The ALTA, along with AARP and the Minnesota Land Title Association, applauded passage of the legislation, which also allows the state attorney general to pursue restitution against firms using such contracts while empowering homeowners to seek damages in court. “This legislation will ensure that Minnesota Attorney General Keith Ellison can pursue restitution against these bad … [Read more…]
When it comes to finding the perfect college town in Alabama, there are more than a few great places to land. Each of the top-tier towns featured below town has its own appeal and offers something special for students, professors and lifetime locals.
Whether you’re an aspiring engineer, all about your business goals, or an artist finding your voice, there’s a place for you in Alabama.
Let’s dive into the top college towns in the state and see what makes them special. Who knows, you just might find the perfect apartment in Auburn or your forever home in Huntsville.
Population: 99,600 | Student population: 38,644 | Average 1-bedroom rent: $925
The University of Alabama is the pride and joy of Tuscaloosa. Known for its strong engineering and business programs, it attracts students nationwide. The Culverhouse College of Business is particularly well known, with specialized programs in finance, accounting, and marketing. The engineering faculty is top-notch, with strong mechanical, aerospace, and civil engineering programs.
Tuscaloosa and the university have a close relationship. The town benefits from the Crimson Tide’s athletic success, boosting local businesses with increased tourism. The university partners with DCH Health System, providing internships and job opportunities for nursing and medical students. Additionally, the UA’s EDGE Labs work with local tech startups, enhancing the town’s innovation landscape.
Apartments near University of Alabama | Houses for rent near University of Alabama
Population: 76,624 | Student population: 31,764 | Average 1-bedroom rent: $1,150
Auburn University is famous for its agriculture and engineering programs. The Samuel Ginn College of Engineering is especially notable, offering cutting-edge research opportunities and degrees in fields like computer science and chemical engineering. The College of Agriculture is a standout, with programs in crop and soil sciences, animal sciences, and fisheries.
Auburn and the university are deeply connected. The town hosts events like the Auburn CityFest, which students love for its music, food, and arts. The university’s extension programs support local farmers with research and innovative practices. Auburn’s College of Agriculture partners with Alabama Farmers Federation to provide research and hands-on learning experiences that benefit local agricultural businesses.
Apartments near Auburn University | Houses for rent near Auburn University
Population: 196,910 | Student population: 22,289 | Average 1-bedroom rent: $1,527
Home to the University of Alabama at Birmingham (UAB), Birmingham is great for health sciences. UAB’s medical school is nationally ranked, and its nursing program is exceptional, providing hands-on training in state-of-the-art facilities.
Birmingham benefits greatly from the presence of UAB. The medical center is a major employer, providing numerous internships and job opportunities for students. UAB collaborates with Southern Research Institute, driving advancements in medical research and providing students with unique research opportunities.
Apartments near UAB | Houses for rent near UAB
Population: 187,041 | Student population: 13,438 | Average 1-bedroom rent: $895
The University of South Alabama is known for its nursing and business programs. The College of Nursing is highly rated, offering excellent clinical practice opportunities and advanced simulation labs. The Mitchell College of Business is also solid, focusing on real-world business skills and entrepreneurship.
Mobile and the university work hand in hand. Local businesses frequently collaborate with the business school, offering internships and job placements. The university has a strong partnership with Infirmary Health, providing clinical placements and job opportunities for nursing students.
Apartments near University of South Alabama | Houses for rent near University of South Alabama
Population: 40,184 | Student population: 9,830 | Average 1-bedroom rent: $675
The University of North Alabama (UNA) excels in education and music. The College of Education is top-notch, preparing future teachers with hands-on experience and strong academic foundations. The music program is notable, offering elite vocal and instrumental training, with opportunities to perform in ensembles and solo recitals.
Florence and UNA are tightly knit. The town hosts many music festivals and events where students perform and hone their craft. UNA’s College of Education partners with Florence City Schools, providing student teaching opportunities and professional development for aspiring teachers.
Apartments near University of North Alabama | Houses for rent near University of North Alabama
Population: 17,727 | Student population: 14,901 | Average 1-bedroom rent: $475
Troy University is known for its international business and journalism programs. The Sorrell College of Business offers global business education with programs in accounting, economics, and finance. The Hall School of Journalism is highly respected, with strong courses in multimedia journalism, public relations, and advertising.
Troy and the university have a close bond. The town benefits from a healthy population of international students who bring diverse perspectives and cultural events. Local media outlets often collaborate with the journalism school, providing real-world reporting experience for students. The university’s Center for International Business and Economic Development partners with locals to aid business growth and offer internships for students.
Apartments near Troy University | Houses for rent near Troy University
Population: 215,006 | Student population: 6,636 | Average 1-bedroom rent: $1,084
The University of Alabama in Huntsville (UAH) is a standout for engineering and computer science. UAH’s College of Engineering is highly rated, especially in aerospace engineering, electrical engineering, and mechanical engineering. The computer science program is also strong, preparing students for careers in software development, cybersecurity, and data science.
