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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47k 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 $47,000 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 47,000 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 $47000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $47000 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 $47k 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?
$47000 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 47k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$47000 a year is $22.60 per hour
Breakdown Of How Much Is 47k A Year Hourly
Let’s breakdown, how that 47000 salary to hourly number is calculated.
For our calculations to figure out how much is 47K 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 $47000 by 2,080 working hours and the result is $22.60 per hour.
47000 salary / 2080 hours = $22.60 per hour
Just above $22 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, it would increase your hourly wage to over $25 an hour – a difference of $2.40 per hour.
To break it down – 52000 salary / 2080 hours = $25.00 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $47K salary Per Month?
On average, the monthly amount would be $3,917.
Annual Salary of $47000 ÷ 12 months = $3917 per month
This is how much you make a month if you get paid 47000 a year.
$47k 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 $47k 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$47000/52 weeks = $904 per week.
$47000 a year is how much biweekly?
For this calculation, take the average weekly pay of $904 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$47000 / 260 working days = $180 per day
If you work a 10 hour day on 208 days throughout the year, you make $226 per day.
$47000 Salary is…
$47000 – Full Time
Total Income
Yearly Salary (52 weeks)
$47,000
Monthly Wage
$3,917
Weekly Pay (40 Hours)
$904
Bi-Weekly Pay (80 Hours)
$1,808
Daily Wage (8 Hours)
$180
Daily Wage (10 Hours)
$226
Hourly Wage
$22.60
Net Estimated Monthly Income
$2,990
Net Estimated Hourly Income
$17.25
**These are assumptions based on simple scenarios.
47k 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 a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 47000 a year after taxes?
Gross Annual Salary: $47,000
Federal Taxes of 12%: $5,640
State Taxes of 4%: $1,880
Social Security and Medicare of 7.65%: $3,595
$47k Per Year After Taxes is $35,884
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$35884 ÷ 2,080 hours = $17.25 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 $47000 income can range from $32124 to $37765 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 $47,000 income.
47k 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 between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $47,000 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, $47,000 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 $47,000 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.
Have some fun money in your budget.
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 $47,000 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 47k 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.
$47k Salary to Hourly
We calculated how much $47,000 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.
$47K 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 47k 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 $47000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$274
Savings
15-25%
$705
Housing
20-30%
$1018
Utilities
4-7%
$157
Groceries
5-12%
$313
Clothing
1-4%
$24
Transportation
4-10%
$157
Medical
5-12%
$196
Life Insurance
1%
$12
Education
1-4%
$12
Personal
2-7%
$35
Recreation / Entertainment
3-8%
$88
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$926
Total Gross Monthly Income
$3917
**In this budget, prioritization was given to basic expenses and no debt.
Is $47,000 a year a Good Salary?
As we stated earlier if you are able to make $47,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 47000 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 $47k 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 47k 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, in many modest cities 47k a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 47,000 per year.
If you are looking for a career change, you want to find jobs paying at least $55000 a year.
Is 47k 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 $47000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 47k a good salary for a family?
Many of the same principles apply above on whether $47000 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 $47,000 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 47000 per year, then the combined income for the household would be $94,000. 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 $47000 Per Year?
As we outlined earlier in the post, $47,000 a year:
$22.60 Per Hour
$180-226 Per Day (depending on length of day worked)
$904 Per Week
$1808 Per Biweekly
$3916 Per Month
Next up is making $50000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 38,000 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 $47k, 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 create a biweekly budget 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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The average millennial is 35 years old, earns $54,000 per year, and has a net worth (including any home equity) of around $130,000
45% of millennials have student loan debt, with an average balance of $40,600
52% of millennials are homeowners, with a majority of those home purchases occurring over the past 5 years
55% of millennials have children, with a total U.S. birthrate in 2021 of 1.66 children per woman (it takes 2.00 children per woman for the population to replace itself, so we might be in trouble there…)
There are simple steps you can take to become better-than-average financially, including focusing on increased income, measuring your monthly cashflows, using tax-advantages investing vehicles, and more.
The Stats
I’m a Millennial. Many of you reading this are too. Millennials – also called Gen Y – are people born between 1981 and 1996. The average millennial is currently 35 years old.
Let’s walk through some vital financial statistics for American millennials. Then we’ll talk about how we can improve our own financial life to become above average.
