Save more, spend smarter, and make your money go further
When it comes to your financial health, what you don’t know can cost you. Just like the annual physical with your doctor keeps your body’s health on track, knowing your financial vital signs can save you money and help you keep fiscally fit. Match your financial knowledge in the categories below to see where you can shape up!
Net Worth
Do you know what your net worth is? If the answer is no, you’re not alone: most Americans don’t! But knowing your net worth, the value of your assets (your savings and retirement accounts, your house, collectibles, your car) minus your total debts (including house payments and car payments) – is key to tracking your financial health. Knowing your net worth offers a clear picture of your financial state, showing you how you spend your money. Calculate your net worth regularly—ideally once a quarter—to identify areas where there’s room for improvement.
Mortgage Rate
According to a new Bankrate.com report, a whopping 35% of Americans don’t know their mortgage interest rate. How about you? Rates have bounced around historical lows for years, yet many homeowners who could benefit from refinancing haven’t taken advantage of the potential savings because they were unaware of their current rate. With rates expected to rise from 4.2% to over 5% in 2015, now is the time to do some easy research and stop leaving thousands of dollars on the table.
Credit Score
Your credit score – a three-digit number that represents your credit risk with a number that ranges from about 300 to 850 – is looked at by everyone from lenders to landlords. The National Foundation for Credit Counseling recently found that 60% of adults hadn’t reviewed their credit score within the previous 12 months. Big mistake, particularly if you’re in the market for a loan. Why is this number so important? Score high (mid 700s) and you could save thousands of dollars in low interest rates. Score low (below 620) and when you apply for a loan you’ll be offered a higher rate, favorable terms or even worse, you may not be able to obtain financing at all. Want to know where you stand? You can get your score for free from any number of providers including Mint.com. If your score is low, work on improving it by making your payments on time (try Mint Bills to get reminders when bills are due, stay organized, and pay on the spot). Also, cut back on using credit cards; a good rule of thumb is to avoid using more than 10% of your available credit on any card.
Make Friends with Your Credit Report
Your credit report contains detailed information about your credit history including things like credit-card use, auto loans and debts that were sent for collection. For such important information, an alarming number of credit reports contain mistakes. In fact, an FTC study indicates that as many as 40 million Americans have a mistake on their credit report. Since fewer than one-in-five consumers check their reports, chances are most people don’t know about the errors. Yet if a mistake is serious, it can lower your credit score and possibly result in your being denied credit. Get a free copy of your credit report on AnnualCreditReport.com and review it carefully.
–Vera Gibbons,Mint Contributor and Personal Finance expert
This post was corrected on March 6, 2015.
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Affirmations have been all the rage over the past few years, and people are using them to achieve their goals.
“I am in control of my finances”
“Money comes easily into my life”
or even “I love money!”
What about you? Do affirmations work for your goal? I’m not one to shy away from a challenge, so let’s find out!
Are you struggling to make more money, even though you work a lot? Do you feel like your finances aren’t where they should be and that there is something missing in your life?
If so, here are some money affirmations that can help.
Affirmations are statements that you say to yourself over and over again.
They can help you manifest your goals by re-affirming them in your mind on a daily basis. They become part of who you believe yourself to be and bring about desired outcomes with ease.
You may have heard these before, but do you consistently say them to yourself? Journal them? Write them everywhere?
I’ve compiled some of my favorite money affirmations for money below. I hope these help give you the encouragement and inspiration to re-affirm what’s important in your life!
What are money affirmations?
Affirmations are a powerful way to change your thoughts and, in turn, your life.
They are simple, positive statements that you repeat to yourself regularly. The purpose of affirmations is to attract whatever you desire into your life- including money!
Why are money affirmations important?
It’s important to remember that affirmations work subconsciously.
You may not see results overnight, but with time and repetition, the desired outcome will manifest. Wealth affirmations specifically focus on money and what a person will do with it after they have made it through the manifestation process.
Affirmations on Money
Although using affirmations is a great way to achieve financial success, they should not be used as the only tool in your arsenal. Manifesting your goals takes time and effort, and affirmation is just one piece of the puzzle. Make sure to take actionable steps towards your goal and be patient!
