for when you find out how much your utilities will cost. Next month, you will be able to estimate most of your expenses because you will know what you spent this month. This will allow you to fill out your monthly budget form before you spend any money. Appendix I Page 11
  • 12. Name: ______________________________________ Date: ___________________ ORGANIZING YOUR BILLS You have paid your gas and electric, water and phone bills for two months now, so you already have six bills in file. You can see that a lot of paperwork is involved in living on your own. It is important to have some kind of system to help you organize your bills. You will not always pay your bills the day you get them in the mail. There will be times when you receive bills a week or more before they are due. You may not have gotten your pay check yet. You will need to keep these bills until you have received and deposited your pay check. Using file folders can help you keep track of your bills. You can label one folder “TO BE PAID” and another fold “PAID”. Write the due date and bill type for each bill on a piece of paper and paperclip it to the outside of the “TO BE PAID” folder. Set the folders in a place where you will see them every day, such as in a standing mail holder on your kitchen countertop. Place the “TO BE PAID” folder on top so that you can quickly see the due date for each bill. Each bill will probably have a detachable portion tat you will need to mail with your payment. Keep the other portion of the bill in case you need to look at it later. Write the date you paid the bill and the check number on this portion of the bill. Place this portion in the “PAID” folder. This is one way you can organize your bills. Review the organizational system explained above and answer the following questions. 1. How many file folders do you need? 2. What titles should you write on the folders? 3. What can you place the folder in? 4. When you receive a bill in the mail, which folder should you place it in? 5. What should you write on the piece of paper you will paperclip to the “To Be Paid” folder? 6. What should you write on the portion of the bill you will keep? 7. Why should you set the folders in a place where you will see them everyday? 8. Why do you think it is important to organize your bills? Appendix I Page 12
  • 13. Name: ______________________________________ Date: ___________________ BUYING VEHICLE INSURANCE If you are going to own and drive a vehicle, you must have vehicle insurance in case you have an accident. Vehicle insurance will protect you by paying bills that you cannot afford to pay, like vehicle repairs and medical expenses related to driving accidents. To have this protection you will have to pay an insurance premium. Some insurance plans are cheaper if you pay for 3, 6, or 12 moths at a time. Because you do not have enough money saved at this time, you will have to make a payment each month. Perhaps in the future you will be able to save enough money to pay for a year at a time. Types of Vehicle Insurance: Liability Insurance: This protects you if you are involved in an accident and it is your fault. This insurance will pay the other person’s doctor and hospital bills as well as fix his or her vehicle. Collision Insurance: This protects you no matter whose fault the accident is. This insurance will pay to fix your vehicle. Comprehensive Insurance: This will pay to fix your vehicle if there is a problem because something other than an accident, like fire or hail damage. Medical Insurance: If you are involved in an accident, this insurance will pay the doctor and hospital bills for you and anyone else in your vehicle. Uninsured Motorist Insurance: If you are involved in an accident that is the other driver’s fault and he or she does not have liability insurance, this insurance will pay to fix your vehicle and will pay your doctor and hospital bills. In most states, the law says you must have at least liability insurance if you are going to drive. Whether it is a law in your state or not, you should at least have liability insurance to protect yourself. Without liability insurance, you might have to spend all your money to pay bills for another person. To get a loan to buy a vehicle, you will probably have to buy collision insurance as well as keep it at least until you pay off the loan. You will probably have a deductible for one or more of the insurance plans you purchase. A deductible is an amount you have to pay before insurance starts to pay. For example, if you had a $200.00 deductible, were in an accident, and it cost $700.00 to fix your vehicle, you would have to pay $200.00. Then you insurance company would pay the remaining $500.00. Insurance can be very expensive. It will be one more thing you have to pay for every month. Keep in mid that insurance might cost more if you: • Are Male • Have a Sports Car • Are under 25 years of age • Have a new vehicle • Are not married • Have an expensive vehicle • Have been in one or more accidents • Have to drive as part of your job • Have gotten one or more speeding tickets • Do not own you own home Appendix I Page 13