Huntsville’s tech industry thrives thanks to UAH. The university collaborates with NASA and other aerospace companies, offering internships, research opportunities, and co-op programs. Local tech firms frequently hire UAH graduates, keeping talent in the area and driving innovation. UAH partners with the Redstone Arsenal, providing students with rare defense-related research and internship opportunities.
Apartments near University of Alabama in Huntsville | Houses for rent near University of Alabama in Huntsville
Population: 200,603 | Student population: 3,964 | Average 1-bedroom rent: $800
Alabama State University is renowned for its criminal justice and social work programs. The College of Liberal Arts and Social Sciences offers excellent training for future social workers, with courses in human behavior, social policy, and clinical practice. The criminal justice program is known for its practical approach, including forensic science, law enforcement, and corrections.
Montgomery and Alabama State have a strong connection. The university’s social work students often intern with local agencies, providing essential services to the community. The criminal justice program partners with local law enforcement, giving students hands-on experience through ride-alongs, internships, and community policing projects. Alabama State collaborates with the Montgomery Police Department, providing criminal justice students with practical training and career pathways.
Apartments near Alabama State University | Houses for rent near Alabama State University
College towns are qualified as towns or cities with at least one college or university and fewer than 300,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
Inside: Learn what 30 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $30 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $30 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $30.50 an hour annually?
When you finally start earning $30 an hour, you are very happy with your progress as an hourly employee. Typically, this is when many hourly employees start to become salaried workers.
In this post, we’re going to detail exactly what $30 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
When we ran all of our numbers to figure out how much is $30 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $30 = $62,400
$62,400 is the gross annual salary with a $30 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Is this a good salary for single person?
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $30 times 2,080 working hours, and the result is $62,400.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
That is just above the $62000 salary threshold, which is desired to become a middle-income worker.
But you may think, oh wait, I’m only working part-time. So if you’re working part-time, the assumption is working 20 hours a week at $30 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $30 times 1,040 working hours, and the result is $31,200.
On average, the monthly amount would average $5,200.
Annual Amount of $62,400 ÷ 12 months = $5,200 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Plus by increasing your wage from $25 an hour, you average an extra $867 per month. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $2,600.
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $30 = $1,200 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $600.
For this calculation, take the average weekly pay of $1,200 and double it.
$1,200 per week x 2 = $2,400
Also, the other way to calculate this is:
40 hours x 2 weeks x $30 an hour = $2400
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $1,200.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $30 per hour = $240 per day
If you work 10 hours a day for four days, then you would make $300 per day. (10 hours x $30 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $120.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
| $30 per Hour – Full Time | Total Income |
|---|---|
| Yearly Salary (52 weeks) | $62,400 |
| Yearly Salary (50 weeks) | $60,000 |
| Monthly Salary (173 hours) | $5,200 |
| Weekly Wage (40 Hours) | $1,200 |
| Bi-Weekly Wage (80 Hours) | $2,400 |
| Daily Wage (8 Hours) | $240 |
| Net Estimated Monthly Income | $3,970 |
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $62,400 per year.
This is the same as the example above for an annual salary making $30 per hour.
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling a family emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $30 times 2,000 working hours, and the result is $60000 per year.
40 hours x 50 weeks x $30 = $60,000
You would average $240 per working day and nothing when you don’t work.
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $62,400
$30 an Hour per Year after Taxes: $47,642
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$47,642 ÷ 2,080 hours = $22.91 per hour
After estimated taxes and FICA, you are netting $22.91 an hour. That is $7.10 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a $22 an hour wage is much different.
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $30.01-30.99.
You may want to look at low stress jobs that pay well without a degree.
This is super helpful if you make $30.75, $30.77, or $30.79.
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You are probably wondering can I live on my own making 30 dollars an hour? How much rent or mortgage payment can you afford on 30 an hour?
We have figured out how much is $30 an hour annually is $62,400.
Using our Cents Plan Formula, this is the best-case scenario on how to budget your $30 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated that $30 an hour was $22.91 after taxes. That would average $3,970.20 per month.
According to the Cents Plan Formula, here is the high-level view of a $30 per hour budget:
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $30 per hour, then using the ideal household percentages is extremely helpful.
| Category | Ideal Percentages | Sample Monthly Budget |
|---|---|---|
| Giving | 10% | $416 |
| Savings | 15-25% | $780 |
| Housing | 20-30% | $1,274 |
| Utilities | 4-7% | $260 |
| Groceries | 5-12% | $364 |
| Clothing | 1-4% | $52 |
| Transportation | 4-10% | $237 |
| Medical | 5-12% | $312 |
| Life Insurance | 1% | $16 |
| Education | 1-4% | $26 |
| Personal | 2-7% | $104 |
| Recreation / Entertainment | 3-8% | $130 |
| Debts | 0% – Goal | $0 |
| Government Tax (including Income Taxes, Social Security & Medicare) | 15-25% | $1,230 |
| Total Gross Income | $5,200 |
At this $30 hourly wage, you are more than likely double the minimum wage. Things should be easy to live off this $30 hourly salary.