Affirmations can also be used to create SMART financial goals– specific, measurable, attainable, relevant, and time-bound goals that you can track over time for motivation purposes
How can money affirmations help you attract more money into your life?
Affirmations are one way to help you focus on your thoughts and dreams.
When you repeat an affirmation, you plant a seed in your subconscious mind that will grow over time.
This helps to manifest what you want into reality.
These seeds will grow over time and bring about new thoughts, beliefs, and habits into a mindset of abundance. Money affirmations have a “magnetic” effect that attracts like-minded thoughts to your life–helping you achieve your financial goals faster!
There are many ways to bring more money into your life, but using affirmations is one of the most effective methods. Affirmations can help create strong positive emotions that attract money and other forms of abundance into your life. When used consistently, money affirmations can be a powerful tool for attracting wealth and prosperity into your world!
Below we will give you exactly what can I say to attract money.
What is a way specific money affirmations can be used to attract more money?
When it comes to attracting more money into your life, there are many different affirmations that can be useful.
Many people ask, “What are the best affirmations for money?”
Below are a few examples to get you started:
“I am abundant and prosperous.”
“Money flows easily and effortlessly to me.”
“I am safe and secure with my finances.”
“My income is constantly increasing.”
“I have all the money I need and more.”
Do affirmations work for money? Absolutely, yes.
How often should you repeat money affirmations in order to see results?
The more often you repeat your affirmations, the better.
However, don’t feel like you have to do it all day long. Just a few minutes each morning and evening should be enough to start seeing some results.
Remember that affirmations are just like any other habit- the more you do them, the easier they become and the better the results will be. So stick with it!
Do money affirmations really work or are they just a waste of time?
There is a lot of debate on the internet about whether or not money affirmations actually work. Some people swear by them and claim that they have had great success using them, while others say that they are nothing more than a waste of time.
One thing that is for sure is that money affirmations do have some very powerful success stories behind them.
People like Oprah Winfrey and Lady Gaga were successful before they ever became public figures, and a lot of their success can be attributed to their belief in themselves and their determination to work hard at everything they do.
In fact, many of the billionaire morning routines include starting their days with positive affirmations.
Can affirmations make you rich and come to abundance?
When it comes to getting rich, many people believe that affirmations are the answer.
The idea behind using affirmations is that if you repeat something often enough, you will start to believe it and eventually it will come true. However, this isn’t magic – rather, it’s a matter of shifting your beliefs.
And while affirmations won’t make you rich overnight, they can cause desired results to appear over time.
Mindset and Affirmations
The key thing to remember with affirmations is to maintain a positive mindset.
You want to be focused on attracting wealth and abundance into your life, not just thinking about what you don’t want. Money affirmations can help raise your vibration and shift your beliefs so that you can start attracting more money into your life.
Remember…Mindset is everything.
How do affirmations work?
Affirmations work because we keep repeating them to ourselves. It’s like a self-fulfilling prophecy!
Our subconscious mind picks up on the positive affirmation and starts to change our behavior over time.
The more effort we put into it, the better chance that our subconscious will start accepting these new thoughts as truth.
Affirmations are conscious and subconscious–both play a role in helping us manifest what we desire. Positive affirmations help us get rid of negative thoughts and replace them with more confident ones. We need to be mindful of our words and truly believe in order for the affirmation to work its magic!
The subconscious begins to accept positive reinforcement over time as long as we continue putting in the work. Eventually, this helps us change our mindset and see things in a different light. “I can” replaces “I can’t.”
This is because affirmations work best when they’re phrased positively!
What do experts say about using money affirmations to attract more money?
When it comes to attracting more money into your life, there are many things you can do to help increase your chances of success. Some people may swear by the power of affirmations, while others find that other methods work better for them.
However, most experts agree that using some type of affirmation is a good way to start visualizing your goals and keeping them at the forefront of your mind.
Affirmations can also help open up your mind to opportunities in a confident way, attracting more opportunities for you. While they won’t create wealth on their own, if used correctly they have the potential to help people create more money.