  • 14. Name: ______________________________________ Date: ___________________ Review the information about vehicle insurance and complete the sentences below. 1. _____________________________ insurance will pay for your vehicle to be fixed if you are in an accident that is your fault. 2. In most states, the law says you have to have ________________________________ insurance if you are going to drive. 3. ___________________________________ insurance will pay to have your vehicle’s window fixed if hail cracks it. 4. If you are in an accident that is not your fault and the other person does not have insurance, ___________________________________ insurance will pay to fix your vehicle. 5. If you are in an accident that is your fault, _______________________________ insurance will pay to fix the other person’s vehicle. 6. Your vehicle insurance might cost more if you are under ___________ years old. 7. If you take out a loan to buy your vehicle, you will probably have to get ________________________________ insurance. Now it is time to purchase vehicle insurance. When you make monthly payments, you pay a month in advance. You will have to purchase collision insurance wince you took out a loan to buy your vehicle. The cost of your insurance will be $45 a month. Fill out the vehicle insurance application form. Write a check to pay your first bill and record the transaction in your check register. Appendix I Page 14
  • 15. Name: ______________________________________ Date: ___________________ CREDIT CARDS If you have a credit card, you can charge the money you owe for something and pay for it later. Credit cards allow you to purchase expensive items now and pay for them a little at a time. For example, you might need to buy a new couch for your living room. Since furniture is expensive, it would probably take you a long time to save enough money to buy a couch. If you had a credit card, you could charge the full price and make a payment each month until it is paid off. Credit cards are convenient, but they can also be risky. You might be tempted to use your credit card too often for things you would not normally buy. When you get a credit card, you will be given a credit limit based on how much money you make and how good your credit history is. Your credit limit will probably start at $500 or $1000. You will not be allowed to charge more than this amount but you should try not to charge this much money. I could take you a very long time to pay it back, especially if you could pay only the minimum amount due each month. Your credit card company will send you a statement every month listing all the charges you made during the past month. The statement will also tell you the total amount of money you owe, the minimum amount you have to pay that month and when your next payment is due. If you make a payment after the due date or do not make a payment at all, the credit card company will charge you a late fee of $30 to $40. You should always pay your bills on time. Late payments will make your credit history look bad and they can also make it difficult for you to get more credit cards, student loans or a loan to buy a house. When you receive your statement, you should try to pay the entire amount you owe. If you do not pay your entire balance, you will have to pay interest on what you owe. Your statement will list the annual percentage rate (APR) that the company will use to calculate your interest. When you get your first credit card, your APR may be high, as high as 25-30 percent! That means that if you charge $1000 and have this balance for an entire year, you will have to pay an extra $250-$300 just in interest. This is why it is so important to pay your entire balance each month. If you cannot pay the entire balance, you should pay as much as you can because you have to pay interest only on the amount you owe. The less money you owe, the less interest you have to pay. The first credit card you should probably get is a gas card that allows you to charge your gas when you fill up your gas when you fill up your vehicle. You will not be able to charge too much money with this type of credit card because it will have a low credit limit, like $300. Gas cards will also prevent you from buying too many things because you can only use a gas card at a gas station. You would probably be much more tempted to charge a lot of money at a department store than a gas station. Many gas cards also require you to pay the entire balance each month, so you should not have to pay high interest charges. 1. Why is it important to always pay your bills on time? 2. Why should you try to pay your entire credit card balance each month? 3. What are two risks involved with having a credit card? 4. What is one reason that a gas card should be your first credit card? Appendix I Page 15
  • 16. Dear Parent/Foster Parent/Guardian: We are currently learning about driving-related items, such as road signs, car owner’s manuals, insurance cards, and the reading skills needed to interpret them. During this unit, your child will learn to use the vocabulary words associated with driving-related items, understand the symbols and abbreviations used on driving-related items and the use of driving related items in everyday life. At the end of the unit, your child will complete a project that demonstrates his or her ability to read and interpret these items. To extend your child’s learning, any at-home practice you can provide would be greatly appreciated. Below are several activity suggestions: • Discuss vehicle maintenance with your child. If you have the owners’ manual for your vehicle, look through it together. • Have your child make a list of road signs he or she sees while you are driving. Ask your child to sketch several of the signs and explain what they mean. • If you have access to the Internet, have your child look up driving rules for your state. • Help your child review the road sign study sheet he or sheet received in class. • Look over your insurance policy with your child. Compare the information printed in your policy to the information printed on your insurance card. • Look over your driver’s license with your child. Review the information listed on the license. Discuss what each abbreviation and code means. Thank you for your cooperation. Sincerely, Appendix I Page 16