Consequently, this is hovering under a $65k salary, but slightly about the median income of $60,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $30 an hour is much higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $30 an hour annually?
You just have to have the desire to spend less than your income. Plus consistently save.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I have aspirations and goals to increase how much I make. This is the time to start diversifying my income into multiple streams and start investing. I am going to stretch my 30 dollars per hour.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $30 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $30 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $30.50 will add up over the year. At this point, you want to look for at least a $1 increase to $31 an hour, $32 an hour, $33 an hour, $34 an hour, or $35 an hour.
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $30 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
Then you may enjoy answering the question what do you do for a living!
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
Must Read: 20 Genius Ways on How to Make Money Fast
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially to becoming financially sound.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Check out:
In this last section, grasp these tips on how to live on $30 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $30 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $30 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $30 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your net income. Learn more about gross pay vs net pay.
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are plenty of things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt-free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.
You can find jobs that pay $30 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
In this post, we detailed 30 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 30 dollars an hour annually…
$62,400
This is right between $62000 per year and $65k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org
Inside: Learn what 40 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $40 a year, how much do I truly make? What will that add up to over the course of the year when working?
Is my $40 an hour take-home pay compared to others in my industry? Is $40 an hour paycheck a good salary?
First of all, this is a wage you can actually live on and should be able to thrive and reach your financial goals. Annually $40 an hour should help you to breathe easier with your finances. You might wonder how can I start to increase my hourly wage to $45, $50 or $55 per hour?
Most of the hourly jobs that pay over $40 an hour do not require a degree, which is great news! Those paid on a salary basis tend to have a college degree and do not even calculate their hourly wage.
In this post, we’re going to detail exactly what $40 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
When we ran all of our numbers to figure out how much is $40 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $40 = $83,200
$83,200 is the gross annual salary with a $40 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $40 times 2,080 working hours, and the result is $83,200.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
At this salary, you are right between the above-average $75000 salary threshold and coming closer to a $100k salary.
But you may think, oh wait, I’m only working part-time. So if you’re working part-time, the assumption is working 20 hours a week at $40 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $40 times 1,040 working hours and the result is $41,600.
On average, the monthly amount would average $6,933.
Annual Amount of $83200 ÷ 12 months = $6933 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
This helps a financially stable person manage their finances without a bunch of stress. And if you are making above the average income worker and still stressing about money, then you need to learn to drastically cut your expenses.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $3,467.
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $40 = $1,600 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $800.
For this calculation, take the average weekly pay of $1,600 and double it.
$1,600 per week x 2 = $3,200
Also, the other way to calculate this is:
40 hours x 2 weeks x $40 an hour = $3,200
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $1,600.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $40 per hour = $320 per day.
If you work 10 hours a day for four days, then you would make $400 per day. (10 hours x $40 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $160.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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| $40 per Hour – Full Time | Total Income |
|---|---|
| Yearly Salary(52 weeks) | $83,200 |
| Yearly Wage (50 weeks) | $80,000 |
| Monthly Wage (173 hours) | $6,933 |
| Weekly Wage (40 Hours) | $1,600 |
| Bi-Weekly Wage (80 Hours) | $3,200 |
| Daily Wage (8 Hours) | $320 |
| Net Estimated Monthly Income | $5,294 |
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $83,200 per year.
This is the same as the example above for an annual salary making $40 per hour.
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $40 times 2,000 working hours, and the result is $80000 per year.
40 hours x 50 weeks x $40 = $80,000
You would average $320 per working day and nothing when you don’t work.
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $83,200
$40 an Hour per Year after Taxes: $63,523
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$63,523 ÷ 2,080 hours = $30.54 per hour
After estimated taxes and FICA, you are netting $30.54 an hour. That is $9.46 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a $30 an hour wage is much different.
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $40.01-40.99.
This is super helpful if you make $41 an hour, $42 an hour, $43 an hour, or $44 an hour.
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You are probably wondering can I live on my own making 40 dollars an hour? How much rent or mortgage payment can you afford on 40 an hour?
We have figured out how much $40 an hour annually is $83,200.
Using our Cents Plan Formula, this is the best-case scenario on how to budget your $40 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated that $40 an hour was $30.54 after taxes. That would average $5,293.60 per month.
According to the Cents Plan Formula, here is the high-level view of a $40 per hour budget:
For someone making over $80K gross annually, this should be completely doable assuming there is no debt involved. The risk most people find themselves in is lifestyle creep and keeping up with the Joneses.