Keep in mind that affirmation is not a magic solution – it takes hard work and dedication no matter what method you choose – but if you’re looking for an edge, using daily affirmations could be the right choice for you.
What is the science behind money affirmations and how do they work?
When it comes to the science behind money affirmations, there is a lot of research that supports their efficacy.
A study published in The Journal of Positive Psychology found that people who regularly use positive self-statements (such as daily affirmations) have increased well-being and decreased levels of anxiety and depression.
The reason why affirmations work is because they help to change your beliefs and the vibrations you emit into the universe.
When you think positively about yourself, you are sending out positive vibes into the world which can attract more good things into your life.
Your words are powerful magic wands when it comes to shaping your own reality. What you focus on expands! So by repeating money affirmations, you are essentially telling the universe that you want more money in your life and that you are ready for it to come to you.
Affirmations are an easy way to change the way that you think, and they can be used as a tool to remove any barriers that are holding you back financially in life. If you’re feeling stuck under a scarcity mindset, start using some money affirmations today and see how they can help you achieve your goals!
Here are 125+ money affirmations you can start using today!
Money Manifestation Affirmations
When you repeat money affirmations, you are programming your mind to believe that it is easy and natural for you to be prosperous and successful.
You are sending a message to the universe saying, “I am open to receiving wealth and abundance.” As you continue to recite these affirmations, you will start to see changes in your life as you attract more money into your experience.
Manifesting a healthy relationship with money is important.
1. “I have more than enough money, and that’s okay.”
2. “It is easy and natural for me to be successful and prosperous.”
3. “My income is constantly increasing.”
4. “I easily attract new sources of income into my life.”
5. “I gratefully accept all the wealth and abundance the universe has to offer me”.
6. “When I put in the work, the universe will provide.”
7. “I anticipate money to work for me.”
8. “Money + abundance happen to me.”
9. “With the power of attraction, I will bring wealth and money into my life.”
10. “I love having plenty of money.”
11. “The more I give away, the more I receive.”
12. “Wealth can come to anyone including me.”
13. “I am enough and my intention attracts money to me.”
14. “My prosperity is unlimited.”
15. “My path leads to riches.”
Money Affirmations that Work Fast
Money affirmations are a great way to attract more money into your life.
They are positive statements that help you focus on your goals and visualize yourself achieving them. Repeating these affirmations will help you program your mind for success and abundance.
16. “Money is a positive force in my life.”
17. “I will make $100 today.”
18. “I will make $1000 tomorrow.”
19. “By design, I will reach my potential.”
20. “I am a magnet for wealth and abundance.”
21. “I believe in myself.”
22. “Money flows easily and abundantly to me.”
23. “Money is my friend, not my enemy.”
24. “By releasing my money blocks, I open myself to letting money flow in.”
25. “I welcome various ways to make money.”
26. “Money allows us to live the life we want and achieve our goals easily.”
27. “I am in control of my future.”
28. “I attract money easily in my life.”
Powerful Money Affirmations
Money affirmations are a powerful way to attract more money into your life.
Repeating these affirmations will help you to change your mindset and start to see yourself as someone who has abundance, rather than someone who is always short on money.
These power money affirmations reassure you that no obstacle is too big and that you have the power to overcome any hurdle.
29. “I am blessed with an ever-flowing stream of prosperity.”
30. “I release all fear and doubt around money.”
31. “More money is coming to me.”
32. “I am confident in my ability to handle any money-related challenges that come my way.”
33. “As a powerful creator, attracting money into my life with the power of my thoughts and feelings.”
34. “I will invest $100 make $1000 a day.”
35. “I know that I can overcome any obstacle and attract more money into my life.”
36. “My guiding belief is my motivation and my reality.”
37. “I am a money magnet; money comes to me easily and effortlessly.”
38. “I am capable of overcoming any money-obstacles that stand in my way.”
39. “Money is a close ally in life.”
40. “Being independently wealthy is a part of my life.”
41. “I am grateful for what I been blessed with.”
42. “I am rewriting my money story.”
43. “Money helps me experience time freedom.”
Positive Money Affirmation
These affirmations underscore the importance of taking a holistic approach to financial health. Self-care is essential, as is developing a strong sense of self-worth.
