Living on you Own – Costs and Budgets

In this lesson students learn about the costs of living on their own.

Teaching Objectives:

  • Set up a budget that includes rent, moving expenses, and the expenses associated with setting up a household
  • Understand the rights and the legal responsibilities of a tenant
  • Understand the rights and the legal responsibilities of a landlord
  • Read and interpret various clauses in a lease

Suggested Grade Level

7th Grade – 12th Grade

Lesson Excerpt:

As young people grow up, a common goal is to live on their own. However, the challenges of independent living are often quite different from their expectations. This lesson provides a reality check for students as they investigate the costs associated with moving, obtaining furniture and appliances, and renting an apartment.

In preparation for living on their own, students are reminded of the budgeting process. In this lesson, we will encourage students to carefully consider various fixed and flexible expenses. In addition, they’ll learn budgeting strategies for both flexible expenses (variable costs that change depending on level of consumption), such as entertainment, restaurants, and vacations, and fixed expenses (those that need to be paid every month), such as rent and apartment insurance.

As students start the apartment selection process, many factors will be considered. Where to live, how much to pay for rent, whether to share an apartment with a roommate, and what type of lease to sign, are just a few topics that will be addressed. Many students are probably not aware of the many important elements of a lease. In this section of the lesson, various information sections and clauses of an apartment lease are discussed. This material can help to create awareness and caution among students before signing a lease (or other contracts).


Teacher’s Guide

Teacher’s Guide


Presentation Slides

Presentation PDF

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Student Activities:

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For additional related lessons, explore our main category pages:

Categories Budgeting, Real Estate,

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