My wife — the NPR addict — pointed me to a Marketplace commentary by Amelia Tyagi. Tyagi says not to focus on small expenses, but to focus on big expenses. You can listen to the piece in RealAudio format from the NPR web site, or read this transcript:
Clip those coupons. Shift to that cheap, scratchy toilet paper. And whatever you do, don’t buy any more lattes at Starbucks.
You’ve heard it before. Some famous financial advisor, shaking his finger and telling you how all you have to do is save $5 a week and all your financial problems will disappear. Before you know it, you will be debt free, investment rich, and lighting cigars with Donald Trump.
Yeah, right. The bottom line is, the little stuff really doesn’t add up. Unless you live to be 500 years old, saving five bucks a week is not going to pay for a retirement home in Tahiti.
The real advice is that the big things add up. The fact is, one-third of Americans live in a house they can’t really afford. Even more of us drive a car we can’t afford. Fifty percent of us aren’t saving a single dollar for retirement, let alone the 10% of our salaries that most experts recommend. So clipping a few coupons isn’t going to build that nest egg.
If cutting the lattes isn’t going to fund a comfy retirement, why do we hear that old advice so much? Because it is easy. It is easier to pack a brown bag lunch than to sell your car. It is easier to give your husband a haircut at home than to move to a smaller apartment. And it is easier to boil your own beans than to sell your house.
But of course, just because it’s easy, doesn’t mean it’s right.
So the next time some expert shakes a finger at you for enjoying a lunch at an upscale restaurant, go ahead and roll your eyes.
Just try not to roll your eyes when it’s time to make the real money decisions.
Tyagi’s advice on big expenses is great. Some people spend so much time sweating the small stuff that they miss the big stuff. They’re penny wise and pound foolish, negating their daily scrimping and saving through stupid financial choices that burden them for years. (My wife told me yesterday of a co-worker who wants to sell his Ford Expedition, which he bought new last summer. The problem? He owes $43,000 on it but can only get $23,000 in trade-in. Ouch.)
But I don’t like Tyagi’s advice on the little stuff.
Her Marketplace piece is basically a condensed version of passages from her book All Your Worth: The Ultimate Lifetime Money Plan. Here’s a paragraph directly from the book’s first chapter — compare it to her opening sentences above:
We are […] not going to say that if you’ll just shift to generic toilet paper and put $5 a week in the bank, all your problems will instantly disappear. A few pennies here and a few pennies there, and the next thing you know, you will be debt-free, investment-rich, and lighting cigars with Donald Trump. Nope, we’re not selling that brand of snake oil.
The problem is: neither is anyone else. In Tyagi’s revised version of that paragraph, she makes a direct swipe at David Bach’s latte factor. What has she got against Bach? And what has she got against saving money? Yes, many people — including myself — advise you to exercise frugality, and warn you of the danger of small expenses, but nobody’s claiming that these are quick paths to wealth. They’re tools in a toolbox. When used in conjunction with other techniques, they can help you establish sound financial habits.
It turns out that Tyagi doesn’t have anything against saving money on the little things. In fact, she believes that some people need to cut the little expenses, which she terms Wants. She recommends a budget structured thusly: 50% of after-tax money spent on Needs, 30% on Wants, and 20% on Savings. She says that if any of these are out of balance, you’re not financially healthy. (Note that this is a refinement of the Andrew Tobias three-step budget.)
I’m reading All Your Worth for a future review here, and I like it (in fact, I love parts of it), but I don’t like the way Tyagi presented her condensed version on Marketplace.
Sure, give up the big things, but pay attention to the small stuff, too.
Are you stuck in a rut feeling like nothing is exciting left to do? Think again! If you were lucky enough to inherit $100,000 suddenly, what would be the first thing on your bucket list? Redditors had plenty of ideas for how they’d spend their newfound fortune. From purchasing exotic vacations, high-end home renovations, virtual reality headsets, and dream weddings to community sculpture gardens to more practical investments in college tuition grants—there are plenty of ways to imagine how you’d spend a large inheritance!
1. Attend the Funeral
One user pointed out, “Attend funerals.”
Another user replied, “It took me a second, but yep.”
One commenter responded, “Goes without saying.”
“First, I would attend the funerals of the deceased. Then I would think about what to do with the money. Just a matter of respect,” another Redditor shared.
2. Pay Off Debt
“Become debt free!” exclaimed one user.
Another user added, “Become debt free, stash the rest in savings and CDs for sure. I’ll even get adventurous and go out and have a nice dinner.”
One commenter shared, “You know you’re an elderly millennial when you see the term CDs and start thinking about replacing your beloved but heavily scratched pop-punk and hardcore punk collection from the early and mid-2000s.”
3. Pay Bills
One user posted, “Pay bills.”
Another user confirmed, “100% this. Pay bills. Pay off debt. Bank the rest against a rainy day.”
One replied, “Smart.”
4. Plan Ahead
One user shared his own story, “I inherited a little more, roughly $150k total, than that after my mom passed away a few years ago. My dad [had been] a doctor, and she didn’t have to worry about money for her remaining 21 years. When they sold their rental duplex (they never raised the rent in the 30 years they had it), I used my share to open an investment account for both of my kids and used the rest to pay off one credit card.
“With the cash I received from the trust, I paid off the other cards and started my own investment account. I’m 50, and for the first time in my adult life, I don’t have debt other than a student loan (that will hopefully get discharged under the borrower’s defense for false advertising) and our house.