When you feel good about yourself on all levels, you’re more likely to make healthy financial decisions.
44. “I am worthy.”
45. “I release my limiting beliefs surrounding money.”
46. “Building self-worth will lead to better financial choices.”
47. “I visualize my future self and believe it has already happened.”
48. “Money is just a form of energy that flows to me effortlessly and abundantly.”
49. “I am able to easily afford whatever I want.”
50. “Money is an avenue to have a positive impact.”
51. “I am so lucky that I am able to earn more money than I could possibly fathom.”
52. “Money is attracted to me by virtue of the powerful vibrations I radiate.”
53. “I am not ashamed or feel guilty about having an abundance of wealth.”
54. “Money comes to me in huge quantities through my ability to attract it from the universe.”
55. “It is safe for us to be wealthy and successful.”
56. “I am thankful for the positive impact money has had on my life.”
57. “I love my positive outlook on my life and the riches that come from it.”
Financial Affirmations
While you may be feeling down about your current money situation, know that there are ways to change it. Use a variety of positive financial affirmations for different money goals, such as attracting more money into your life or becoming debt-free. You can also personalize the affirmations to fit your own needs and situation.
These financial abundance affirmations help guide you to where you want to be financially. Learning how to become financially independent starts with believing that you can.
You may not be where you want to be yet, but with time and effort, your wealth situation will improve.
58. “I will have money left over at the end of the month.”
59. “My payday is approaching.”
60. “Money does not control me. I control my money.”
61. “Money comes to me in unexpected and wonderful ways.”
62. “My finances are always in perfect order.”
63. “My income will exceed 6 figures.”
64. “I have complete control over my financial destiny.”
65. “All my needs and wants are always taken care of.”
66. “I love having lots of money to spend.”
67. “Don’t let feeling behind today stop you from building the life you want tomorrow.” — The Financial Diet
68. “I am financially free.”
69. “I am worthy of financial success.”
70. “With hard work, I will attain the financial future I desire.”
71. “I am excited to maintain my budget and reach my money goals.”
72. “Step by step, I will achieve my financial goals.”
73. “Money is a tool available to anyone and I will use it to my advantage.”
Saving Money Affirmations
While your current money situation may be less than ideal, you can use these affirmations to change your mindset and start attracting more money into your life.
Repeating these affirmations will help you focus on the positive aspects of wealth and abundance, and eventually bring more financial security into your life.
74. “Money in the bank makes me feel secure.”
75. “My money situation may not be what I want right now, but I am in better shape than I was last month.”
76. “I will save 10000 in a year.”
77. “I might make a pretty low-income at the moment, but I am still saving money.”
78. “My worth is not determined by my net worth.”
79. “I am saving for my future self.”
80. “Making small sacrifices now will build my increase my savings later.”
81. “Through investing I am able to make passive income.”
82. “A penny saved is a penny earned.”
83. “Financial stability brings me peace.”
84. “I say no today in order to say yes tomorrow.”
85. “I will stay debt-free because money is constantly flowing into my life.”
86. “My saving rate is beyond my dreams.”
87. “The challenge of saving more money lures me in.”
Money Flows to Me Easily and Effortlessly
One of the simplest and most effective ways to attract more money into our lives is through the use of affirmations.
Repeating positive statements about money can help change our underlying beliefs and open up new opportunities for financial growth.
Money comes in both expected and unexpected ways, so it’s important to stay open-minded about how it could enter your life.
88. “I let go of any resistance to attracting money.”
89. “Financing my life is an easy task for me.”
90. “I will double 10k quickly.”
91. “My money situation right now may be tight but it’s changing for the better”
92. “I am surrounded by an aura of wealth and abundance.”
93. “Money comes in many different forms, and it can come to us in both expected and unexpected ways.”
94. “Money is an energy that flows to us in many ways.”
95. “I attract money easily and effortlessly.”
96. “I am open to the flow of money my way.”
97. “Money magnet is my name.”
98. “Money attraction is easy for me.”
99. “I can rely on left hand itching to bring me money.”
100. “I turn money into more money.”
