Furnishing the Apartment

MANAGING YOUR PERSONAL FINANCES

Unit 4: Finding the Right living Space

Do Now•Please think about either your own room or a space that you have created for yourself.•What furniture or otherspecial items have you put in this room?•What items could you not live without that you must take with you someday?

Standard 4.1Students will be able to understand factors associated with the cost of living space choices and furnishings.

Goals for Today• I can identify places where furniture and household items can be bought both new and used.• I can prioritize purchasing according to needs and wants.• I can complete an online search of apartment furnishings and household goods.• I can calculate household furnishings and expenses associated with the my first apartment.

Durable v. Non Durable Goods

•Durable Good- a good that does not wear out quickly. These types of goods are useful over time and not consumed in one use. A durable good usually lasts 3 or more years. (Ex. Appliances, furniture, autos)•Non-Durable Good- a good that is immediately consumed and has a lifespan of less than 3 years. (Ex. grocery items, light bulbs, batteries)

Furnishing your Apartment: What do you need?

2 Main Categories:•Furniture (bed, couch, tables, etc.)•Household goods (dishes, silverware, small appliances, etc.)

Retail Stores that sell furniture

•Macy’s•Boscov’s•Jarons•Raymour and Flanigan•Ikea

But don’t forget Other places to Obtain Furniture

•Yard sales•Relatives•Used furniture stores•Consignment shops•Goodwill•Wholesale Furniture Liquidators

Your First Apartment Layout

Bathroom

Your First Apartment Layout

BathroomWhat furnishings and household

goods would you need to make

this house a home?

Furniture Checklist (Bedroom)

•Bed set•Dresser•Television•Window curtains-Shades•Area Rug•Alarm Clock•Others…..

Furniture Checklist (Kitchen)

•Dishes•Microwave•Utensils, silverware•Table•Chairs•Blender•Other small appliances

Furniture Checklist (Living Room)

•Couch•Table•Chairs•Lamps•Television•Other items

Prioritizing Your DecisionsPlease think about items to furnish your apartment.•Are there items that you will purchase where quality might outweighs price? List these items here:

•Are there items that you will purchase where price is more important? List these items here:

Project Directions:Goal of the Project: You are to furnish your first apartment with a total of $3,000 (balancing both wants and needs as well as quality and price).

Project Directions:•You have a total of $3,000 to furnishyour first apartment (see apartment layout)•As you begin to furnish your apartment, you must consider both your wants and needs. (Because you have limited resources, make sure that you address your needs first!)

Project Directions Continued:•As you furnish your apartment, you might want to

consider:• For some items, quality might outweighs price• For some items, price is important.

•You can use the suggested list of furnishing or your own ideas. •Again, you cannot spend more than

the $3,000

Project Directions Continued:• Begin “your on-line shopping” and record your expenditures

(shopping) in an Excel Spreadsheet• Open from the g:drive financestudentforms • Immediately save it to your z:drive as finance project• For each item your purchase, you will need to record:

• the item name• where did you buy it, and • its cost

• Use the Excel formula =sum or AutoSum to keep track of your total spending (remember, you cannot spend more than $3,000)• Print a copy of your spreadsheet for your instructor

Goals for Today• I can identify places where furniture and household items can be bought both new and used.• I can prioritize purchasing according to needs and wants.• I can complete an online search of apartment furnishings and household goods.• I can calculate household furnishings and expenses associated with the my first apartment.

Ticket out the Door

Please explain your thinking on how you prioritized your furnishing decisions and submit your answer before leaving today.