“Before doing that, though, I booked a family vacation to Riviera Maya. I mentioned Dad was a doctor; well, he and Mom traveled the world going to dads medical conferences and just seeing the world. They lived to see new places and do new things. So, to honor and thank them, I spent a small amount and took the family on our first trip outside the US. I cried on the plane, I cried on the beach, I cried when I saw apple pie at the resort like mom made, and I cried when we came home. At one dinner, we talked about Grandma and what we miss most about her. Dad passed before I met my future bride, so only I mentioned him.
“So if I inherited that again, I’d probably do the same thing again. I remembered where it came from, and I prepared for those it would eventually go to.”
One user replied, “This is beautiful, thank you for sharing your incredible story with me.”
“For a person who is not from the US, it’s mind-blowing that you are 50 years old (not that far away from retirement age), and you still have student loans,” one user commented.
5. Make Sure it’s Not a Scam
Another user posted, “You know how generational wealth is kind of a thing—well, so is generational poverty, as it turns out. So if I suddenly inherited 100k, the first thing I would do is make sure this wasn’t a prank or a scam.”
One confirmed, “Yes, fortunately, it’s not a scam, as my aunt passed away.”
Another user added, “I missed that part. Condolences and congratulations in whichever order you feel is more appropriate. Take the sincere advice of a generational poor person for what it is—but if I were in your shoes, I would act conservatively. I imagine there are a lot of people with a lot of enticing pitches for the newly rich. Just keep pulling in a regular paycheck for your day-to-day if you can, and make sure you have found a well-regarded accountant before the next tax season. Start inquiring into a money manager that can provide a realistic plan to ensure your long-term retirement.
“(Edit: Also, think of ONE affordable extravagance you could never financially justify before but might have been able to pull off and give to yourself as a gift. For me, that would be a 3-day weekend in some major city.)”
“Sending condolences, I was put in a similar situation when my dad passed away. The best advice I can give is to not rush into any decisions financially, take your time, and the money isn’t going anywhere!” shared one user.
6. Fully Exhale
“For the first time in my adult life, I could fully exhale,” one user confirmed.
One user pointed, “THIS.”
Another user commented, “YES.”
One Redditor added, “Hell yeah, just to breathe easy is a luxury.”
7. Add It to the Rest
One user shared, “Throw it on the pile.”
One user added, “New paint job for the jet.”
“Ya know, my old boss traded in his propeller plane for a jet and got $100,000 in tax write-offs…” a user commented.
One user commented, “I get it… sometimes it’s just super exhausting just thinking of all the money I have.”
8. Invest
“Invest,” one user shared.
Another user replied, “All in SPY 0DTE 0.5% OTM calls.”
One user commented, “Invest half, and with the other half, live pretty much the same life, stay at my job, etc., but with complete financial security.”
Another user said, “Invest, invest, invest.”
The OP asked, “What would you invest in?”
The user answered, “The reality is 100k is just the starting point to getting anywhere financially. If you did inherit 100k like you say you did in another comment, it’s worth knowing that if you’re still young (30 or under), you have a huge head start in a secure financial future. I’ll get crap for this, but only spend up to 15% or so of the actual money you get from this. For the rest of it, you should first look to invest in a tax-advantaged account like a Roth IRA. If you max out that annual limit ($6500 for 2023), then either open up high-yield savings (if you’re in a place to buy a house soon) or put it in something simple like the S&P 500 index fund (if you can put this money away for a long time you’ll be shocked at how much it’s grown in 20 years). But most importantly, if you have any high-interest debt, pay that off first.”
9. Buy Lottery Tickets
One user shared, “50,000 lottery tickets.”
The OP commented, “Love this, thanks for a laugh.”
Another user shared, “Laugh?”
One user commented, “And then you get $70k back if the MrBeast videos are any indication.”
10. Pay Off Mortgage
A user shared, “Pay off my mortgage and other debts, then go back to living as normal, just with more disposable income since I won’t be making repayments anymore. It’s such a boring adult answer, but it’s accurate.”
Another user replied, ‘I agree with it; I would do the same.”
11. Save As a Safety Net
One user shared, “Wife and I inherited around $175k. What we did was largely just keep living life, exhale finally, and catch up on some… debts we had. Used the money as a safety net to get out of construction and into something else, and now our lives are, without a shred of doubt, 100x easier than they were before.”
The OP of the thread replied, “This is my hope.”
12. Ask a Financial Advisor
One user posted, “I’m 50F on a disability pension with high rent and living costs. It’s an unexpected windfall, and I am not financially literate. I don’t want to blow it. Yes, I am going to get a financial advisor!”
One user commented, “Go to a personal finance Reddit or something and ask how to choose a good advisor. Some are shady!”
“It’s honestly not that much these days, a down payment on a house at most. Pay off any debt, but otherwise, live as you have been. Hopefully, with a safety net for the next financial speedbump,” replied one user.
13. Trucks and Good Times
One user freely posted, “Trucks and H–kers. It would be best if I didn’t get 100k.”
Another user replied, “That’s like 1 of each, lol”
One replied, “Each? You must have gotten a cheap truck.”
14. Government Bonds
One user commented, “After potentially paying estate/ inheritance tax, Spend [40k] on settling debts (I don’t have much, so there’s going to be leftovers, but I will put them in government bonds as savings $. Spend [10k] on online courses and career certifications. Spend [10k] on buying stuff I’ve wanted for a while. Spend [10k] on new tech. Spend [5k] on a mini solo budget vacation to somewhere random. Keep [5k] as pocket cash. Save [20k] in a high-interest account or maybe split into government bonds, high-interest accounts, green tech stock options, etc. ( I am hesitant investing real estate because of the obvious market bubble).”
“Love this detail; much appreciated. No tax and I’m debt free. I’ll be making a list off this,” replied one user.