Using income data and net worth data from the website DQYDJ, we can see that the average 35-year-old earns $55,000 per year and has a net worth (including home equity) of $130,000.
If we add in data from this Business Insider article, we also learn:
Just under half of American millennials have student loan debt. Roughly 45% of millennials have loans, with an average remaining balance of $40,600.
I’m sure this data skews younger. The oldest millennials are 42 years old, while the youngest are 27. Not only have college costs continued to rise in the past 20 years (affecting younger Millennials more than older), but there’s also the plain fact that older millennials have had more time to pay their loans off.
According to a RentCafe study, 52% of millennials own a home.
18.2 million Millennials now own, or share ownership in, a home, vs. 17.2 million millennial renters (note: this data looks at the 110 largest American metro areas, thus does not include all millennials)
Again, this data likely has an age skew. The chart below shows how millennial homeownership first increased in the early 2000s – when the youngest millennials were still in elementary school. The oldest millennials have had a long time to buy.
That said, 7.1 million millennials became homeowners in the past 5 years (including yours truly). More and more younger millennials are looking to purchase homes.
An important caveat…home ownership might be the so-called “American Dream,” but it’s not mathematically optimal for all people, nor a great investment in general. I’m a huge proponent that your primary home is “a home first, an investment second.” You need a place to raise a family. You don’t need a 7% real return on investment.
According to an older (2019) Pew Research study, fewer millennials are starting families than previous generations. Pew found that 55% of millennial women had had a live birth, compared to 62% of Gen X women and 64% of Baby Boomer women in the same age range.
What does this have to do with personal finance?
First, kids are expensive. Having kids is financially challenging. And not having kids can be a symptom of an already-challenging financial life e.g. “I’m not having kids because I couldn’t afford to give them a good life,” or, “My goddamn student loans were so high we delayed having kids by 5 years.”
Second, birthrates drive economies. Children grow into adults – who work, consume, and oil the economic machine. Personal finance is tied to that economy.
How to Be a Better-Than-Average Millennial…At Least Financially
What can you do to rise above the average?
First, adopt a stoic mindset. If you’re “worse” than average, you’re not a bad person. And whatever happened in the past – those events that brought you to this moment – is immutable. You can’t change it. All you can do is forge on and blaze a better trail ahead.
So let’s blaze that trail.
Salary and net worth are easy-to-measure metrics, so let’s start there.
Improving Your Salary
One of the worst pieces of financial advice I see all too often is, “Did you consider increasing your income?” …as if there are raises hiding in your office cabinets if only you’d look for them!
The better advice, instead, is encouragement that you can increase your income. You just need the right approaches and tactics. What are some examples?
Talk to your manager. Is there a path for increased pay in your role or at your company? Ask them: what does that path look like? Get them to agree that if you follow the path, a pay raise will follow.
More education. Maybe there isn’t a positive path at your current job. It’s a dead end. You need to find ways to get on a better path, and further education is highly effective. BUT! You need start with the end in mind. Get a degree or certification that will truly further your career and your income. Computer science? Yes. Underwater basketweaving? Not so much.
Look outside your current role, too. One of the fastest ways to higher pay is by switching jobs. Or using a potential job switch to negotiate a raise.
Side hustles can work. But choose carefully. I know too many Uber drivers who, if they ran the numbers, would realize their side hustle barely pays them minimum wage.
Increasing Your Net Worth
Salary is a one-trick pony. All it measures is incoming cashflow in. Net worth is far more comprehensive, as it’s a function of:
inbound cashflow
outbound cashflow
changes in asset values (e.g. investment growth)
There are many ways to increase your net worth, most of which are within your control today (unlike increasing your salary, which might take years to successfully execute).
Learn from the #1 lesson I’ve found from the various financial experts I’ve interviewed on my podcast:
Measure your cashflow – a.k.a. budgeting. You can’t manage what you don’t measure. The only way you’ll ever decrease your spending is if you measure your spending. You need a budget – it can be detailed, or simple. But you can’t not have a budget.
Follow the financial order of operations. Learn how to prioritize your financial to-do list.
Put in more “work” to combat financial disorder. You’ll need to read this article for context.
Remove the negatives. Personal finance is a “negative art.” Increasing your net worth is more about avoiding mistakes than taking huge steps forward.
