It’s not easy to live on $15 an hour. In the United States, the minimum wage for workers who work 40 hours a week is $7.25 per hour. But what if you only have one job?. 15 dollars an hour is how much a year?” and can you live on $15 an hour?
What if your job is part-time? You might be living on 15 dollars an hour! This article will explore that question and provide some insight into how it’s possible to make ends meet with little money coming in each month.
We’re going to detail what $15 an hour is, how much that will add up over a year, and whether or not it’s enough for you to live.
15 dollars An Hour is How Much A Year?
15 dollars an hour is how much a year is something you need to know. To calculate how much someone makes in a year, you must first determine the hourly rate of their salary.
We will use $15/hour as an average wage for retail workers and managers.
Take 40 hours times 52 weeks which equals 2080 working hours per year. Multiply that by your hourly pay ($15) to get $31,200 annually or around 30k.
Here is a breakdown of 15 dollars an hour:
- $15 x 8-hour workday : $120 per day
- $15 x 40-hour week : $600 per week
- Weekly x 2 : $1,200 biweekly
- Annual ÷ 12 months : $2,600 per month
- ($15 x 2080 hours): $31,200 per year
How Much is $15 An Hour After Taxes?
Taxes can take up a big part of your earnings. So always ensure you include taxes in all your calculation.
Let’s assume a gross annual salary of $31,200; 18.4% of your salary is taxed (federal, state, social security, and medicare).
This means that the total yearly income will be: $25,450 ( About $2,120 monthly)
How Much is 15 Dollar an Hour Per Month?
On average, the monthly amount would be $2,400. However, some months have more days and fewer days like February so you can expect months with more days to have a bigger paycheck.
This is heavily influenced by how often you are paid and what day of the week your payday falls on.
How Much is $15 an Hour Biweekly?
This results in a total biweekly income of 1200 bucks! The other way is 40 hours per week x 2 weeks = 80 hours at 15 dollars/hour, which equals $1,200 earnings.
How Much is 15 dollars an Hour for 40 Hours A Week?
When you know the math, it’s easy to figure out how much money you’re making each week. $15 x 40 hours = $600!
How Much Is 15 dollar an Hour Per Day?
How much you make per day depends on how many hours you work. For example, let’s say that you are working an eight-hour workday. In one day alone, the total would be $120 (8 x 15).
Can You Live Off of 15 dollars An Hour?
Now that you know how much it is to make $15 an hour and what your take-home pay will be, the next step in determining if this wage can sustain a living for yourself or even just one dependent (let alone any others) comes down to figuring out where exactly live.
Depending on whether you’re willing and able to spend money like water (living lavishly), more frugal options exist, but of course, they come with their tradeoffs.
This conclusion says that there are different ways of spending depending on which lifestyle fits best. Those who have no dependents or extravagant lifestyles might still have some excess income at the end of each month, while those who cannot afford such expenses would find themselves barely scraping by after taxes.
Is it Possible To Buy A House Making $15 An Hour?
It’s not easy to buy a house making $15 an hour. This is because most lenders prefer your debt-to-income ratio (monthly debt payments divided by gross monthly income) to be less than 43%.
With no debts, you’d probably struggle to afford the mortgage payment and upkeep of a home at that rate of pay.
Furthermore, you may be able to afford a mobile/manufactured home, tiny house, or even a duplex condo townhouse as long as you are debt-free and have good credit and savings.
However, your down payment may be large enough for a decent place if money comes in via settlement or inheritance.
Tips To Living Comfortably On $15 an hour
Follow these tips if you make minimum wage and want your income (and lifestyle) to last.
If paying off debt is not feasible at the moment, start small by putting aside a little bit of money every week until you’re ready for one big payment.
Live below what it means to “live above,” or living within reasonable limits; this helps avoid going into debt in part due to avoiding unnecessary expenses like eating out constantly and buying new clothes just because they are trendy right now-it all adds up!
Furthermore, save any unexpected windfalls as soon as possible. Set some aside with each paycheck for an emergency.
To be financially secure, you need to follow these 4 steps:
- Here’s how to create a simple budget.
- Prioritize saving over overspending when it comes to money.
- You can lower your expenses by following these 55 frugal living tips
Find more tips in my guide: How To Live On A Budget.
How To Increase Your Income If $15 An Hour Is Not Enough
Making money is not always easy, but there are ways to increase your income without having a job. If you find that $15 an hour isn’t enough for you, then here are some tips.
- Ask for a raise- the worse they can say is no! Try and negotiate it up by showing your value or bringing attention towards something important in their company (e.g., business trip expenses)
- Sell crafts – if you have any hobbies, especially those related to sewing skills, ask around friends & family first.
- Start a blog– I started my own blogging part-time last year! There are many platforms online where anyone can start one, including WordPress, Tumblr, Blogger, etc.
Jobs That Earn $15 An Hour
Out of all the jobs available, these are some that you can starts at $15 per hour. Some examples include a cashier or waiter job in restaurants, where the minimum wage is typically between $7 and 9 an hour, depending on location. There may be other opportunities, so it benefits to check around with local businesses about possible entry-level positions within their organizations to see what they offer.
Suppose your geographic area does not have many employers offering starting wages above USD 15 for low-skilled work. Then consider looking into further education like trade schools, vocational programs, or community college courses to increase your earning potential over time. Even if initially offered less than more experienced workers would make it later down the road without such training.
You should be paid at least $15 per hour for these 12 jobs
The highest salaries from Indeed Salaries will provide you with the most up-to-date salary information.
Below are twelve of those job titles and their respective average annual wages:
|Job||Average pay (per hour)||What They Do|
|Mail Handler||$15.30||Postal Service Clerk|
|Medical Transcriber||$15,54||Take dictation from Doctors|
|Medical Assistant||$15.59||Works in Health Care|
|Laboratory Assistant||$15.72||Work with Scientist, Medical|
|Veterinary Technician||$16.09||Work in Animal Clinics|
|Construction Worker||$16.19||Manual Labor, remodel, building|
|Medical Billing||$16.50||Work in medical practices|
|Painter||$16.99||Commercial and Resident.|
|Nanny||$17.86||Child care professional|
$15 An Hour Budget Example
For someone who makes $2,120 a month after taxes and uses the 70/20/10 budget allocation method, this is an example of their monthly expenses.
Here’s a breakdown for those following the famous 70% on necessities, 20% on savings & retirement goals (or 10%), with another 10% to be used in debt repayment:
Conclusion – $15 An Hour Is How Much A Year
Researchers at MIT analyzed data to calculate the cost of living, which found that a family of four could not afford necessities in any U.S. state without spending more than $15 an hour on average—which is over twice what most workers earn nationally today.
$15 an hour definitely won’t make you rich, but it’ll at least get your foot in the door. Now that you know 15 hr is how much a year is , learn to budget.
With housing prices soaring and long-term financial security challenging to achieve with such a low wage, these are just some of the obstacles that could prevent people from reaching their full potential as workers.
Although $15 an hour will boost you from poverty-level earnings, it still might be challenging to make ends meet. You’d likely struggle with finding affordable (safe) housing, and your income won’t support retirement and vacations in the long term.