15. Donate
“Help out a lot of people,” one user shared.
Another user replied, “Yes. I’ve already decided who I’m going to help and how much. Giving back is important. I couldn’t imagine not sharing my blessing with those closest to me. I also need help as I have been living on the disability pension, so I’d also like to be out of poverty if at all possible, lol.”
Do you agree with the things listed above? Comment below!
Source: Reddit.
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Recently, I published the article Reasons You’re Still in Debt. Like I said in that article, I think the first step in eliminating debt is to realize why you are in debt in the first place.
I believe that if you don’t know what your problem with debt to begin with is, then it would be hard to make a positive change.
Yes, it is great to just start attacking your debt, but you also don’t want to fall into the same cycle of going into debt over and over again.
After you realize why you are in debt (or why you keep going back into debt), the next step is to figure out how you will eliminate your debt. There are many different ways for you to attack your debt, and I prefer a mixture of everything.
Below are different ways to get rid of your debt.
1. Stop adding to your debt.
This sounds obvious, right? Like I said earlier, if you don’t know why you are in debt, then it would be hard to stop adding to your debt.
Also, if you’re eliminating debt but also adding to it at the same time then you won’t get anywhere fast.
Different ways that you could prevent yourself to stop adding more debt include:
Canceling your credit card.
Freezing your credit card.
Asking for your credit card limit to be lowered.
Don’t take out extra student loans that you don’t need.
Think it over before you buy something.
Avoid places like the mall altogether.
2. Create a budget.
Of course this is on my list. Why wouldn’t it be? If you don’t believe in a budget but you have a lot of debt, then you better start believing.
You should create a realistic budget so that you truly know how much you are spending. Then total how much you actually bring in each month. If you are bringing in less than you are spending then a change definitely needs to be made.
A budget can also help you see where your money is going so that you know what areas you need to work on. Maybe you never realized how much you spend on food each month, how much you spend on clothing or something else.
A budget really puts that in front of you so that you know what you can cut out of your spending (or at least lower your spending in that area).
3. Cut your expenses.
To continue with what I was saying above, you may have to cut your expenses in order to have a realistic budget so that you can pay off your debt.
If you have $100,000 in credit card debt, should you really still be spending $500 a month on clothing?
Probably not.
Depending on how quickly you want to get rid of your debt, there are different things that you may want to cut out. You could cut out Starbucks (I know, I know), lower your restaurant spending, find a cheaper way to workout, sell your car for something cheaper/more affordable, cook from scratch and so on.
There are many ways to cut down your spending. Below is a quick list for you to start with:
Lower your cell phone bill. Instead of paying the $150 or more that you spend on your cell phone bill each month, there are companies out there like Republic Wireless that offer cell phone service starting at $5. YES, I SAID $5! If you use my Republic Wireless affiliate link, you can change your life and start saving thousands of dollars a year on your cell phone service. I created a full review on Republic Wireless if you are interested in hearing more. I’ve been using them for over a year and they are great.
Sign up for a website like Ebates where you can earn FREE cash back for spending like how you normally would online. When you sign up through my link, you also receive a free $10 gift card bonus to Macys, Walmart, Target, or Kohls!
Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month (the first four weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
Check out my recommendations page for a full list on money-saving websites.
4. Find a way to make extra money.
Making extra income is the main thing that helped me pay off my student loans so quickly. I worked like crazy in my spare time because I knew that I could make more money than I could cut out of my budget(don’t worry, I did do both).
There is a limit to how much you can cut, but you can always find different ways to make more money.
You could find a part-time job at a restaurant, retail store, and so on. You could freelance on the side. You could babysit, dog walk, sell your crafts and so on. The list is really endless for what you could possibly do.
Miscellaneous other things you should do:
Pay more than the minimum.
Put little amounts toward your debt. For example, whenever you get an extra $25 (such as by selling something), then you should just throw that extra money that you won’t miss towards debt.
Automate your payments if you can’t force yourself to make payments.
Put money towards debt right when you get paid so that you are “paying yourself” first.
How are you eliminating your debt? When do you think you will be debt free?
Motivation is important because it can help you keep your eye on the goal even when you want to quit.
Motivation will help you continue to work hard towards your goal, even when it seems impossible.
Motivation is what keeps you going so that you do not quit.
Without motivation, most people would give up on a goal very easily. This is why it’s so important to learn how to stay motivated.
Whether your goal is finance-related, career-related, family-related, lifestyle-related, or something else, there are many ways to help you stay motivated so that you can reach it.
Below are eight ways to get motivated so that you can reach your goals and become successful.
Related: How To Set And Reach Goals In The New Year
1. Write down your goal.
Writing out your goal is a very important part of the process. I know it helps keep me motivated whenever I do this, and I believe this is a big reason for why we are doing better with our food budget.
Writing down your goal helps keep it in your mind. Whenever I don’t write something down or have it in front of me on a regular basis, I usually forget about it.
If you can’t remember your goal, it would be very hard to reach it. I suggest creating a blog, creating a vision board, and so on.
2. Remember the reasons for why you want to reach your goal.
A big factor in staying motivated is to remember why you are wanting to reach your goal. If there is no reason, then it would be very hard to stay motivated.
You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.
If your goal is debt payoff, then your reason is probably so that you can stop living a stressful paycheck to paycheck life. Just keep dreaming about what a debt free life would be like!
3. Create a plan to reach your goal.
If you want to learn how to stay motivated with your goals, then one of the first things you do after you create your goal is to create a plan. Without a plan, it would be difficult to reach a goal as you would just be all over the place.
You should create a plan that details the steps you need in order to reach your goal, what will happen as you reach each step, when and how you will track your progress, and more. Being detailed with your plan will help you reach your goal and become successful.