Bucket your money, then put it to work. Determine the timeline for the various expenditures in your life, then invest the money you don’t need in the short term.
Take advantage of tax advantages and “free money,” like 401(k) or Roth IRA accounts.
Housing and Kids
How can you be “better-than-average” in terms of housing and children?
If you’re thinking, “Homeowner plus 3 kids is better than renter with zero kids,” I think you’re doing it wrong. Instead, consider the financial (and more importantly, non-financial) acumen that goes into making those decisions.
For example, I think rent vs. buy calculators – like this one from Nerdwallet – are fantastic tools. If the math points you toward renting, then rent. There’s no race to be a homeowner, nor do I think homeownership is intrinsically good. “Better than average” doesn’t apply here.
But I think it’s more important to look yourself in the mirror and be honest with answers like:
How many years do I plan on living here?
Do I love this house? This neighborhood? This school district?
If this home never appreciates in value, am I ok with that?
Or the alternative: Since rent doesn’t build equity, am I ok “throwing my money away” in exchange for flexibility and less responsibility?
Children are even more personal and less financial. The only major financial question, in my opinion, is: do we have the financial means to provide for this child? Every other important question is personal.
Again, there’s no such thing as “better than average.” Instead, I see child-rearing in a binary way: are you giving your children a good home? Or not?
If you are, then you’re doing it right. Whether you have 10 kids or 1, you need to give them a good home. What’s a “good home” vs. a “bad home?” Everyone’s opinion will differ. But you know it when you see it.
Millennials are getting their financial life in order. It’s a wonderful thing. And through smart, patient personal finance decisions, you can carry on to become a “better-than-average” financial millennial. Investing in knowledge is a great place to start.
Thank you for reading! If you enjoyed this article, join 6000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
Want to learn more about The Best Interest’s back story? Read here.
If you prefer to listen, check out The Best Interest Podcast.
The average millennial is 35 years old, earns $54,000 per year, and has a net worth (including any home equity) of around $130,000
45% of millennials have student loan debt, with an average balance of $40,600
52% of millennials are homeowners, with a majority of those home purchases occurring over the past 5 years
55% of millennials have children, with a total U.S. birthrate in 2021 of 1.66 children per woman (it takes 2.00 children per woman for the population to replace itself, so we might be in trouble there…)
There are simple steps you can take to become better-than-average financially, including focusing on increased income, measuring your monthly cashflows, using tax-advantages investing vehicles, and more.
The Stats
I’m a Millennial. Many of you reading this are too. Millennials – also called Gen Y – are people born between 1981 and 1996. The average millennial is currently 35 years old.
Let’s walk through some vital financial statistics for American millennials. Then we’ll talk about how we can improve our own financial life to become above average.
Using income data and net worth data from the website DQYDJ, we can see that the average 35-year-old earns $55,000 per year and has a net worth (including home equity) of $130,000.
If we add in data from this Business Insider article, we also learn:
Just under half of American millennials have student loan debt. Roughly 45% of millennials have loans, with an average remaining balance of $40,600.
I’m sure this data skews younger. The oldest millennials are 42 years old, while the youngest are 27. Not only have college costs continued to rise in the past 20 years (affecting younger Millennials more than older), but there’s also the plain fact that older millennials have had more time to pay their loans off.
According to a RentCafe study, 52% of millennials own a home.
18.2 million Millennials now own, or share ownership in, a home, vs. 17.2 million millennial renters (note: this data looks at the 110 largest American metro areas, thus does not include all millennials)
Again, this data likely has an age skew. The chart below shows how millennial homeownership first increased in the early 2000s – when the youngest millennials were still in elementary school. The oldest millennials have had a long time to buy.
That said, 7.1 million millennials became homeowners in the past 5 years (including yours truly). More and more younger millennials are looking to purchase homes.
An important caveat…home ownership might be the so-called “American Dream,” but it’s not mathematically optimal for all people, nor a great investment in general. I’m a huge proponent that your primary home is “a home first, an investment second.” You need a place to raise a family. You don’t need a 7% real return on investment.
According to an older (2019) Pew Research study, fewer millennials are starting families than previous generations. Pew found that 55% of millennial women had had a live birth, compared to 62% of Gen X women and 64% of Baby Boomer women in the same age range.