  • 17. WRITING A CHECK Now that you have a checking account, you will be able to write checks to pay for your expenses. Remember that whenever you write a check you must have at least that much money in the bank. Ask your foster parent for a voided check so you may practice the following: Steps for writing a check: 1. Write the date on the blank in the upper right-hand corner. 2. Write the name of the payee (the person or company you are writing the check to) on the blank after the words “Pay to the Order of”. 3. Write the money amount in numerals in the box with the dollar sign next to it. 4. Write the money amount in words on the long blank space below the “Pay to the Order of” line. Write the cents amount in numerals as a fraction of 100. Then draw a line from the fraction to the word “dollars” at the end of the blank so that no one can add anything to what you have written. 5. Write what the check is for on the memo line in the lower, left-hand corner. This will help you remember what you used the check to pay for. 6. Sign the check on the blank in the lower, right-hand corner. You must sign your full legal name (first and last name; no nicknames). Appendix I Page 17
  • 18. USING A CHECK REGISTER Now that you have deposited $1250.00 into your checking account, you will need to use a check register to keep a record of how you spend your money. You will write all banking transactions (checks, fees, deposits and withdrawals) in your check register so that you will always know exactly how much money is in your checking account. This will help keep your check register from getting out of balance. Out of balance means that you and y our bank do not agree on how much money is in your checking account. Ask your foster parent to give you a copy of the check register found in their check book. Steps for recording a Transaction: 1. If you are recording a check, write the check number in the “Check Number” column. 2. Write the Month and date in the “Date” column. 3. Write a brief description of the transaction. 4. Record the amount of a check or withdrawal in the “Payment or Withdrawal” column, the amount of a bank fee in the “Fee” column, and the amount of a deposit in the “Deposit” column. 5. Add or subtract to find the new balance. (Add if you are putting money into the account and subtract if you are taking money out of the account). Record the following transactions in the check register below. Calculate the balance after you record each transaction. 1. Deposited a pay check for $50 on May 31. 2. Check #1436 written for gas at Rudy’s Gas Station in the amount of $15 on June 1. 3. Bank Service Fee of $6 on June 1. 4. Check # 1437 written for groceries at the Super Market in the amount of $23.50 on June 3. 5. Withdrawal of $20 on June 5. Write your initial deposit of $1250 in your check register. Your balance will also be $1250. Give the deposit slip to your teacher. Throughout this program, record each banking transaction in your check register and then give your check, deposit slip or transfer form to your foster parent. Appendix I Page 18
  • 19. OPENING A SAVINGS ACCOUNT The money in a savings account is kept in a bank, just like the money in a checking account; however, the money in a savings account is used differently. It is not withdrawn on a regular basis; it is saved in the bank so that the amount will grow over time as more money is deposited. You can withdraw money whenever you need to, but most banks charge a fee if you withdraw money from your savings account more than two or three times per month. While your money is in a savings account, the bank pays you interest. The interest is calculated using a percentage of the total amount in the savings account. Reasons to Open a Savings Account: 1. Your money will be safe if it is in a savings account; it cannot be stolen, lost or destroyed. 2. You earn more money if your money is in a savings account because the bank pays you interest. 3. Having a savings account can help you save more money. If you want to use the money, you have to go to the bank to withdraw it. Since you must plan ahead, you will be less likely to spend your money carelessly. 4. You will have money saved in case there is an emergency or an unexpected expense. 5. A savings account can help you save money to buy something specific, such as a piece of furniture or a car. 6. Having a savings account allows you to have overdraft protection in case your checking account becomes overdrawn. This means that if there is no money left in your checking account, money from your savings account can be transferred to your checking account. Maintaining yoru check register should prevent your checking account from becoming overdrawn; however, you could make a mistake when you are adding or subtracting or you could forget to record a transaction. This is why overdraft protection is a good idea. Appendix I Page 19