Related:Setting Goals – How To Set Personal Goals
4. Set smaller goals in between so that you can become successful.
When you’re creating your plan, you might want to think about setting smaller goals in between. This can help you learn how to stay motivated because it will help you keep your eye on your goal and fresh in your mind.
One way to do this is by setting smaller goals that directly relate to your overall goal.
So, if your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated.
5. Keep track of your progress.
To stay motivated with your goals and become successful with them, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.
Keeping track of your progress is a good idea because it can tell you what you need to do in order to each your goal, if you are behind, or if you need to make a change.
I highly recommend that you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.
6. Make changes when needed.
After you check in on your progress, you might find that you need to make changes in order to reach your goal. You might decide to change your timeline, your goal entirely, or you might set different smaller goals in between your time frame.
You should always make sure your goal is what you want and that it is realistic, so doing this step is important.
7. Be nice to yourself when learning how to stay motivated.
Every now and then, you might fall off track or come short of your goal. If this happens, do not be too mean to yourself. This is a very important step when learning how to stay motivated with your goals, as many people drag themselves down when they are not on track with their goals.
Things happen, but instead of being negative you should analyze what happened and see what needs to be changed so that it doesn’t happen again.
8. Reward yourself when you do become successful.
Whenever you reach one of your smaller goals, you might want to try rewarding yourself so that you can stay motivated.
A reward doesn’t mean that you are cheating your goal progress or that you need to fall off the wagon. You can reward yourself in many ways – you just need to find what works for you while also staying on track.
What are your current goals? How do you stay motivated with your goals?
Only after you have gotten in the habit of making regular increased payments towards your debt should you begin exploring other debt elimination tricks like debt negotiation and debt consolidation. All of the shortcuts in the world can’t help you get out of debt if you do not first develop the self-discipline to live within your means and devote additional income to paying down your debt.
This next part of my Debt Free in Seven Steps system is to find these short cuts that can help you get out of debt faster–and for less.
Step Four: Negotiate interest rate reductions from your creditors and/or consolidate balances in lower rate accounts.
What’s Ahead:
First, call your card companies!
The first step anybody with credit cards should take is to request an interest rate reduction from your credit card companies. Why in the world would a credit card lower my interest rate? Four times out of five they might not. But if you ask, and ask again, they will likely give you a rate cut to keep you as a customer. If you haven’t noticed your mail box overflowing with “pre-approved credit card offers”, the consumer lending industry is lucrative but it’s also competitive.
Call your credit card’s 800-number and just ask to have a lower interest rate. Tell them you received balance transfer offers and will take your balance elsewhere if you can’t get a better rate. If they say no, ask to speak with a supervisor. If that proves fruitless, call back again tomorrow. Most credit cards will eventually lower your rate if you harass them, and it’s a move that will save you hundreds if not thousands of dollars.
This debt negotiation tactic will work best if you are in good standing and don’t have a number of late payments in the last year. If, however, you are being charged a higher interest rate or “penalty APR” because of your late payments and are now paying on time, call and request a return to your usual rate. Most creditors will not refuse such a request from somebody who is paying in good faith.
Balance transfers
If your credit score is good, you may be able to qualify for one or more credit cards with 0% balance transfer offers for a year. Compare and apply for balance transfer credit cards and move high-rate balances onto the 0% card. Do NOT, however, use the new cards—or the old ones for that matter—to make new charges. Cut ’em up. The point of getting the new credit cards is only to save money on getting out of debt.
Debt consolidation
Another tool at some debtors’ disposal is debt consolidation, or the process of moving two or more credit cards or loans into a new loan, usually with more favorable terms like a lower interest rate. Mortgage lenders frequently advertise mortgage refinancing and home equity lines of credit as debt consolidation options, and introductory-rate credit cards make balance transfers a tempting debt consolidation option.
Be careful, however, with debt consolidation. Most people are in debt because at some point they spent beyond their means. Consolidating debt frees up credit and lowers the minimum debt payment you make each month, making it tempting to loosen your spending belt a bit. A few months of a dollar hear and two dollars here can add up quickly to yet another ugly debt.
If you decide to consolidate debts into a credit card balance transfer, for example, cut up your old credit cards and do not activate the new card—use it only to carry the transferred balance. The less available credit you have at your disposal, the less likely you are to backtrack.
Moving on…
Once you have taken advantage of any debt negotiation or debt consolidation techniques, it’s time to move onto Step Five: Automate Your Debt Payments. Or, check out all the articles in my Debt Free in Seven Steps system.
While I no longer have debt after paying off my student loans, I am always striving to save more money, to save for retirement, to find financial motivation, and more.
Even with how much I love saving money, every now and then it can be easy to get unmotivated and want to SPEND ALL THE MONEY!
I’m sure I’m not alone either.
While many do choose to live a frugal life, it’s not always easy. Some have large amounts of debt to pay off, others find it hard to understand how to stick to a budget, and more.
Finding financial motivators will help you continue to work hard towards your goal, even when it seems impossible.
Without motivation, one might give up on a financial goal quite easily. This is why it’s so important to learn how to stay motivated.
Whatever your financial goal may be, there are many ways to stay motivated so that you can reach it. Here are my tips on how to stick to a budget and find financial motivation.
Make your financial goal visual.
Making your goal visual is a great way to find motivation. Having your financial goal displayed in front of you can make it that much realer, plus it’s nice to have a constant reminder of what you’re working towards.
Various ways to make your financial goal visual include:
Create a graphic that demonstrates your financial goal. An example of this would be if you are trying to pay off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can color a piece in. I did some research and found a blog post about many other creative ways to do this on A Cultivated Nest.