You can be strategic with your saving and investing to quickly become the millionaire next door. Then, that will allow a level of time freedom you have never experienced.
To further break down an example budget of $40 per hour, then using the ideal household percentages is extremely helpful.
| Category | Ideal Percentages | Sample Monthly Budget |
|---|---|---|
| Giving | 10% | $555 |
| Savings | 15-25% | $1387 |
| Housing | 20-30% | $1595 |
| Utilities | 4-7% | $347 |
| Groceries | 5-12% | $416 |
| Clothing | 1-4% | $69 |
| Transportation | 4-10% | $243 |
| Medical | 5-12% | $347 |
| Life Insurance | 1% | $21 |
| Education | 1-4% | $35 |
| Personal | 2-7% | $94 |
| Recreation / Entertainment | 3-8% | $187 |
| Debts | 0% – Goal | $0 |
| Government Tax (including Income Taxes, Social Security & Medicare) | 15-25% | $1640 |
| Total Gross Income | $6,993 |
At this $40 hourly wage, you are making more than $80K per year. Slowly climbing to $90000 a year and you should live comfortably on this annual salary.
This is well over the median income of $60,000 salary. That means you should be able to increase your savings percentage each year and live better than 80% of the world.
The question is, are you? Or are you straddled in debt? Struggling and living paycheck to paycheck?
Unfortunately, too many people are still struggling even though they are making nearly 4x the minimum wage.
Should living on $80K be doable? Absolutely.
Don’t be caught in a tough situation. You need to live below your means. If not, you are wasting too much of your hard-earned cash.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
Just like any wage… you must spend less than your income. Plus consistently save.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am blessed to make more than the average worker. So, I must live on that paycheck or find ways to start diversifying my income into multiple streams and start investing. Then, I am going to give back to what helped me to get where I am today.
In the next section, we will dig into ways to increase and diversify your income, but for now, is it possible to thrive on $40 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $40 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
This right here is the most important section of this post.
Even though, you are making good money. You might have reached a maximum ceiling of income in your field. You may need to change companies.
More often than not, you need to find ways to diversify your income. One type of income will get you far in your personal finance journey, but to truly see faster progress you need multiple streams of income.
Finding ways to increase your monthly paychecks by $500 or $1000 will add up over the year.
At this point, you want to look for at least a $1 increase to $41 an hour, $42 an hour, $43 an hour, $44 an hour, or $45 an hour.
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
Must Read: 20 Genius Ways on How to Make Money Fast
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially stable.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in less than a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Related Reading: How Fast Can you Make Money in Stocks? The Real Answer
When you make $40 an hour, you are good at your job. You know what you are doing and people are willing to pay you for it.
Pick up side jobs and spend your free time as a freelancer.
This is one of the best ways to make extra money without a lot of upfront effort or costs.
I know plenty of people who make a living as freelance writers.
The options are endless if you are willing to think outside of the box.
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
If that does not pan out, then look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $40 an hour isn’t worth it for you if you’re not able to enjoy life; maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
In this last section, grasp these tips on how to live on $40 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $40 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $40 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which $40 an hour minus all the taxes, FICA, Social Security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your gross income. Learn more about gross pay vs net pay.
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are plenty of things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt-free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money and set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.
You can find plenty of jobs that pay $40 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
In this post, we detailed 40 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 40 dollars an hour annually…
$83,200
Up next is making over $95000 per year. In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactlyhow much do I make per year…
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org
Legal and financial troubles are piling up for mortgage fintech lender LoanSnap, with the company having been recently evicted from its headquarters in Southern California. The news was previously reported this week by TechCrunch.
TechCrunch reported on Monday that while “LoanSnap has not yet shut down, according to two employees, the vibe inside the company is harrowing as workers wait for clarity on the company’s future.“ The firm reportedly failed to pay employees for at least a month late last year, while layoffs and attrition have cut its headcount from more than 100 to less than 50.
Founded by Karl Jacob and Allan Carroll in 2017, the company quickly took off after raising about $100 million in seed funding. Its investors included Virgin Group, led by British business magnate Richard Branson; Liquid 2 Ventures, led by former NFL star Joe Montana; and LinkedIn co-founder Reid Hoffman.
Its “smart loans,” which were built using artificial intelligence technology, are designed to help homebuyers find the best mortgage for their unique financial situation. In May 2022, it launched a cloud-based portal, LoanFlow, that gives mortgage brokers and loan officers the ability to originate loans anytime, anywhere.
But LoanSnap began running into financial trouble in late 2022, TechCrunch reported. It has been the target of lawsuits from at least seven creditors since then, including Wells Fargo, “who collectively alleged the startup owes them more than $2 million.“
The report goes on to note that multiple complaints have been filed against the company with the Better Business Bureau, which has given LoanSnap an “F“ rating.
