In this article, we will discuss everything you need to know about making $18 an hour your living wage. We’ll cover budgeting, saving, and ways to make more money if you need it. So, whether you’re just starting out in your career or you’re looking for ways to make more money, read on! 18 an hour is how much a year?
18 an Hour Is How Much a Year?
18 an hour is how much a year? Assuming you work full time and only take standard holidays, if you were to be paid 18 dollars an hour, your annual salary would be 37,440. This calculation does not take into account overtime pay, bonuses or other forms of income. Additionally, it’s important to note that not everyone is able to find a job that pays 18 dollars per hour. In fact, the current US national median wage is just over 15 dollars an hour. This means that half of all workers in the US make less than 15 dollars an hour, and half make more. Therefore, if you are able to find a job that pays 18 dollars an hour, you are doing relatively well.
18 Dollars an Hour. Hot or Not?
While 18 dollars an hour may not seem like a lot, it actually adds up to a pretty decent salary over the course of a year. If you are able to find a job that pays this much, you should count yourself lucky. Just be sure to save your money wisely so that you can enjoy financial security for years to come.
$18 Hourly Wage Budget
If you’re earning $18 an hour, your take-home pay will be around $13.50 after taxes. This means that you’ll have to budget carefully in order to make ends meet. Here are a few tips to help you get started:
- Track your spending for one month so that you know where your money is going. This will help you create a realistic budget.
- Make sure to include all of your essential expenses, such as rent, food, transportation, and healthcare in your budget.
- Cut back on non-essential expenses like entertainment and dining out so that you can save more money.
- Use cash or a debit card instead of a credit card to avoid overspending.
- Make a list of financial goals and work towards achieving them. This could include things like saving for a down payment on a house or investing in retirement savings.
Saving Money on a 37,440 Annual Salary
It’s important to save as much money as possible when you’re earning $18 an hour. Here are yet some more tips to help you get started:
- Open a high yield savings account and make sure to contribute to it regularly. This will allow your money to grow over time.
- Cut back on unnecessary expenses and use the money that you saved to put into your savings account.
- Invest in low-cost index funds which can provide you with a consistent return over time.
- Make sure to have an emergency fund that can cover your expenses for three to six months in case you lose your job or have another financial setback.
How to Make More Than the Minimum Wage?
If you find that you can’t make ends meet on $18 an hour, there are a few things that you can do to make more money:
- Look for a higher paying job: If you’re not happy with your current salary, look for a new job that pays more. It’s important to negotiate your salary so that you’re getting paid what you’re worth.
- Get a side hustle: In addition to your full-time job, consider doing some freelance work or starting a side business to make extra money.
- Ask for a raise: If you’ve been working hard at your job and feel that you deserve a raise, ask your boss for one.
Jobs That Earn 18 per Hour
Now that you know how to answer “18 an hour is how much a year?”, it’s time to look at occupations. There are a number of jobs that pay $18 an hour or more. Here are just a few of them: registered nurse, elementary school teacher, paralegal, bookkeeper, PR manager, stylist, nurse practitioner, pharmacist, or makeup artist.
Exemplary Budget for $18 per Hour
If you are working 52 weeks per year (i.e. 40 hours per week) on an 18 salary hourly, feel free to use our sample budget for such annual incomes.
- Rent $600;
- electricity $50;
- water $40;
- phone $50;
- internet $60;
- cable TV & Netflix subscription $90;
- car insurance $100;
- student loan payment $200;
- gym membership $40;
- leftover money $160.
As you can see, it is possible to live off of $18 an hour, but you will have to be mindful of your spending. Make sure to budget for your essential expenses and cut back on non-essential ones. Remember that there are a number of jobs that pay $18 an hour or more, so don’t be afraid to look for a better paying job if you’re not happy with your current one. So, 18 an hour is how much per year? Now you know!