Keep a picture of your goal on hand. Whether your goal is a vacation, an item you want, or something else, having a picture can help keep you reminded of it.
Start a blog. Blogging greatly helped me with my financial goals. I could easily look back to see how I was doing. Plus, I felt like I had to keep myself accountable and keep improving due to the fact that everything was public. If interested, you can start a blog for cheap with my easy tutorial.
Hang out with others who share the same financial goals as you.
Learning how to stick to a budget can be a hard task but spending time with others who share the same financial mindset as you can help.
I’m not saying you should unfriend anyone who is in a different financial spot than you, but I do think spending time with someone who you aren’t trying to Keep Up With The Joneses with can go a long way.
Related article: How To Live On One Income
Read and watch financial media.
Finance is all around you and it’s really not as boring as you may think. I read something related to personal finance every day and it’s not because I have a personal finance blog – it’s because I want to!
There are different ways to stay on top of financial media. You can watch the news, listen to financial podcasts, read personal finance blogs, read financial books, and more.
Set smaller goals in between.
Setting smaller goals in between can help a person stay motivated because it will help you keep your mind on your goal. Also, smaller goals can be a nice way to challenge yourself. Making it more of a game and a competition with yourself instead of a chore can go a long way.
For example: If your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated while still challenging yourself at the same time.
Keep track of your progress.
To stay motivated with your financial goals, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.
Keeping track of your progress is a good idea because it can tell you what you need to do in order to reach your goal, if you are behind, or if you need to make a change.
I highly recommend you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.
Think about how you will feel in the end.
It can be hard to visualize the end when you’re just starting to learn how to stick to a budget.
One great way to stay motivated is to think about how you will feel later on and/or even when you’ve reached your financial goal.
How will you feel once you pay off your debt, save a certain amount of money, or reach whatever financial goal it is that you have? You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.
For example: If your goal is debt payoff, then you may want to dream about what a debt free life would be like!
Still have fun.
Having financial goals doesn’t mean you have to be boring. You can still enjoy life, do many of the same things you usually do, and so on.
Remember to still have fun and enjoy life!
Related post: How To Be Frugal And Fun (And Not Boring)
What tips do you have on how to stick to a budget? How do you find financial motivation and what are your financial motivators? What financial goals are you working towards?
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.
We are going to under the cover and discover $13 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $13 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $13 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.
When living close to minimum wage, you must be know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want too, then keep reading. You are in the right place.
$13 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $13 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $13 = $27,040
$27040 is the gross annual salary with a $13 per hour wage.
Breakdown of 13 Dollars an hour is how much a year
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, multiple the hourly salary of $13 times 2,080 working hours, and the result is $27,040.
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.
Work Part Time?
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 $13 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiple the hourly salary of $13 times 1,040 working hours, and the result is $13,520.
How Much is $13 Per Month?
On average, the monthly amount would average $2253.
Annual Amount of $27,040 ÷ 12 months = $2,253 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.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,127.
How Much is $13 per Hour Per Week
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 $13 = $520 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $260.
How Much is $13 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $520 and double it.
$520 per week x 2 = $1040
Also, the other way to calculate this is:
40 hours x 2 weeks x $13 an hour = $1040
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $520.
How Much is $13 Per Hour Per Day
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 $13 per hour = $104 per day.
If you work 10 hours a day for four days, then you would make $130 per day. (10 hours x $13 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $52.
$13 Per Hour is…
$13 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$27,040
Yearly Wage (50 weeks)
$26,000
Monthly Wage (173 hours)
$2,253
Weekly Wage (40 Hours)
$520
Bi-Weekly Wage (80 Hours)
$1040
Daily Wage (8 Hours)
$104
Net Estimated Monthly Income
$1,720
**These are assumptions based on simple scenarios.
Paid Time Off Earning 13 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will 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.
Case # 1 – With Paid Time Off
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 $27,040 per year.
This is the same as the example above for an annual salary making $13 per hour.
Case #2 – No Paid Time Off
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, multiple the hourly salary of $13 times 2,000 working hours, and the result is $26,000.
40 hours x 50 weeks x $13 = $26000
You would average $104 per working day and nothing when you don’t work.
$13 an Hour is How Much a year After Taxes
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.
This is why you always wondering why your take-home pay is so much less.
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: $27,040
Federal Taxes of 12%: $3,245
State Taxes of 4%: $1,082
Social Security and Medicare of 7.65%: $2,069
$13 an Hour per Year after Taxes: $20,645
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$20645 ÷ 2080 hours = $9.93 per hour
After estimated taxes and FICA, you are netting $9.93 an hour. That is $3.07 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.
$13 an Hour Budget – Example
You are probably wondering can I live on my own making 13 dollars an hour? How much rent can you afford at 13 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $13 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 that $13 an hour was $9.93 after taxes. That would average $1720 per month.
According to the Cents Plan Formula, here is the high level view of a $13 per hour budget:
Basic Expenses of 50% = $860
Save Money of 20% = $344
Give Money of 10% = $172
Fun Spending of 20% = $344
Debt of 0% = $0
Obviously, that is not doable when living so close to 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 $13 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $13 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$68
Savings
15-25%
$135
Housing
20-30%
$676
Utilities
4-7%
$135
Groceries
5-12%
$203
Clothing
1-4%
$23
Transportation
4-10%
$135
Medical
5-12%
$225
Life Insurance
1%
$19
Education
1-4%
$11
Personal
2-7%
$35
Recreation / Entertainment
3-8%
$56
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$533
Total Gross Income
$2253
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$13 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $13.01-13.99.