Money Affirmations for Success
These help you cultivate positive beliefs about your ability to earn and manage money. These positive thoughts will help support your efforts as you work towards financial success.
101. “It’s easy and natural for me to be prosperous and successful.”
102. “I am surrounded by people who support my financial growth.”
103. “Money is a tool that lets me construct my life how I see fit.”
104. “I have unlimited opportunities to make more money.”
105. “I am not afraid of achieving success.”
106. “Becoming rich doing what I love is a gift.”
107. “I have super-abilities to be successful.”
108. “Success is the best revenge.”
109. “I don’t need to be a millionaire to be successful.”
110. “I have control of my financial future.”
111. “The sky is the limit to what I can achieve.”
112. “A positive money mindset will serve me well.”
Wealth Affirmations
There are many different money affirmations that can be used to attract more money into your life.
Wealth and abundance come in all shapes and sizes, so it’s important to find an affirmation that resonates with you. “I am worthy” is a good place to start if you want to build self-worth and confidence, which can lead to better financial choices down the road.
You may not be where you want to be yet, but with time and effort, your wealth situation will improve.
These are positive affirmations for success and wealth.
113. “I am open and receptive to wealth and abundance.”
114. “Wealth and prosperity are my birthrights.”
115. “I am open to receiving all wealth life brings me, not just what is coming today or this month.”
116. “Abundance can come in many different forms!”
117. “Wealth is a step towards how to FI.”
118. “I have more than enough money, and that’s okay.”
119. “Financial freedom will happen sooner than I believe.”
120. “The more wealth I have, the more I give back to others.”
121. “There is plenty of wealth to be made.”
122. “Money can be shared when saying ‘I appreciate you.’”
123. “Wealth flows to me easily.”
124. “Having more than enough money does not mean I love money.”
125. “My wealth is limitless.”
How Do You Write Affirmations For Money?
Regardless of how money comes to us, it is important to remember that we always have the ability to attract more of it into our lives. By repeating positive affirmations about money, we can increase our chances of attracting more abundance into our lives.
Following these guidelines will help you write effective affirmations that move negativity out of your life and bring more money into it!
When you’re writing affirmations for money, it’s important to remember a few key things.
Step #1 – Need a Present Tense
First, always use the present tense; this will help your unconscious mind process the affirmation more easily.
Step #2 – Change to Positive Words
Second, make sure your words are positive–for example, “I only spend money on things I love” rather than “I don’t have to worry about money.” This will help you attract financial abundance and success into your life.
Step #3 – Believe it is Already Yours
Finally, before affirming any goal or intention, take a moment to really feel what it would be like to have that already in your life. Our unconscious minds respond better when we can imagine and experience what we want in advance.
There are a number of books that focus on mindset and how to change it for success. The list below contains some of the best ones that I’ve found.
These books teach you to believe in your ability to shape your own destiny and achieve great things.
Remember you need these essential mindset books to help you change your perspective and achieve success. Remember, it’s not about avoiding or getting rid of obstacles, but turning them into advantages.
Embrace the challenges in life and continue moving forward!
Mindset is everything.
This is a simple but profound statement that has been discovered by Carol S. Dweck, Ph.D. She found that success in school, work, sports and almost every other area of human endeavor can be dramatically influenced by how we think about our talents and abilities.
The key to success is having the right mindset – a growth mindset.
In order to achieve success, you need to change your mindset.
This book will teach you how to change your mindset and get the most out of life and some colorful quotes that you will quote.
You will learn how to change what you don’t love, use external forces to kick some serious change in you and find your inner power. You will learn how to embrace your inner vibes.
Each morning start your day with a positive affirmation from this Daily Rituals book. Follow the simple exercises.
By practicing these rituals regularly, you will train your mind and raise your vibration levels.
Color your way to manifest your money affirmations. Unplug yourself and get a well-needed mental break.
Attract the abundance of wealth into your daily life.
Make Money Affirmations Quotes
The best part of all of these powerful money affirmations … you can turn them into quotes!
You can use a simple post-it note and pen! Or upgrade and make them in Canva.
Not artistic? Etsy has you covered! Don’t worry Etsy has plenty of money affirmation quotes.
