In this financial literacy assignment, you will research the starting salary as a licensed RN with your credentials in the area you hope to reside after graduation.
Then you will create a budget based on your projected income. Finally, you will reflect on and summarize your research and budget calculations in a short
essay. An example of this project is available in the Unit 10 Module.
Part 1: Provide an overview of research including location of job, job title, and salary information. To research your starting salary, consider using the
information provided at Salary.com and Payscale.com. Local government hospitals may also publish this information on their websites. If you plan on
staying at your current location and job, be sure to indicate this information in your reflection. After you have found your potential salary, set up your monthly
budget using only 2/3 income to account for taxes and other deductions (called your net salary). For example, if you anticipate making $45,000/year, then
2/3 times 45,000 = 30,000. $30,000 / 12 = $2500 and that is what you want to use for setting up monthly budget. Provide this information in your overview.
Part 2: Table of expenses and graphical representation. When creating your budget, be sure to consider the following categories:
• Housing and living expenses (Rent/Mortgage, utilities, maintenance, etc.)
• Food
• Student loan payments
• Transportation
• Childcare (if applicable)
• Credit Card or other debt
• Car loans
• Continuous medical expenses
• Emergency savings
• Retirement savings
• Long term goal savings (i.e.: buying a home, new car, education, etc.)
• Discretionary spending (Eating out, entertainment, etc.)
• Insurance
• Why did you pick this location and job?
• Were you surprised by your expected salary and income after taxes were deducted? Why or why not?
• What were some challenges in creating your budget? What surprised you?
• Were you able to set up an emergency/savings fund? Why or why not? How can you prepare for unexpected expenses?
• How can you apply these budgeting tools to your current situation?