What does this have to do with personal finance?
First, kids are expensive. Having kids is financially challenging. And not having kids can be a symptom of an already-challenging financial life e.g. “I’m not having kids because I couldn’t afford to give them a good life,” or, “My goddamn student loans were so high we delayed having kids by 5 years.”
Second, birthrates drive economies. Children grow into adults – who work, consume, and oil the economic machine. Personal finance is tied to that economy.
How to Be a Better-Than-Average Millennial…At Least Financially
What can you do to rise above the average?
First, adopt a stoic mindset. If you’re “worse” than average, you’re not a bad person. And whatever happened in the past – those events that brought you to this moment – is immutable. You can’t change it. All you can do is forge on and blaze a better trail ahead.
So let’s blaze that trail.
Salary and net worth are easy-to-measure metrics, so let’s start there.
Improving Your Salary
One of the worst pieces of financial advice I see all too often is, “Did you consider increasing your income?” …as if there are raises hiding in your office cabinets if only you’d look for them!
The better advice, instead, is encouragement that you can increase your income. You just need the right approaches and tactics. What are some examples?
Talk to your manager. Is there a path for increased pay in your role or at your company? Ask them: what does that path look like? Get them to agree that if you follow the path, a pay raise will follow.
More education. Maybe there isn’t a positive path at your current job. It’s a dead end. You need to find ways to get on a better path, and further education is highly effective. BUT! You need start with the end in mind. Get a degree or certification that will truly further your career and your income. Computer science? Yes. Underwater basketweaving? Not so much.
Look outside your current role, too. One of the fastest ways to higher pay is by switching jobs. Or using a potential job switch to negotiate a raise.
Side hustles can work. But choose carefully. I know too many Uber drivers who, if they ran the numbers, would realize their side hustle barely pays them minimum wage.
Increasing Your Net Worth
Salary is a one-trick pony. All it measures is incoming cashflow in. Net worth is far more comprehensive, as it’s a function of:
inbound cashflow
outbound cashflow
changes in asset values (e.g. investment growth)
There are many ways to increase your net worth, most of which are within your control today (unlike increasing your salary, which might take years to successfully execute).
Learn from the #1 lesson I’ve found from the various financial experts I’ve interviewed on my podcast:
Measure your cashflow – a.k.a. budgeting. You can’t manage what you don’t measure. The only way you’ll ever decrease your spending is if you measure your spending. You need a budget – it can be detailed, or simple. But you can’t not have a budget.
Follow the financial order of operations. Learn how to prioritize your financial to-do list.
Put in more “work” to combat financial disorder. You’ll need to read this article for context.
Remove the negatives. Personal finance is a “negative art.” Increasing your net worth is more about avoiding mistakes than taking huge steps forward.
Bucket your money, then put it to work. Determine the timeline for the various expenditures in your life, then invest the money you don’t need in the short term.
Take advantage of tax advantages and “free money,” like 401(k) or Roth IRA accounts.
Housing and Kids
How can you be “better-than-average” in terms of housing and children?
If you’re thinking, “Homeowner plus 3 kids is better than renter with zero kids,” I think you’re doing it wrong. Instead, consider the financial (and more importantly, non-financial) acumen that goes into making those decisions.
For example, I think rent vs. buy calculators – like this one from Nerdwallet – are fantastic tools. If the math points you toward renting, then rent. There’s no race to be a homeowner, nor do I think homeownership is intrinsically good. “Better than average” doesn’t apply here.
But I think it’s more important to look yourself in the mirror and be honest with answers like:
How many years do I plan on living here?
Do I love this house? This neighborhood? This school district?
If this home never appreciates in value, am I ok with that?
Or the alternative: Since rent doesn’t build equity, am I ok “throwing my money away” in exchange for flexibility and less responsibility?
Children are even more personal and less financial. The only major financial question, in my opinion, is: do we have the financial means to provide for this child? Every other important question is personal.
Again, there’s no such thing as “better than average.” Instead, I see child-rearing in a binary way: are you giving your children a good home? Or not?
If you are, then you’re doing it right. Whether you have 10 kids or 1, you need to give them a good home. What’s a “good home” vs. a “bad home?” Everyone’s opinion will differ. But you know it when you see it.