In fact, we are thinking about designing a package of money affirmations quotes for our readers!
Hang them on your wall as a constant reminder.
How can you tell if money affirmations are working for you?
One way to tell if money affirmations are working for you is to look at your bank account.
If you find that you have more money in your bank account than usual, it is a good sign that the affirmations are working.
Another way to tell if the affirmations are working is by looking at your overall mood and attitude towards money.
If you find yourself thinking about money less often and feeling happier and more positive, then the affirmations are definitely working for you!
Money affirmations take time to manifest, so don’t become discouraged if you don’t see immediate results.
Repeating abundance affirmations can help you to open up to the flow of wealth in your life.
By affirming that you are open to receiving all the wealth life has to offer, not just what is coming your way today or this month, but also the wealth of tomorrow, you start to invite more money into your life.
Check out these millionaire quotes to keep you aiming for the stars!
At the end of the day, you don’t need to feel guilty or ashamed about having an abundance of wealth–that’s perfectly okay!
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 $14 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, $14 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 $14 an hour is how much a year. Also, we will 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 until 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 to do, then keep reading. You are in the right place.
$14 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $14 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $14 = $29,120
$29120 is the gross annual salary with a $14 per hour wage.
Breakdown of 14 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, multiply the hourly salary of $14 times 2,080 working hours, and the result is $29,120.
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 $14 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $14 times 1,040 working hours, and the result is $14,560.
How Much is $14 Per Month?
On average, the monthly amount would average $2,426.
Annual Amount of $20120 ÷ 12 months = $2426 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 $1213.
How Much is $14 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 $14 = $560 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $280.
How Much is $14 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $560 and double it.
$560 per week x 2 = $1120
Also, the other way to calculate this is:
40 hours x 2 weeks x $14 an hour = $1120
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $560.
How Much is $14 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 $14 per hour = $112 per day.
If you work 10 hours a day for four days, then you would make $140 per day. (10 hours x $14 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $56.
$14 Per Hour is…
$14 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$29,120
Yearly Wage (50 weeks)
$28,000
Monthly Wage (173 hours)
$2.426
Weekly Wage (40 Hours)
$560
Bi-Weekly Wage (80 Hours)
$1120
Daily Wage (8 Hours)
$112
Net Estimated Monthly Income
$1,853
**These are assumptions based on simple scenarios.
Paid Time Off Earning 14 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 $29120 per year.
This is the same as the example above for an annual salary making $14 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, multiply the hourly salary of $14 times 2,000 working hours, and the result is $28,000.
40 hours x 50 weeks x $14 = $28000
You would average $112 per working day and nothing when you don’t work.
$14 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: $29,120
Federal Taxes of 12%: $3,494
State Taxes of 4%: $1,165
Social Security and Medicare of 7.65%: $2,228
$14 an Hour per Year after Taxes: $22,233
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22233 ÷ 2080 hours = $10.69 per hour
After estimated taxes and FICA, you are netting $10.69 an hour. That is $3.31 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.
$14 an Hour Budget – Example
You are probably wondering can I live on my own making 14 dollars an hour? How much rent can you afford at 14 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $14 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 $14 an hour was $10.69 after taxes. That would average $1853 per month.
According to the Cents Plan Formula, here is the high level view of a $14 per hour budget:
Basic Expenses of 50% = $926
Save Money of 20% = $371
Give Money of 10% = $185
Fun Spending of 20% = $371
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 $14 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $14 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$73
Savings
15-25%
$194
Housing
20-30%
$728
Utilities
4-7%
$121
Groceries
5-12%
$231
Clothing
1-4%
$24
Transportation
4-10%
$109
Medical
5-12%
$243
Life Insurance
1%
$21
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$61
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$574
Total Gross Income
$2427
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$14 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 $14.01-14.99.
This is super helpful if you make $14.25, $14.50, or $14.75.
Living on $14 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 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 14 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 frugal green 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 $14 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 $14.50 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 $14 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 $14 an Hour
In this last section, grasp these tips on how to live on $14 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 $14 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 $14 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 $14 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 that 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, that 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 $14 an Hour
You can always find jobs that pay $14 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
$14 Per Hour Annual Salary
In this post, we detailed 14 an hour is how much a year. Plus all of the variables can impact your net income. This is something that you can live off.