Some of complaints center around allegations that the firm charged nonrefundable fees but failed to close on loans “in a timely manner“ and did not pay taxes from escrow. Others charge that LoanSnap sold loans that were already paid off, rather than closing the accounts, while also “misleading consumers about mortgage approvals and shorting escrow accounts.“
In January 2024, HousingWire reported that LoanSnap had received a temporary cease-and-desist order from the Connecticut Department of Banking for widespread mortgage origination activity that was unlicensed. The regulator also charged the company with violations of the Truth in Lending Act and Fair Credit Reporting Act.
The complaint alleges that for roughly three months in 2022, LoanSnap used individuals who were not licensed loan officers in Connecticut to solicit potential borrowers, collect mortgage applications and negotiate terms. The unlicensed LOs allegedly purchased leads from sites such as LendingTree to make the initial contact with consumers.
As for the eviction, TechCrunch reported that it stemmed from a lawsuit filed by its landlord in February 2024. The suit stated that LoanSnap owed more than $400,000 in unpaid rent. After failing to respond to the suit, a judge issued a default judgment and the landlord was allowed to move forward in May with eviction proceedings on the office space that the company was leasing in Costa Mesa, California.
The report also noted that another lawsuit was filed last month with the New York State Supreme Court, alleging that LoanSnap owes $900,000 to a creditor.
Source: housingwire.com
Inside: Learn how much your 45k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
You want to know to look into this… Is 45k salary a solid hourly wage in today’s society?
45k salary is a solid hourly wage.
For most people, a solid entry-level job with a degree or certification would be paying just over $45,000 a year. The question that remains is can you make a living off $45k a year.
The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.
But, the question remains… can you truly live off 45,000 per year in today’s society since it is well below both the average and median household incomes? The question you want to ask all of your friends is $45000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $45000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $45k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this $45k salary?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 45k a year hourly. That way you can decide whether or not the job is worthwhile for you. The same is true when getting your first job out of college.
For our calculations to figure out how much is 45K salary hourly, we used the average five working days of 40 hours a week.
45000 salary / 2080 hours = $21.63 per hour
$45000 a year is $21.63 per hour
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $45000 by 2,080 working hours and the result is $21.63 per hour.
Just above $21 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
Just an interesting note… if you were to increase your annual salary by $5K, it would increase your hourly wage to just under $25 an hour – a difference of $2.41 per hour.
To break it down – 45k a year is how much an hour = $21.63
That difference will help you fund your savings account; just remember every dollar adds up.
On average, the monthly amount would be $3,750.
Annual Salary of $45,000 ÷ 12 months = $3,750 per month
This is how much you make a month if you get paid 45000 a year.
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $45k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of $45000/52 weeks = $865 per week.
For this calculation, take the average weekly pay of $865 and double it.
$865 per week x 2 = $1,730
Also, the other way to calculate this is:
Annual Salary of $45000 / 26 weeks = $1,730 biweekly.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of $45000 / 260 working days = $173 per day
If you work a 10 hour day on 208 days throughout the year, you make $216 per day.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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| $45000 – Full Time | Total Income |
|---|---|
| Yearly Salary (52 weeks) | $45,000 |
| Monthly Wage | $3,750 |
| Weekly Salary (40 Hours) | $865 |
| Bi-Weekly Wage (80 Hours) | $1,730 |
| Daily Wage (8 Hours) | $173 |
| Daily Wage (10 Hours) | $216 |
| Hourly Wage | $21.63 |
| Net Estimated Monthly Income | $2,863 |
| Net Estimated Hourly Income | $16.52 |
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 45000 a year after taxes?
Gross Annual Salary: $45,000
$45k Per Year After Taxes is $34,357.50
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$34,357.50 ÷ 2,080 hours = $16.52 per hour
After estimated taxes and FICA, you are netting $34,357.50 per year, which is $10,642.50 per year less than what you expected. That is significant!
Budgeting on $16 an hour is much different!
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no-tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $45000 income can range from $30,757 to $36,157 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $45,000 income.
More than likely, your salary is not a flat 45k, here is a tool to convert salary to hourly calculator.
Many entry-level jobs start at this range, which may make you believe that a business degree is worth it.
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Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $45,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $45,000 a year is slightly below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 45k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
Find low-stress jobs that pay well without a degree now.
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.
This is how zero based budgeting works.
If you want to know how to manage 45k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
| Category | Ideal Percentages | Sample Monthly Budget |
|---|---|---|
| Giving | 10% | $206 |
| Savings | 15-25% | $563 |
| Housing | 20-30% | $1069 |
| Utilities | 4-7% | $150 |
| Groceries | 5-12% | $313 |
| Clothing | 1-4% | $38 |
| Transportation | 4-10% | $131 |
| Medical | 5-12% | $225 |
| Life Insurance | 1% | $19 |
| Education | 1-4% | $38 |
| Personal | 2-7% | $38 |
| Recreation / Entertainment | 3-8% | $75 |
| Debts | 0% – Goal | $0 |
| Government Tax (including Income Taxes, Social Security & Medicare) | 15-25% | $887 |
| Total Gross Monthly Income | $3,750 |
As we stated earlier if you are able to make $45,000 a year, that is a decent salary. You are making way more money than the minimum wage and close to double in many cities.