Millennials are getting their financial life in order. It’s a wonderful thing. And through smart, patient personal finance decisions, you can carry on to become a “better-than-average” financial millennial. Investing in knowledge is a great place to start.
Thank you for reading! If you enjoyed this article, join 6000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
Want to learn more about The Best Interest’s back story? Read here.
If you prefer to listen, check out The Best Interest Podcast.
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.
48k 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 $48,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $67,521 in 2020 and decreased by 2.9% from the previous year (source). Think of it as a bell curve with $67500 at the top; 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 48,000 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 $48000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $48000 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 $48k 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?
$48000 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 48k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$48000 a year is $23.08 per hour
Breakdown Of How Much Is 48k A Year Hourly
Let’s breakdown, how that 48000 salary to hourly number is calculated.
For our calculations to figure out how much is 48K 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 $48000 by 2,080 working hours and the result is $23.08 per hour.
48000 salary / 2080 hours = $23.08 per hour
Just above $23 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.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $6K to 54000 a year, it would increase your hourly wage close to $26 an hour – a difference of $2.88 per hour.
To break it down – 54000 salary / 2080 hours = $25.96 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $48K salary Per Month?
On average, the monthly amount would be $4,000.
Annual Salary of $48000 ÷ 12 months = $4000 per month
This is how much you make a month if you get paid 48000 a year.
$48k 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 $48k 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$48000/52 weeks = $923 per week.
$48000 a year is how much biweekly?
For this calculation, take the average weekly pay of $923 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$48000 / 260 working days = $184 per day
If you work a 10 hour day on 208 days throughout the year, you make $230 per day.
$48000 Salary is…
$48000 – Full Time
Total Income
Yearly Salary (52 weeks)
$48,000
Monthly Wage
$4,000
Weekly Pay (40 Hours)
$923
Bi-Weekly Pay (80 Hours)
$1,846
Daily Wage (8 Hours)
$184
Daily Wage (10 Hours)
$230
Hourly Wage
$23.08
Net Estimated Monthly Income
$3,054
Net Estimated Hourly Income
$17.62
**These are assumptions based on simple scenarios.
48k 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 a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 48000 a year after taxes?
Gross Annual Salary: $48,000
Federal Taxes of 12%: $5,760
State Taxes of 4%: $1,920
Social Security and Medicare of 7.65%: $3,672
$48k Per Year After Taxes is $36,648
This would be your net annual salary after taxes.
Hourly Wage after Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$36648 ÷ 2,080 hours = $17.62 per hour
After estimated taxes and FICA, you are netting $36,648 per year, which is $11,352 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.***
Taxes Based On Your State
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 $48000 income can range from $32808 to $38568 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 $48,000 income.
How Much Is 48K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 48k, here is a tool to convert salary to hourly calculator.
In fact, many people will agree a business degree is worth it to make more than this.
48k 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 between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $48,000 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 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, $48,000 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 $48,000 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.
Have some fun money in your budget.
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 $48,000 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 48k 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.
$48K 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 48k 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 $48000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$200
Savings
15-25%
$720
Housing
20-30%
$1120
Utilities
4-7%
$160
Groceries
5-12%
$320
Clothing
1-4%
$24
Transportation
4-10%
$160
Medical
5-12%
$200
Life Insurance
1%
$12
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$90
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$946
Total Gross Monthly Income
$4000
**In this budget, prioritization was given to basic expenses and no debt.
Is $48,000 a year a Good Salary?
As we stated earlier if you are able to make $48,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 48000 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 $48k 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 48k 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, in many modest cities 48k a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 48,000 per year.
If you are looking for a career change, you want to find jobs paying at least $60000 a year.
Is 48k 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 $48000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 48k a good salary for a family?
Many of the same principles apply above on whether $48000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $48,000 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 48000 per year, then the combined income for the household would be $96,000. 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 $48000 Per Year?
As we outlined earlier in the post, $48,000 a year:
$23.08 Per Hour
$184-230 Per Day (depending on length of day worked)
$923 Per Week
$1846 Per Biweekly
$4000 Per Month
Next up is making between $50000 a year and $55000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 38,000 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 $48k, 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 create a biweekly budget 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.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
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!!
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.
46k 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 $46000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $67,521 in 2020 which decreased by 2.9% 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 evenly between all of the people.
But, the question remains can you truly live off 46,000 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 $46000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $46000 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 $46k 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?
