Recently, America has been talking about raising the minimum wage to $15 an hour.
So, with this in mind, you are probably asking yourself $15 dollars an hour is how much a year?
And can I live on $15 an hour?
By the end of this article, you’re going to be an expert on this, including knowing about jobs that pay $15 an hour, and how to budget a salary of $15 an hour.
You will also be able to figure out whether it is enough for you to live off, because at the end of the day, this is the most important thing.
- 1 $15 Dollars an Hour is How Much a Year?
- 2 How Much is $15 a Month?
- 3 How Much is $15 Every Two Weeks?
- 4 How Much is $15 a Week?
- 5 How Much is $15 a Day?
- 6 Can You Live Off $15 an Hour?
- 7 Can You Buy a House on $15 an Hour?
- 8 How to Live on $15 an Hour
- 9 How to Increase Your Income
- 10 Jobs for $15 an Hour
- 11 Related Guides
- 12 Final Thoughts
$15 Dollars an Hour is How Much a Year?
If you earn $15 an hour, and you work full time, then you will earn $31,200 a year.
You work 40 hours a week, and you multiply this by the average number of weeks in a year, which is 52.
This is going to come out as 2080 hours worked a year. If you multiply this by $15, you get $31,200.
However, you might be wondering how much $15 is after tax. If you make $31,200 a year, you are going to be paying 18.4% of your salary in taxes.
This means that after tax, you will take home $25,450.
How Much is $15 a Month?
Working a full-time job, which is 40 hours a week, and making $15 an hour, then you are going to earn $2600 per month, before you pay a tax.
After tax, this is going to average out to $2121 a month.
How Much is $15 Every Two Weeks?
If you work full time, which is 40 hours a week, for $15 an hour, you are going to make $1200 every two weeks. After tax this is going to be $1060 every other week.
How Much is $15 a Week?
If you work a 40 hour week, and you are making $15 an hour, then this is going to earn you $600 a week. After tax, this is going to be $530 a week.
How Much is $15 a Day?
If you earn $15 an hour, then you are going to earn $120 a day. After taxes, this is going to be $106 a day.
Can You Live Off $15 an Hour?
Now that you know how much you can earn every year if you get paid $15 an hour, it’s time to work out whether you’re actually going to be able to live off this.
The answer is yes, but it depends where you live.
If you live in a city that has a low cost of living index, and you don’t have anybody that relies on you, then you will be able to.
However, you won’t have much money left over at the end for anything additional.
You will also be able to stretch your budget further, if you live in a state that doesn’t charge income tax.
Can You Buy a House on $15 an Hour?
The answer to this question is probably not. Because most of the time, a lender is going to prefer your debt-to-income ratio to be under 43%.
This means that at $15 an hour, even if you don’t have any debt, you’re probably going to struggle to afford insurance, a mortgage payment, and general upkeep of the house.
However, this doesn’t mean that you can’t afford to pay for alternative housing options, like a tiny house, a mobile home, or even a condo.
How to Live on $15 an Hour
There are a number of tips that we can give you to help you live on $15 an hour. The first is that you’ll want to pay off any outstanding debt that you might have.
Even if you’ve got a little bit of debt, this is going to eat into how much you earn a month.
You will also want to live below your means. You will need to avoid increasing your lifestyle and adopt habits that are frugal.
You also need to make sure that you make a realistic budget. When you create a budget, it’s a really easy way to keep track of your money.
You will also need to set up a financial buffer, in case something was to go wrong, and you need a bit of money to get you out of it.
How to Increase Your Income
If you are finding that $15 isn’t enough to live on, then there are a number of different ways that you can increase your income.
The first thing that you can do is ask for a raise, and if your boss says no, you can always try starting a blog.
You can also sell crafts online or sell your skills on certain websites like Upwork, and even get a side job, like selling feet pics, delivering pizza, or walking dogs.
When talking about online jobs, you can also take surveys, and then get cash back whenever you shop on certain websites.
Jobs for $15 an Hour
The great news is that the majority of jobs that are going to pay $15 an hour doesn’t require you to have any previous experience.
However, you will need to have graduated from high school in order to get this kind of job.
There are a number of different jobs that you can work for $15 an hour from a butcher to a mail clerk, a grounds maintenance worker, a receptionist, retail worker, or bank teller.
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$15 dollars an hour is how much a year? It’s $31,200 a year.
If you are earning $15 an hour, you are going to be able to get beyond poverty level, but you might still find that you are struggling to make ends meet.
With housing prices going overboard, and getting out of control, you’re also probably going to find it really difficult to locate housing that is not only affordable, but safe.
Long term, if you earn $15 an hour, you aren’t going to be able to fund retirement and vacations, so you will need to look for ways that you can supplement your income, as your expenses increase.
However, if you are single, and you live in a city that has a low cost of living, and you’re watching a budget, you can definitely live on $15 an hour.