This is super helpful if you make $13.12, $13.35, or $13.77.
Living on $13 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
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, they feel like they are in this constant cycle that they can never keep up (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 13 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $13 an hour.
5 Ways to Increase Your Hourly Wage
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 $13.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
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.
2. Look for A New Job
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 $13 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.
3. Find a New Career
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.
4. Find Alternative Ways to Make Money
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.
5. Earn Passive 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 happens.
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.
Tips to Live on $13 an Hour
In this last section, grasp these tips on how to live on $13 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 $13 an hour. Highlight these!
1. Spend Less Than you Make
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 $13 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 your home $13 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.
2. Living Below Your Means
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.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
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 101 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.
4. Make More Money
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.
5. No State Taxes
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:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
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%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons 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 you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
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, it was not until week 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.
Jobs that Pay $13 an Hour
You can always find jobs that pay $13 per hour. Polish up that smile, fill out the application, and be prepared with your 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:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$13 Per Hour Annual Salary
In this post, we detailed 13 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 13 dollars an hour annually…
$27,040
This is under $30000 per year and you need to make at least $45k 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…
Know someone else that needs this, too? Then, please share!!
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.
We are going to under the cover and discover $12 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $12 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $12 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.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want too, then keep reading. You are in the right place.
$12 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $12 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $12 = $24960
$24960 is the gross annual salary with a $12 per hour wage.
Breakdown Of 12 Dollars An Hour Is How Much A Year
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, multiple the hourly salary of $12 times 2,080 working hours, and the result is $24,960.
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.
Work Part Time?
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 $12 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiple the hourly salary of $12 times 1,040 working hours, and the result is $12480.
How Much is $12 Per Month?
On average, the monthly amount would average $2,080.
Annual Amount of $24000 ÷ 12 months = $2080 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.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1040.
How Much is $12 per Hour Per Week
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 $12 = $480 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $240.
How Much is $12 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $480 and double it.
$480 per week x 2 = $960
Also, the other way to calculate this is:
40 hours x 2 weeks x $12 an hour = $960
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $480.
How Much is $12 Per Hour Per Day
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 $12 per hour = $96 per day.
If you work 10 hours a day for four days, then you would make $120 per day. (10 hours x $12 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $48.
$12 Per Hour is…
$12 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$24,960
Yearly Wage (50 weeks)
$24,000
Monthly Wage (173 hours)
$2,080
Weekly Wage (40 Hours)
$490
Bi-Weekly Wage (80 Hours)
$960
Daily Wage (8 Hours)
$96
Net Estimated Monthly Income
$1,588
**These are assumptions based on simple scenarios.
Paid Time Off Earning 12 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will 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.
Case # 1 – With Paid Time Off
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 $24960 per year.
This is the same as the example above for an annual salary making $12 per hour.
Case #2 – No Paid Time Off
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, multiple the hourly salary of $12 times 2,000 working hours, and the result is $24,000.
40 hours x 50 weeks x $12 = $24000
You would average $96 per working day and nothing when you don’t work.
$12 an Hour is How Much a year After Taxes
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.
This is why you always wondering why your take-home pay is so much less.
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: $24,960
Federal Taxes of 12%: $2,995
State Taxes of 4%: $998
Social Security and Medicare of 7.65%: $1,909
$12 an Hour per Year after Taxes: $19,057
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$19057 ÷ 2080 hours = $9.16 per hour
After estimated taxes and FICA, you are netting $9.16 an hour. That is $2.84 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.
$12 an Hour Budget Example
You are probably wondering can I live on my own making 12 dollars an hour? How much rent can you afford on 12 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $12 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 $12 an hour was $9.16 after taxes. That would average $1588 per month.
According to the Cents Plan Formula, here is the high level view of a $12 per hour budget:
Basic Expenses of 50% = $794
Save Money of 20% = $318
Give Money of 10% = $159
Fun Spending of 20% = $318
Debt of 0% = $0
Obviously, that is not doable when living so close to 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 $12 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $12 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$62
Savings
15-25%
$104
Housing
20-30%
$645
Utilities
4-7%
$125
Groceries
5-12%
$187
Clothing
1-4%
$21
Transportation
4-10%
$125
Medical
5-12%
$208
Life Insurance
1%
$18
Education
1-4%
$10
Personal
2-7%
$31
Recreation / Entertainment
3-8%
$52
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$492
Total Gross Income
$2,080
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$12 an Hour Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $12.01-12.99.
Here is a handy calculator to use if you make $12.60, $12.30, or $12.75 an hour.
Living on $12 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
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, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to realize that your mindset is everything.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 12 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $12 an hour.
5 Ways to Increase Your Hourly Wage
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 $12.50 will add up over the year. Even better $13 an hour or $15 an hour!
1. Ask for a Raise
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.
2. Look for A New Job
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 $12 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.
3. Find a New Career
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.
4. Find Alternative Ways to Make Money
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.
5. Earn Passive 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 happens.
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 $75,000 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.
Tips to Live on $12 an Hour
In this last section, grasp these tips on how to live on $12 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 $12 an hour. Highlight these!
1. Spend Less Than you Make
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 $12 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 your home $12 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.
2. Living Below Your Means
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.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
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 101 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.
4. Make More Money
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.
5. No State Taxes
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:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
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%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons 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 you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money 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, it was not until week 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.
Jobs that Pay $12 an Hour
You can always find jobs that pay $12 per hour. Polish up that smile, fill out the application and be prepared with your 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 for Jobs Paying $12 an hour:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Virtual Assistant – learn how to get started now!