$46000 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 46k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$46000 a year is $22.12 per hour
Breakdown Of How Much Is 46k A Year Hourly
Let’s break down how that 46000 salary to hourly number is calculated.
For our calculations to figure out how much is 46K 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 $46000 by 2,080 working hours and the result is $22.12 per hour.
46000 salary / 2080 hours = $22.12 per hour
Just above $22 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 $51000 a year, it would increase your hourly wage to almost $25 an hour – a difference of $2.40 per hour.
To break it down – 51000 salary / 2080 hours = $24.52 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $46K salary Per Month?
On average, the monthly amount would be $3,833.
Annual Salary of $46000 ÷ 12 months = $3833 per month
This is how much you make a month if you get paid 46000 a year.
$46k 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 $46k 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$46000/52 weeks = $884 per week.
$46000 a year is how much biweekly?
For this calculation, take the average weekly pay of $884 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$46000 / 260 working days = $177 per day
If you work a 10 hour day on 208 days throughout the year, you make $221 per day.
$46000 Salary is…
$46000 – Full Time
Total Income
Yearly Salary (52 weeks)
$46,000
Monthly Wage
$3833
Weekly Pay (40 Hours)
$884
Bi-Weekly Pay (80 Hours)
$1769
Daily Wage (8 Hours)
$177
Daily Wage (10 Hours)
$221
Hourly Wage
$22.12
Net Estimated Monthly Income
$2,926
Net Estimated Hourly Income
$16.89
**These are assumptions based on simple scenarios.
46k 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 a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 46000 a year after taxes?
Gross Annual Salary: $46,000
Federal Taxes of 12%: $5,520
State Taxes of 4%: $1,840
Social Security and Medicare of 7.65%: $3,519
$46k Per Year After Taxes is $35,121
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$35121 ÷ 2,080 hours = $16.89 per hour
After estimated taxes and FICA, you are netting $35,121 per year, which is $10,879 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 $46000 income can range from $31441 to $36961 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 $46,000 income.
46k 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 between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $46,000 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, $46,000 a year is below the average income that you would find in the United States. Thus, you have to be wise in how you spend your money.
What a $46,000 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.
Have some fun money in your budget.
Know being frugal green is helpful to stretch your budget.
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 $46,000 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 46k 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.
$46k Salary to Hourly
We calculated how much $46,000 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.
$46K 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 a 46k 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 $46000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$268
Savings
15-25%
$690
Housing
20-30%
$1052
Utilities
4-7%
$134
Groceries
5-12%
$288
Clothing
1-4%
$23
Transportation
4-10%
$153
Medical
5-12%
$192
Life Insurance
1%
$10
Education
1-4%
$10
Personal
2-7%
$31
Recreation / Entertainment
3-8%
$77
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$907
Total Gross Monthly Income
$3833
**In this budget, prioritization was given to basic expenses and no debt.
Is $46000 a year a Good Salary?
As we stated earlier if you are able to make $46,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 46000 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 $46k 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 46k 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, in many modest cities 46k a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 46000 per year.
If you are looking for a career change, you want to find jobs paying at least $52000 a year.
Is 46k 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 at $46000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 46k a good salary for a family?
Many of the same principles apply above on whether $46000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $46000 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 46000 per year, then the combined income for the household would be $92,000. 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 $46000 Per Year?
As we outlined earlier in the post, $46000 a year:
$22.12 Per Hour
$177-221 Per Day (depending on length of day worked)
$884 Per Week
$1769 Per Biweekly
$3833 Per Month
Next up is making $50000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 38,000 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 $46k, then you probably need to look at asking for pay increases, picking up a second job, or finding a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to create a biweekly budget 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.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
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!!
Your grace period is almost over and soon you’ll have to pay back your student loans. Here is every possible way you could do that. Your grace period is almost over and soon you’ll have to pay back your student loans. Here is every possible way you could do that.
The post How To Pay Back Your Student Loans appeared first on Money Under 30.
In the past, employees would stick with a company for decades. It wasnât unusual in the 20th century for someone to stay at the same company for their entire career, consistently garnering raises and promotions until they retired with a hefty pension. Obviously, those days are long gone. The job market in 2017 is a
The post How to Get the Most Out of an Awesome Job Offer appeared first on MintLife Blog.