Financial Literature Project

Financial Literature Project

Financial Literature Project, Research several potential job roles in your desired geographical area. Provide a summary of your 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. You should find a minimum of two sources that contain salaries to compare to help you make a judgment about a reasonable starting average salary for this position.  Consider degrees, certifications, and the number of years of experience that you have when determining what positions, you qualify for and what your salary may be. APA.

You must include in-text citations using APA format when comparing your salaries.

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Financial Literature Project

Part 2: Calculations and Table of Expenses

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).  You need to include your work for your calculations.

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. 

Use the table provided to fill in your monthly budget.  You may add any extra categories/rows to the table needed to complete your budget.

When creating your budget, be sure to consider the following categories:

Financial Literature Project

• Housing and living expenses (e.g., 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 (e.g., buying a home, new car, education, etc.)
• Discretionary spending (e.g., eating out, entertainment, etc.)
• Insurance

Financial Literature Project

The total amount and net amount will be included in your table so you can see your balance each month.  The table must be copied into your Word document.  Please refer to the video directions provided in the module.

Part 3: Graphical Representation of Your Budget

Display your table of expenses as a graphical representation.  You may choose to use a pie chart or bar graph to represent your expenses.  The table and graphical representation must be copied into your Word document.  Do not submit an Excel file. Please refer to the video directions provided in the module.

Part 4: Reflection

In this reflection, you should reflect on your findings. This reflection section should be a minimum of 200 words.

Financial Literature Project

Please address the following prompts in your reflection:

• Why did you pick this location and job?
• Were you surprised by your expected salary and income after taxes and other deductions were taken? 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?