While 45000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $45k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 45k salary is:
In the future years and with possible inflation, in many modest cities, 45,000 a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 45,000 per year.
If you are looking for a career change, you want to find jobs paying at least $60000 a year.
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $45000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Many of the same principles apply above on whether $45000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains… Can you provide a good life for your family making $45,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
You can live comfortably as a family on this salary, but you will not be able to afford everything.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 45,000 per year, then the combined income for the household would be $90,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
As we outlined earlier in the post, $45,000 a year:
Next up is making $50,000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 41,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $45K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
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You can make money as a freelance writer. Learn techniques to find those jobs and earn the kind of money you deserve!
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Learn how to buy and resell items from flea markets, thrift stores and yard sales. They will teach you how to create a profitable reselling business quickly
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Learn how to supplement your daily, weekly, or monthly income with trading so that you can live your best life! This is a lifestyle trading style you need to learn.
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Designed as a 101-level course on freight brokerage, you’ll learn the basics of freight brokering in this online course.
This course is designed for freight brokers in any setting, regardless of their employment status.
If you want to start your brokerage, we’ll show you exactly how to do it. If you are an agent or employee of a brokerage, we’ll take you through sales and operations modules designed to help you source more leads and move more freight.
The Empowered Business Lab teaches you how to sell your digital products naturally with strategies that just make sense.
Monica helps thousands find momentum and create revenue streams in their businesses.
After taking a second job as a driver for Amazon to make ends meet, this former teacher pivoted to be a successful stock trader.
Leaving behind the stress of teaching, now he sets his own schedule and makes more money than he ever imagined. He grew his account from $500 to $38000 in 8 months.
Check out this interview.
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org
Tornadoes don’t always come with a warning, and the worst of them can pack wind speeds of more than 300 miles per hour — tearing a home or building from its foundation. If you don’t have a basement, the natural question is where should you go during a tornado? How can you create a tornado shelter right in your own apartment?
Let’s review tornado safety for apartment dwellers, from where to take shelter during a tornado to what to do in your apartment during a tornado.
Where in your apartment complex should you take shelter during a tornado? Here are some basic safety tips:
The safest place to go in a tornado is always down — down in a basement, the first floor or a covered parking garage on the ground floor. If you live on the ground floor, great! If not, get to the lowest level of your apartment building immediately.
Apartment dwellers on higher floors should seek similar shelter. If there aren’t any options below ground, a neighbor’s ground-floor unit is the safest bet.
Also, if you live in a building with interior stairwells, you can go to the lowest floor and under the stairs to hide in a tornado.
If the storm is bearing down on your apartment complex, a tornado warning is in action — or you can’t go underground — the next safest place to seek shelter during a tornado is the furthest from the windows. This way you avoid the potential of flying debris. Choose an interior room, closet or hallway for shelter.
Bathrooms are often considered safer for the plumbing structures that surround them. If you’re in a high-rise building and can’t get to the ground floor, get to the hallways in the center of the building and take shelter there until the tornado passes.
Whether you’re taking shelter in a basement or hiding in a bathroom to stay safe during a tornado, you have one thing to do: Protect your body. You can do this by covering your head and neck with your arms.
Get in the tub or closet and cover up with thick blankets, sleeping bags, pillows — even a whole mattress. These can help keep you safer in the event that debris begins to fly.
Bicycle helmets are also a great way to protect your head from possible injury if the roof or ceiling ends up compromised. It’s smart to keep a helmet in your apartment if you live in a tornado zone.
During and after a tornado, you’ll want to protect your lungs from debris, so consider wearing a mask or protective face covering, too.
According to the National Oceanic and Atmospheric Association (NOAA), there’s no substitute for staying alert to the sky when it comes to tornadoes. Here are some signs to look and listen for:
It’s important to have a plan for where to go during a tornado, even if you don’t live in an area where such storms are common.
Practice tornado drills with your family or roommates, and coordinate with neighbors and your apartment community’s management team. Find out ahead of time if there’s a public tornado shelter in your neighborhood. If there is, learn its location and the fastest route to get there.
Put together a tornado emergency kit that’s easy to grab and bring to your sheltering place when there’s a warning. You should include a battery-powered radio and flashlight, extra batteries, any prescription medications and a first-aid kit.
Make sure you have water — one gallon per person, per day, to last three days— non-perishable food, a manual can opener, baby formula and diapers, if applicable.
Pet owners should make sure to have food, water and other important items on hand for your furry friend, too. If you have a pet and see a tornado warning, it’s smart to get them in a harness and keep them on a leash so you can easily grab them and go.
