Week 10 – Drop box Assignment – Financial Literacy Project_updated 0119
Due Wednesday by 11:59pm Points 100 Submitting a file upload Available after Dec 5 at 1am
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
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
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
• 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.)
There is a Financial Literacy Budget template provided to help you create your budget. Be sure to note the Net
minus Expense amount so you can see what you have left over each month. 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.
To complete your essay, summarize your findings of your salary research, display your budget using the table
and the graph, and discuss the implications of your findings. Your essay should be at least 200 words. Be sure
to put references in APA format. Use APA Style Central for reference.
The following information should be included in your essay:
• Location and Job Title of potential position
• Expected salary
• 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