Mathematics budget edited

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Assignment topic: creating a budget with a starting salary of a new RN
Subject: Mathematics
Sources: 2 sources required
Citation Style: APA 7th edition
Student Name
University
Course
Professor Name
Date
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creating a budget with a starting salary of a new RN
I plan to settle in Seattle upon my graduation from the university. I’m pleased that a
registered nurse in Seattle in the United States earns around $95,120 per year. This is exciting,
especially for someone like me, who comes from a family that makes less than $100,000 in a
year. (Salary.com, 2022)
According to my projected annual income of $95,120, I plan to budget in the following
manner.
Accounting for taxes and other deductions, net salary = 2/3 * 95,120 = $63413 as net salary.
Monthly budget based on $63413/12 = $5284 (payscale.com, 2022)
Monthly budget
Item
Cost
Housing and living expenses
$1390
Transportation
$278
Credit card
$280
Car loan
$1670
Continuous medical expenses
$300
Emergency services
$450
Retirement savings
$390
Long term goal savings
$300
Discretionary spending
$60
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Insurance
$110
Total
$5228
PIE-CHART REPRESENTING MY BUDGET
Discretionary
insurance
spending
Long term savings
Housing and living
expenses
Retirement savings
Emergency servicess
Continous medical
expenses
Transportation
Credit card
Car loan
I picked Seattle as my ideal location since my grandparent once lived in Seattle, and
therefore I could connect with the plight of the people from Seattle and would sincerely love to
help them whichever way I can.
I was not surprised by the expected salary and income after tax deductions. It is common
knowledge that the federal government takes quite a sizeable percentage of gross income as tax.
Plus, both the federal and state taxes have to be remitted.
One of the challenges I faced in coming up with the budget was allocating enough money
for different expenses. The other challenge was prioritizing my expenses, such as house vis a vis
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credit card debt repayment.
I set up an emergency fund to cater to unexpected needs such as illness of a family
member or even myself. I can always prepare for unexpected expenses by always having a good
credit score with my banks to shore up my resources in case I’m not able to meet unexpected
expenses.
I can apply the budgeting tools in coming up with a priority list of the things I intend to
accomplish in my life and the things to prioritize given my financial situation.
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REFERENCES
Salary.com, S. (2022). Registered Nurse (RN) Salary | Salary.com. Salary.com. Retrieved 8
March 2022, from https://www.salary.com/research/salary/general/registered-nurse-rn-salary.
payscale.com. (2022). Registered Nurse (RN) Hourly Pay in Seattle, Washington | PayScale.
Payscale.com. Retrieved 8 March 2022, from
https://www.payscale.com/research/US/Job=Registered_Nurse_(RN)/Hourly_Rate/02f4d379/Sea
ttle-WA.
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