How much is 14 dollars an hour annually…
$29120
This is under $30000 per year and you need to make at least $43k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
A payable on death account or POD account allows you to transfer money to someone else when you pass away without requiring those assets to go through probate. The individual or entity who collects those assets is called a POD beneficiary.
What does POD mean in banking? Broadly speaking, there are a number of deposit accounts that can be deemed payable on death, including checking and savings accounts.
If you’re considering establishing one of these accounts, it’s important to understand how POD accounts work, and if you are a beneficiary, it’s also helpful to know when and how you’re entitled to withdraw money from a payable on death bank account. Read on to learn:
• What does POD mean in banking?
• What are POD bank account rules?
• What are the pros and cons of POD accounts?
Payable on Death Accounts Explained
A payable on death account pays out assets to a beneficiary when the account owner passes away. You may also hear POD accounts referred to by other names, including:
• Totten trust
• Tentative trust
• In trust for account
• Revocable bank account trust
• Informal trust
When you create a payable on death account you can decide how many beneficiaries to add and who to name. Examples of POD beneficiaries can include:
• Adult children
• Siblings
• A non-profit
• A trust
Worth noting: If you co-own the account with someone else, they cannot be named as a POD beneficiary.
Payable on Death Rules
Payable on death accounts have certain rules that set them apart from other accounts. The most significant rule concerns when beneficiaries can access the money in the account. Here are some details to know:
• If you open a POD bank account, you have full control over the money in the account during your lifetime. Even if you name 10 beneficiaries to the account, those beneficiaries cannot lay claim to any of the funds in it until you’ve passed away.
• In terms of how the money in a payable on death bank account is divided, each beneficiary receives an equal share. So if you have $100,000 in a savings account when you pass away and that account has four POD beneficiaries, each one would receive $25,000.
• Note that state law may limit the number of beneficiaries you can name to a payable on death account. Your depository institution may have additional rules for POD accounts.
Types of Accounts That Can Be Payable on Death
There are a number of account types that can be established as POD accounts. Your options can include:
• Checking accounts
• Savings accounts
• Certificate of deposit (CD) accounts
• Individual Retirement Accounts (IRAs)
• Investment accounts
You can make a bank account that you own by yourself or with someone else a POD account, though again note that the co-owner could not be listed as a POD beneficiary.
In terms of what accounts cannot be POD, the list includes small business and commercial bank accounts as well as safety deposit boxes.
Credit accounts are not POD accounts either, since there are no assets to leave behind. In terms of what happens to credit card debt when you die, it can become the responsibility of your spouse or your estate, depending on where you live.
Recommended: Why It’s So Hard to Save Money Today
Payable on Death vs Beneficiary
Payable on death refers to a specific type of financial account that’s used to pass assets to someone else. The term “beneficiary,” however, is used to refer to an individual or entity that’s entitled to inherit assets from someone else. POD beneficiaries fall under the larger beneficiary umbrella.
Similarities
Here are some ways in which POD accounts and beneficiaries are the same. When you name a payable on death beneficiary, you’re telling your bank that you want that person or entity to receive money from the account when you pass away. In a sense, that’s no different from naming a beneficiary to a 401(k) plan or a life insurance policy. Your life insurance beneficiary, for example, is entitled to receive a life insurance death benefit from the policy when you die.
Payable on death beneficiaries and life insurance or retirement plan beneficiaries are not entitled to any money during your lifetime. They can’t access your bank account, withdraw money from your 401(k), or cash in your life insurance. But they all stand to benefit financially from your passing in some way.
Additionally, assets that have a named beneficiary are not subject to probate. So, if you open a Roth IRA and name your spouse as the beneficiary, they’d have access to the money in the account when you pass away. The same is true with regard to life insurance.
Differences
The main difference between payable on death accounts and other beneficiary accounts lies in what’s being passed on. With POD accounts, you’re typically talking about bank accounts. So you might leave your checking account or savings account to your children after you’re gone.