If there’s damage from the tornado, keep your family or group together and wait for emergency crews to arrive. If there are injuries, tend to victims carefully.
Debris is dangerous — there will likely be broken glass and sharp objects everywhere — so steer clear. Downed power lines could still be live with electricity. Don’t touch them or anything metal nearby!
If it’s dark, don’t use matches or lighters — gas lines may have leaked. Flashlights are the only safe option in the immediate aftermath of a tornado. Remain calm and call for help.
Source: rent.com
Inside: Learn what 19 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $19 a year, how much do I truly make? What will that add up to over the course of the year?
Is $19 a living wage?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage?
In this post, we’re going to detail exactly what $19 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
When we ran all of our numbers to figure out how much is $19 per hour as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $19 = $39,520
$39,520 is the gross annual salary with a $19 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
This is how that number is calculated.
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $19 times 2,080 working hours, and the result is $39,520.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Just under $40,000 a year.
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $19 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $19 times 1,040 working hours, and the result is $19,760.
On average, the monthly amount would average $3,293.
Annual Amount of $39,520 ÷ 12 months = $3,293 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid on and on which days you get paid.
Plus by increasing your wage from $12 an hour, you average an extra $1200 per month. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,647.
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $19 = $760 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $380.
For this calculation, take the average weekly pay of $760 and double it.
$760 per week x 2 = $1,520
Also, the other way to calculate this is:
40 hours x 2 weeks x $19 an hour = $1,520.
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $760.
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $19 per hour = $152 per day.
If you work 10 hours a day for four days, then you would make $190 per day. (10 hours x $19 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $76.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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| $19 per Hour – Full Time | Total Income |
|---|---|
| Yearly Salary (52 weeks) | $39,520 |
| Yearly Wage (50 weeks) | $38,000 |
| Monthly Wage(173 hours) | $3,293 |
| Weekly Wage (40 Hours) | $760 |
| Bi-Weekly Wage (80 Hours) | $1,520 |
| Daily Wage (8 Hours) | $152 |
| Net Estimated Monthly Income | $2,514 |
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $39,520 per year.
This is the same as the example above for an annual salary making $19 per hour.
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $19 times 2,000 working hours, and the result is $38,000.
40 hours x 50 weeks x $19 = $38,000
You would average $152 per working day and nothing when you don’t work.
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $39,520
$19 an Hour per Year after Taxes: $30,174
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$30,174 ÷ 2,080 hours = $14.51 per hour
After estimated taxes and FICA, you are netting $14.51 an hour. That is $4.49 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a just over $14 an hour wage is much different.
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $19.01-19.99.
This is super helpful if you make $19.10 or $19.23.
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You are probably wondering can I live on my own making 19 dollars an hour? How much rent can you afford at 19 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $19 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated $19 an hour was $14.51 after taxes. That would average $2,514 per month.
According to the Cents Plan Formula, here is the high-level view of a $19 per hour budget:
Obviously, that is not doable for everyone when living above the poverty line. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun money.
To further break down an example budget of $19 per hour, then using the ideal household percentages is extremely helpful.
| Category | Ideal Percentages | Sample Monthly Budget |
|---|---|---|
| Giving | 10% | $199 |
| Savings | 15-25% | $527 |
| Housing | 20-30% | $856 |
| Utilities | 4-7% | $165 |
| Groceries | 5-12% | $263 |
| Clothing | 1-4% | $33 |
| Transportation | 4-10% | $132 |
| Medical | 5-12% | $165 |
| Life Insurance | 1% | $10 |
| Education | 1-4% | $16 |
| Personal | 2-7% | $49 |
| Recreation / Entertainment | 3-8% | $99 |
| Debts | 0% – Goal | $0 |
| Government Tax (including Income Tax, Social Security & Medicare) | 15-25% | $779 |
| Total Gross Income | $3,293 |
Even living above the minimum wage by $5-6 can be a very difficult situation.
Is it doable? Absolutely.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark or slightly above, they feel like they are in this constant cycle that they can never keep up. They are not good enough to make more money. Feel like they are constantly struggling to keep up with bills and expenses. And things just keep adding on top.
You need to do is change your money mindset.
This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 19 dollars per hour. No going into debt for me.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $19 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $19 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $19.50 will add up over the year. Even better $20 an hour is a win!
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $19 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
Maybe a non phone work from home job is perfect for you!
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
Check out one of these early morning jobs.
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
In this last section, grasp these tips on how to live on $19 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $19 an hour. Highlight these!
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $19 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $19 an hour minus all the taxes, FICA, Social Security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your gross income.
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
Learn how to live below your means.
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Here are resources now for you to pay off your debt:
You can find jobs that pay $19 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Companies that pay more than $19 per hour:
Plus many companies pay a higher hourly rate in HCOL areas as well.
