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.
Provide an overview of research including the location of the 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 of 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 a monthly budget. Provide this information in your overview.
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.)
Student loan payments
Childcare (if applicable)
Credit Card or other debt
Continuous medical expenses
Long term goal savings (i.e.: buying a home, new car, education, etc.)
Discretionary spending (Eating out, entertainment, etc.)
Be sure to note the net amount (Income minus Expense) so you can see your balance each month in your table of expenses You will display this table in your results, as well a graphical representation of your budget using a circle chart, bar graph, or other relevant display. The table and graphical representation MUST BE copied into your Word document. There should be only one submission. It is not necessary to submit your Excel file. Be sure to have all tables and graphs titled and categories labeled appropriately.
Reflection. Your essay should summarize your findings of your salary research and discuss the implications of your budget. Essay should be a minimum of 200 words. Be sure to put references in APA format. Academic Writer is the recommended guide for formatting resources. The following information should be included in your essay:
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?
References. Be sure to put references in APA format. Academic Writer is the recommended guide for formatting resources. There should be a minimum of two references.