  • 20. USING A DEBIT CARD When you open a checking account at a bank, you can apply for a debit card. You can use your debit card to withdraw money from an Automated Teller Machine (ATM) instead of having to go to your bank. While it is often more convenient to use an ATM, you must be aware that many ATMs charge a fee when you withdraw money. You can also use debit cards to pay for items and services at many businesses, including gas stations, grocery stores and restaurants. A debit card looks a lot like a credit card, but a debit card works differently. The money you withdraw or spend using a debit card is taken directly from your checking account. You cannot pay for something with your debit card unless you have at least that amount in your checking account. After you make a withdrawal or pay for something using your debit card you must record the transaction in your check register. If you forget, your check register will be out of balance and you might write a check for more money than you actually have in your account. Then, your account will be considered overdrawn. If you do not have enough money in your account to cover the check you wrote, the bank will charge you a fee also. The bank will NOT pay the check and will send it back to the person or company you wrote the check to. That company will also charge you a fee and may put your name on a National List. You may not be able to write any more check until you have paid all the money you owe. Now that you have opened a checking account, you are ready to apply for a debit card. Remember, it is very important to record all debit transactions in your check register. Answer the questions below. 1. What is the most money you can withdraw per day using your debit card? 2. How much money will you be charged for using your bank’s ATM? 3. How much money will you be charge if you need a replacement card? 4. What should you do if your card is lost or stolen? 5. What are two benefits of using a debit card? Appendix I Page 20
  • 21. FINDING AN APARTMENT Congratulations! You got the job you applied for! Now that you have a job and will be earning money every month, you can start looking for y our own apartment. When choosing an apartment you should think about what will best suit your needs. Carefully consider the price, location and size of each apartment you look at. You should also take note of any special features, such as a laundry room, swimming pool or fitness center. Some apartments also have restrictions such as not allowing pets. You can find this information in the classified section of your local newspaper, in free apartment magazines displayed at places like grocery stores and gas stations, and on the Internet. Many towns also have apartment-locating services that can help you find an apartment. Look at the apartments for rent in an Apartment Guide Booklet. Choose five apartments to consider. Answer the questions below for each apartment complex. Write your answers on a separate sheet of paper. 1. What is the rent each month? 2. How many bedrooms does the apartment have? 3. What are some of the apartment’s features? 4. Are there any restrictions listed? What are they? 5. Would this apartment meet your needs? Why or why not? Once you decide an apartment will meet your needs, you should call the landlord and make arrangements to see the apartment. Review the information about the five apartments you selected. Choose the three apartments you like best. You can “see” your top three choices in the Westwood Apartment Guide Booklet. Then decide which apartment you will rent and fill out the apartment rental application. Appendix I Page 21
  • 22. GOING BACK TO SCHOOL Even though you are working full time, it is still possible to continue your education. There are many places where you can take courses. Four-year colleges and universities offer a wide variety of courses. Unfortunately, this is probably the most expensive option. Many towns also have community colleges that are less expensive, but they do not offer as many courses. If you are interested in attending a college or university, you can apply for financial aid, grants and scholarships. Business and technical schools are also very popular. They offer courses that teach specific skills in a shorter amount of time than most colleges and universities. Business and technical schools are kind of expensive but usually offer financial aid. Many local libraries and other learning centers also offer a variety of courses. Westwood has a community college that offers a variety of courses that are not too expensive. Each course costs $50. Read the course schedule below and choose one class to take. Since your education is such a good investment, you have decided to pay for the class with money from your savings account. Go to the bank and withdraw $50 from your savings account. Adjust your savings account balance on your monthly budget form and record the transaction in your savings account register. Course Day Time Introduction to Business Computer Saturday 9:00 am – 12:00 pm Applications Basics of Monday 7:00 pm – 10:00 pm Photography Introduction to College Algebra Wednesday 7:00 pm – 8:30 pm Accounting Monday & Wednesday 7:00 pm – 8:30 pm Therapy Tuesday & Thursday 9:00 am – 12:00 pm Criminal Justice Saturday 1:00 pm – 4:00 pm Restaurant Management Monday & Wednesday 7:00 pm – 10:00 pm 1. What course did you decide to take? 2. What kinds of activities might you have to give up because you will be at school? Now that you have signed up for a course, you will have to buy the book the professor has chosen to use for the course. Go to a bookstore that has new and used books and fid the book you need. If you buy a new book, it will cost $20. If you buy a used book it will probably have writing on the pages and be worn but it will cost only $5. Decide if you want a new or used book and write a check to pay for it. Record the transaction in your check register. Appendix I Page 22