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Call center
Hotel Housekeeper
Delivery driver
Product demonstrator
Caregiver
Busser at restaurants
companies paying $12 an hour
Target
Amazon
Walgreens
Great Wolf Lodge
Olive Garden
Sonic
$12 Per Hour Annual Salary
In this post, we detailed 12 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 12 dollars an hour annually…
$24,960
This is under $30000 per year and you need to make at least $38k 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!
Spend your time wisely and make money doing it. All of these quick ways to make money are simple and easy to do!
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Paying off student loan debt may seem like a small step on your financial path – but for some people, it’s a lengthy journey all on its own. A 2013 survey found that the average borrower took over 20 years to pay back their loans.
If you’d like to become debt free in your 20s, you’ll need a plan that takes into account your personal circumstances and all available repayment options. We’ll help you come up with the best strategy in the article below.
What’s Ahead:
Pros and cons of paying off student loans early
Pros
Save on total interest
Remove the psychological burden of student loans
Make it easier to qualify for other loans
Cons
May earn more money by investing extra funds
Can delay other financial and personal milestones
May miss out on future loan forgiveness opportunities
How to pay off student loans early
Paying off your student loans early is just like paying off any other debt. You’ll need to get your information together so you know you what you’re dealing with. Then you’ll choose a loan to focus on and start paying them off one a time, paying as much extra as you can.
Two things that can make the pay off go even faster are lowering your interest rate on private loans and increasing your income. Lower interest rates means more money goes to your balance and more income will mean you can make larger payments.
Organize your loans
If you recently graduated and don’t know how to find your student loan information, log onto the Federal Student Aid (FSA) website to locate your federal loans. You will need your FSA ID and password. If you don’t remember your username or are having trouble logging in, contact the FSA at 1-800-433-3243.
The FSA website will only list your federal loans. To find your private student loans, check your official credit report from all three credit bureaus at www.AnnualCreditReport.com. Your credit report should list any private student loans taken out.
Before you start throwing extra money toward your student loans, you should figure out how much you owe. Open a spreadsheet and write down the following information for each loan:
Lender name
Monthly payment
Interest rate
Total loan amount
Federal or private loan
Having all the information in one place will help you determine the most efficient debt payoff strategy.
Research loan forgiveness options
If you have federal student loans, you may be eligible for several loan repayment and forgiveness programs. Taking advantage of these programs can help you pay less each month while also saving on total interest.
The Public Service Loan Forgiveness (PSLF) program will cancel any remaining balance after 120 monthly payments while working for an eligible nonprofit or government organization. Borrowers must be on an income-driven repayment plan during that time to qualify for PSLF, so their monthly payments will be lower than normal.
There are also many loan repayment programs geared toward professionals in the healthcare and legal fields. You can have tens of thousands of loans forgiven in exchange for working in an underserved community for a few years.
Choose a loan repayment strategy
If you want to pay off your loans ahead of schedule, you can choose between the debt snowball or debt avalanche method.
The debt snowball method involves paying extra on the loan with the lowest loan balance. Once that loan is paid off, you will add extra money to the loan with the next smallest balance. The debt snowball method has been proven to be more motivating to borrowers.
The debt avalanche method means adding extra to the loan with the highest interest rate. Once you pay off that loan, you will focus on the loan with the next highest interest rate. The avalanche strategy will result in saving the most money on total interest, though it may take you more time to repay individual loan balances.
Refinance private student loans
Borrowers with private student loans may be able to refinance those loans to a lower interest rate, saving them more interest in the long run. Start by comparing your current interest rates to overall market rates. If your rates are higher than what other lenders are offering, it may be time to refinance. Use our student loan refinancing calculator to see how much you could save.
If you have multiple private loans with high interest rates, you may be able to refinance all of those loans into one loan with the same lender. This will also simplify repayment.
Borrowers with federal student loans should think twice before refinancing, as those loans will then be converted into private loans. Once you refinance federal loans, you will lose all the perks and benefits like income-driven repayment plans, loan forgiveness programs and long deferment and forbearance options. It’s best to leave federal loans as they are.
If you need to refinance your private student loans here’s our list the best companies for student loan refinancing.
When making extra student loan payments, it’s important to ensure that these funds are being diverted correctly. Some lenders will take the extra funds and apply it to the next monthly payment instead of adding it to the principal.
Contact the lender and ask them how to ensure your extra payment will go toward the principal. Then, double check each month to verify that your payment has been applied correctly.
Find ways to earn more money
If you can’t afford to pay extra on your loans and want to, it’s time to evaluate your budget. But as inflation continues to plague regular Americans, cutting expenses may not be enough. Getting a side hustle or increasing your salary may be the only way to funnel more money toward your loans.
Here are some ideas for how to make extra money.
What about Biden’s student loan forgiveness program?
As of early this year, there is a new plan being discussed for those on income driven paymen plans. With this new plan, payments for undergrad would be set at 5% of your discretionary income (this is government speak for “take home pay minus a small amount for basic living expenses”) and after you’ve made payments for 20 years any remaining balance is forgiven.
Graduate loan payments would be 10% of discretionary income and those who borrowed less than $12,000 would only have to make payments for 10 years before forgiveness would set in.
Summary
Paying off your student loans early may seem like the best financial decision you can make – but don’t do it at the expense of your other life goals. For example, if you want to buy a house, you will have to save for a down payment. If you want to quit your job and become self-employed, you may need some start-up funds.
Also, don’t forget to invest for retirement while paying off your loans. The power of compound interest means you can reap huge rewards when you start investing early. You should also have a substantial emergency fund in place before you pay extra on your loans. This will prevent you from having to take on more debt if something unexpected happens.
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.
43k salary is a solid hourly wage when you think about it.