In this post, we detailed 19 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 19 dollars an hour annually…
$39,520
This is right between $39000 per year and $43k a year. In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.
Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.
Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.
If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
Source: foxbusiness.com
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
30k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be paying just over $30,000 a year. The question that remains is can you make a living off $30k a year.
The median household income is $70,784 in 2021 and increased with hot inflation over the past couple of years (source). Think of it as a bell curve with $71K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,640 for a 40-hour workweek; that is an increase of 6.9% from the previous year (source). That means if you take everyone’s income and divided the money evenly between all of the people.
But, the question remains can you truly live off 30,000 per year in today’s society since it is well below both the average and median household incomes. The question you want to ask all of your friends is $30000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $30000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $30k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 30k a year hourly. That way you can decide whether or not the job is worthwhile for you.
30000 salary / 2080 hours = $14.42 per hour
$30000 a year is $14.42 per hour
For our calculations to figure out how much is 30K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $30000 by 2,080 working hours and the result is $14.42 per hour.
Between $14 an hour and $15 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
Just an interesting note… if you were to increase your annual salary by $5K to $35K per year, it would increase your hourly wage to almost $17 an hour – a difference of $2.41 per hour.
To break it down – 35k a year is how much an hour = $16.83
That difference will help you fund your savings account; just remember every dollar adds up.
On average, the monthly amount would be $2,500.
Annual Salary of $30,000 ÷ 12 months = $2,500 per month
This is how much you make a month if you get paid 30000 a year.
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of a $30k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of $30000/52 weeks = $577 per week.
For this calculation, take the average weekly pay of $577 and double it.
$577 per week x 2 = $1,154
Also, the other way to calculate this is:
Annual Salary of $30000 / 26 weeks = $1,154 biweekly.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of $30000 / 260 working days = $115 per day
If you work a 10 hour day on 208 days throughout the year, you make $144 per day.
| $30000 – Full Time | Total Income |
|---|---|
| Yearly Salary (52 weeks) | $30,000 |
| Monthly Salary | $2,500 |
| Weekly Wage (40 Hours) | $577 |
| Bi-Weekly Salary (80 Hours) | $1,154 |
| Daily Wage (8 Hours) | $115 |
| Daily Wage (10 Hours) | $144 |
| Hourly Wage | $14.42 |
| Net Estimated Monthly Income | $1,909 |
| Net Estimated Hourly Income | $11.01 |
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $160,200.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 30000 a year after taxes?
Gross Annual Salary: $30,000
$30k Per Year After Taxes is $22,905.
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22,905 ÷ 2,080 hours = $11.01 per hour
After estimated taxes and FICA, you are netting $22,905 per year, which is $7,095 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $30000 income can range from $20,505 to $24,105 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $30,000 income.
More than likely, your salary is not a flat 30k, here is a tool to convert salary to hourly calculator.
You can find many early morning jobs in this salary range and some pay this part time!
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Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person. And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $30,000 a year is going to be extremely difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $30,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 30k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage 30k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
| Category | Ideal Percentages | Sample Monthly Budget |
|---|---|---|
| Giving | 10% | $125 |
| Savings | 15-25% | $375 |
| Housing | 20-30% | $725 |
| Utilities | 4-7% | $100 |
| Groceries | 5-12% | $209 |
| Clothing | 1-4% | $25 |
| Transportation | 4-10% | $88 |
| Medical | 5-12% | $150 |
| Life Insurance | 1% | $13 |
| Education | 1-4% | $25 |
| Personal | 2-7% | $25 |
| Recreation / Entertainment | 3-8% | $50 |
| Debts | 0% – Goal | $0 |
| Government Tax (including Income Taxes, Social Security & Medicare) | 15-25% | $591 |
| Total Gross Monthly Income | $2,250 |
As we stated earlier if you are able to make $30,000 a year, that is a low salary. You are making around or just above minimum wage.
While 30000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $30k salary would be considered a lower class salary. You must make each dollar count in your budget.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 30k salary is:
In the future years and with possible inflation, in many modest cities a 30,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 30,000 per year.
If you are looking for a career change, you want to find jobs paying at least 38000 a year.
Simply put, you can make it work.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live comfortably on $30000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Many of the same principles apply above on whether $30000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
At the 30K salary with a family, you would need more than one income stream to make this possible without government help.
The cost of raising a child is expensive! Any of us can relate to that!
Did you know raising a child born in 2015 is $233,610 (source). That is from birth to the age of 17 and this does not include college.
Each child can put a dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains is can you provide a good life for your family making $30,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
You will not be able to afford everything on this salary.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 30,000 per year, then the combined income for the household would be $60,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
As we outlined earlier in the post, $30000 a year:
Next up is making $32000 a year!
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a lower-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 29,000 a year, that is an okay place to be getting your career. However, if you have been in your career for over 20 years and still making $30K, then you probably need to look at asking for pay increases, picking up a second job, or finding a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org