As mentioned, you can name beneficiaries for other types of assets such as a 401(k), IRA, investment account, or life insurance policy.
There can also be differences between payable on death accounts and other beneficiary accounts with regard to taxation. Someone who inherits a POD account may owe estate taxes, for instance, whereas life insurance proceeds are typically income and estate tax-free. (Determining how to allocate one’s funds and the tax burden that will result can be an important part of estate planning.)
Recommended: Tips to Improve Your Money Mindset
Pros and Cons of POD Accounts
Payable on death accounts can offer advantages and disadvantages. It’s helpful to weigh both sides before opening one.
Here’s an overview of the main pros and cons of POD accounts.
Benefits
Drawbacks
You retain control of the account and the assets in it during your lifetime.
Beneficiaries would not be able to access funds if you were to become incapacitated.
Payable on death accounts are not subject to the probate process.
Your bank may require you to close a POD account in order to choose a new beneficiary.
Depending on state law, you may be able to name multiple beneficiaries.
State law may restrict the number of POD beneficiaries you can name.
Removing POD accounts from probate can allow beneficiaries to access funds quicker.
It can be complicated for estate executors to access funds to settle a larger estate using POD deposits.
Payable on Death Account vs Trust
A POD bank account differs from a trust in a couple of key ways.
• In a typical trust arrangement, the trust creator or grantor transfers assets to the control of a trustee. The trustee manages those assets on behalf of one or more named beneficiaries. Assets held in trust are not subject to probate when the trust grantor passes away.
Probate is a legal process in which someone’s assets are inventoried, outstanding debts are paid, and remaining assets are distributed according to the terms of the decedent’s will. Dying without a will in place means assets would be distributed according to state inheritance laws.
• In a Totten trust or POD bank account, there’s no trustee. However, by designating an account as payable on death you can still remove the assets in the account from probate. That’s an advantage, as probate can be both lengthy and time-consuming.
The Takeaway
You might consider a payable on death account if you’d like to pass assets on to loved ones with minimal fuss. That could be helpful if you’d like to make sure they have easy access to cash to cover funeral and burial expenses or any basic living expenses after you’re gone.
Regardless of whether you opt for a POD account or not, choosing the right bank matters. With a SoFi Checking and Savings account, you’ll spend and save in one convenient place. You’ll earn a competitive annual percentage yield (APY) and pay no account fees, which can help your money grow faster.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
FAQ
What does payable on death mean?
Payable on death means that money in account is payable to one or more beneficiaries when the original account owner passes away. A payable on death bank account allows beneficiaries to receive funds without having to go through the probate process.
Is a POD on a bank account a good idea?
Adding POD beneficiaries to a bank account could be a good idea if you’d like to make sure the money in the account goes to whom you want it to after you pass away. You could also choose to set up a payable on death bank account simply to allow those assets to bypass the probate process after you’re gone.
What is the difference between a pay on death and a beneficiary?
Payable on death is a designation that applies to bank accounts and other financial accounts. A beneficiary is someone who’s named to receive money from a bank account, retirement account, or other asset, such as a life insurance policy. A POD account can have one or more beneficiary designations.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SOBK0323031
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What money lessons did your mom teach you? Check out the top money lessons shared by loving moms this Motherâs Day.What money lessons did your mom teach you? Check out the top money lessons shared by loving moms this Motherâs Day.
The post Mother knows best: 10 money lessons from moms that can help your finances appeared first on Money Under 30.
By the time your baby is 18, you will have spent close to a quarter-million dollars on your little bundle of joy. But, expensive as they are to raise, few things are as life-affirming and confer as much genuine satisfaction as watching your child grow up. Prioritizing personal finance as soon as you start contemplating adding to
The post Expecting a Baby? Here are 9 Personal Finance Tips for His or Her Future appeared first on MintLife Blog.
Many of us know what we’re supposed to do when it comes to basic money management – spend less than you earn, save an emergency fund, and invest for retirement. However, establishing good habits is always easier said than done. Money management, like many important things in life, requires discipline. And discipline isn’t a natural
The post 6 Ways to Instill a Positive Money Mindset appeared first on MintLife Blog.
