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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.

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

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:

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)
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.

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?

Sample Solution

Part 1: Job Role Research (Desired Geographical Area: Austin, Texas)

For this assignment, I’ll focus on a role relevant to healthcare administration, specifically a “Healthcare Project Manager” in Austin, Texas.

  • Job Title: Healthcare Project Manager
  • Location: Austin, Texas

Salary Research:

  • Salary.com:
    • According to Salary.com, the median annual salary for a Healthcare Project Manager in Austin, TX, ranges from approximately $80,000 to $110,000, depending on experience and certifications. The average is around $95,000. (Salary.com, n.d.)
  • Payscale.com:
    • Payscale.com reports a similar range, with an average annual salary closer to $90,000. They also highlight that certifications like Project Management Professional (PMP) can significantly increase earning potential. (Payscale.com, n.d.)
  • Local Government Hospitals:
    • While specific salary information for project managers in Austin’s local government hospitals can vary, general trends show that these positions offer competitive salaries and benefits, often aligning with the ranges reported by Salary.com and Payscale.com.

Qualifications:

  • Bachelor’s degree in healthcare administration, business administration, or a related field.
  • Project Management Professional (PMP) certification is highly desirable.
  • 3-5 years of experience in healthcare project management or a related role.
  • Strong understanding of healthcare regulations and compliance.
  • Excellent communication and interpersonal skills.

Reasonable Starting Average Salary:

Considering my qualifications and the research, a reasonable starting average salary for this position in Austin, TX, would be approximately $90,000 per year.

References:

  • Payscale.com. (n.d.). Healthcare Project Manager Salary (Austin, Texas). Retrieved from Payscale.com
  • Salary.com. (n.d.). Healthcare Project Manager Salary in Austin, TX. Retrieved from Salary.com

Part 2: Calculations and Table of Expenses

  • Annual Salary: $90,000
  • Net Annual Salary (2/3): $60,000
  • Monthly Net Salary: $5,000

Monthly Budget Table:

Category Monthly Expense
Housing (Rent/Utilities) $1,500
Food $600
Student Loan Payments $300
Transportation (Car/Gas) $400
Medical Expenses $100
Emergency Savings $500
Retirement Savings $500
Long-Term Goal Savings (Home) $500
Discretionary Spending $600
Total Expenses $5,000
Net Monthly Income $5,000
Balance $0

Part 3: Graphical Representation of Your Budget

I will use a pie chart to represent the budget.

  • A pie chart will be generated that shows the percentage of the monthly income that each catagory uses.

Part 4: Reflection

  • Why Austin and Healthcare Project Management?
    • I chose Austin because it’s a rapidly growing city with a strong healthcare sector. The Healthcare Project Manager role aligns with my interest in improving healthcare delivery and efficiency.
  • Surprised by Salary and Net Income?
    • The expected salary was within the range I anticipated. However, seeing the net income after deductions was a reality check. It highlights the importance of understanding taxes and benefits.
  • Challenges and Surprises in Budgeting?
    • The biggest challenge was allocating funds for long-term goals while meeting immediate needs. I was surprised by how quickly discretionary spending can add up. It was also a challenge to realistically estimate the cost of some of the expenses.
  • Emergency/Savings Fund?
    • Yes, I was able to allocate funds for both emergency and long-term savings. This was a priority, as it provides financial security and helps achieve future goals.
  • Preparing for Unexpected Expenses?
    • Maintaining a healthy emergency fund, having insurance coverage, and creating a flexible budget are essential. Regularly reviewing and adjusting the budget can also help.
  • Applying Budgeting Tools?
    • I can apply these budgeting tools to my current situation by tracking my expenses, setting financial goals, and creating a realistic budget. This exercise has reinforced the importance of financial planning and discipline.

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