When you get your first job and you are making just above minimum wage making over $43,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $68,703 in 2019 and increased by 6.8% from the previous year (source). Think of it as a bell curve with $68K 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 $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money out evenly between all of the people.
But, the question remains can you truly live off 43,000 per year in today’s society since it is below both the average and median household incomes. The question you want to ask all of your friends is $43000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $43000 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 $43k 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?
$43000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 43k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$43000 a year is $20.67 per hour
Breakdown Of How Much Is 43k A Year Hourly
Let’s breakdown, how that 43000 salary to hourly number is calculated.
For our calculations to figure out how much is 43K 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 $43000 by 2,080 working hours and the result is $20.67 per hour.
43000 salary / 2080 hours = $20.67 per hour
Just above $20 an hour.
Key Points….
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 $48k per year, it would increase your hourly wage to over $23 an hour – a difference of $2.41 per hour.
To break it down – 48000 salary / 2080 hours = $23.08 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $43K salary Per Month?
On average, the monthly amount would be $3,583.
Annual Salary of $43,000 ÷ 12 months = $3,583 per month
This is how much you make a month if you get paid 43000 a year.
$43k a year is how much a week?
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 $43k 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$43000/52 weeks = $827 per week.
$43000 a year is how much biweekly?
For this calculation, take the average weekly pay of $827 and double it.
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$43000 / 260 working days = $165 per day
If you work a 10 hour day on 208 days throughout the year, you make $206 per day.
$43000 Salary is…
$43000 – Full Time
Total Income
Yearly Salary (52 weeks)
$43,000
Monthly Wage
$3,583
Weekly Pay (40 Hours)
$827
Bi-Weekly Pay (80 Hours)
$1,654
Daily Wage (8 Hours)
$165
Daily Wage (10 Hours)
$206
Hourly Wage
$20.67
Net Estimated Monthly Income
$2,735
Net Estimated Hourly Income
$15.78
**These are assumptions based on simple scenarios.
43k a year is how much an hour after taxes
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 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 43000 a year after taxes?
Gross Annual Salary: $43,000
Federal Taxes of 12%: $5,160
State Taxes of 4%: $1,720
Social Security and Medicare of 7.65%: $3,290
$43k Per Year After Taxes is $32,830
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$32830 ÷ 2,080 hours = $15.78 per hour
After estimated taxes and FICA, you are netting $32,830 per year, which is $10,170 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 $43000 income can range from $29390 to $34550 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 $43,000 income.
43k salary lifestyle
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 of living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $43,000 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 cheap 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, $43,000 a year is below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
What a $43,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL and maybe a MCOL city.
You should be able to meet your expenses each and every month.
Participate in the 200 envelope challenge.
Ability to make sure that saving money is a priority, and very possibly save $3000 in 52 weeks.
When A $43,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 40k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.
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.
$43k Salary to Hourly
We calculated how much $43,000 a year is how much an hour with 40 hours a week. But, more than likely, you work more or fewer hours per week.
So, here is a handy calculator to figure out your exact hourly salary wage.
$43K a year Budget – Example
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 40k 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.
recommended budget percentages based on $43000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$251
Savings
15-25%
$645
Housing
20-30%
$932
Utilities
4-7%
$143
Groceries
5-12%
$287
Clothing
1-4%
$22
Transportation
4-10%
$143
Medical
5-12%
$179
Life Insurance
1%
$11
Education
1-4%
$11
Personal
2-7%
$32
Recreation / Entertainment
3-8%
$81
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$847
Total Gross Monthly Income
$3583
**In this budget, prioritization was given to basic expenses and no debt.
Is $43,000 a year a Good Salary?
As we stated earlier if you are able to make $43,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 43000 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. It is okay to be driving around a beater car while you work on increasing your salary.
This $43k 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 43k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, many modest cities a 43,000 a year will not a good salary because the cost of living is so high, whereas these are some of the cities that you can make a comfortable living at 43,000 per year.
If you are looking for a career change, you want to find jobs paying at least $65000 a year.
Is 43k a good salary for a Single Person?
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.
Learn exactly what is a good salary for a single person today.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $43000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 43k a good salary for a family?
Many of the same principles apply above on whether $43000 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 is can you provide a good life for your family making $43,000 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:
The location where you live in.
Your lifestyle choices.
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 43000 per year, then the combined income for the household would be $86,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $43000 Per Year?
As we outlined earlier in the post, $43,000 a year:
$20.67 Per Hour
$165-206 Per Day (depending on length of day worked)
$827 Per Week
$1654 Per Biweekly
$3583 Per Month
Next up is making $45000 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 Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 34,000 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 $43k, 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.
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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.
Honestly, this course is a must for anyone who invests. You will lose more in the market than you will spend this quality education – guaranteed.
Read my Invest with Teri Review.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
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
…no matter how much or how little experience you have.
Our friends Cody & Julie of Gold City Ventures are experts at creating five figures of passive income selling printables. Learn how to create your online printables business from scratch with our programs and templates.
Are you passionate about words and reading? If so, proofreading could be a perfect fit for you, just like it’s been for me! I’m excited to share how you can create a freelance business as a proofreader, just like I did.
The ultimate discounted bundle of my 4 best-selling courses and WordPress theme on how to build and grow a profitable blog.
Learn the best SEO practices and how to monetize your blog quickly!
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.
You can make money as a freelance writer. Learn techniques to find those jobs and earn the kind of money you deserve! Plus get tips to land your first freelance writing gig!
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.
The Empowered Business Lab teaches you how to sell your digital products naturally with strategies that just make sense.
Monica helped me find my momentum and my want to pursue my business again.
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.
Know someone else that needs this, too? Then, please share!!