Financial Literacy Assignment
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
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.
Part 3: 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?
Part 4: 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.
Galen College of Nursing – MAT 1205 Course Syllabus – Version 9.0v2 11
Financial Literacy Assignment Grading Rubric:
Criteria Satisfactory Needs Improvement Unsatisfactory Incomplete
Part 1: Overview
(20 points)
An overview was provided that
address the overview prompts
(job details and salary
information)
(20 points
Overview was missing 2 – 3
details.
(13 points)
Overview was minimally
completed, missing several
details regarding job and
salary.
(7 points)
Student did not address this
criterion.
(0 points)
Part 2:
Identification of
Expenses in Table
(20 points)
Student has thoroughly listed
all expenses in great detail
using a table with net salary
(Income minus Expense
amount)
(20 points)
Student has listed some of
expenses is detail and no Net
salary listed.
(13 points)
Student has listed minimal
expenses with little or no detail
and table is not provided.
(7 points)
Student did not address this
criterion.
(0 points)
Part 2: Graphical
Representation of
Budget
(20 points)
Graphical representation is
presented as a bar graph or
circle chart with required
components (title and category
labels) and easy to interpret.
(20 points)
Budget is presented as a bar
graph or circle chart, but 2-3
details are unclear, messy, or
inaccurate.
(13 points)
Budget is presented with
minimal details and poorly
done.
(7 point)
Student did not address this
criterion.
(0 points)
Accurate
Calculations
(10 points)
2/3 of potential salary is used
to account for deductions.
(10 points)
1-2 details are inaccurate in
calculating 2/3 of potential
salary.
(5 points)
Student did not address this
criterion.
(0 points)
Part 3: Reflection
(20 points)
All essay prompts are
addressed with 200 word
minimum.
(20 points)
Most prompts are addressed or
less than 200 word minimum.
(13 points)
Few prompts are addressed
and less than 200 word
minimum. (7 points)
Student did not address this
criterion.
(0 points)
Part 4: References
(5 points)
A minimum of two references
were provided and accurately
cited.
(5 points)
APA citation/quality of sources
as 1-2 inaccuracies or only one
source was provided
(3 points)
APA citation/quality of sources
is poorly done with several
inaccuracies and only one
source was provided
(2 points)
Student did not address this
criterion.
(0 points)
Professional
Presentation and
Writing Style
(5 points)
Paper is well done with graph
and table in Word document
and no grammatical errors.
(5 points)
Paper is well done. Graph
and/or Table is not in Word
Document or few grammatical
errors. (3 points)
Paper is poorly done and
several grammatical errors
throughout paper. (2 points)
Student did not address this
criterion.
(0 points)
Total 100 65 35 0
Total Points Earned (out of 100): __________