Last Updated on August 10, 2021
When you get a raise or simply start a new job with a different hourly pay rate, the first thing that you need to do is determine your yearly and break it down. This allows you to setup a realistic budget, or at least a set of budgetary guidelines, so that you may live comfortably and hopefully save a bit for your future.
Let’s take a look at how 19$ an hour breaks down yearly, bi-weekly, weekly, and monthly so that you can get a better idea of what your budget might look like.
19 Dollars an hour is how much a year?
If you are working 40 hours a week, your yearly salary will be approximately $39,520.
While there are a lot of factors to consider (for instance, a year may be 48 weeks, but is most commonly 52), this is a ‘ballpark figure’ of a correct yearly salary.
So, 19 dollars an hour is how a year with a budget of $39,520 gets started, but we need to take a more granular look at this if it’s going to be useful to you. That means that we’ll want to break it down further into more useful pieces, starting with a weekly rate.
How much is $19 an hour 40 hours a week?
A weekly budget is much easier to make for some people and at a rate of 19$ per hour, assuming a 40-hour workweek, then you will be making about $760 a week.
Is 19 Dollars an hour considered a good pay?
Considering federal minimum wage is $7.25 per hour, $19.00 an hour is certainly appreciably higher.
The minimum also varies by different states, for instance, California businesses with less or exactly 25 employees offer a minimum wage of $13 per hour while in New York you’ve got a minimum of about $12.50 per hour.
Depending on the cost of living in your state, $19 per hour can be quite good and enough to live in relative comfort while building a modest savings – provided that you plan a budget!
Can you live off of $19 an hour?
Yes, you can certainly live off of $19 an hour, as long as you set realistic expectations and budget your finances carefully.
Later in this article, we’ll give you some tips on how to live well, but frugally that can help you lay out a realistic plan for living on a wage of $19 per hour.
How much is $19 an hour bi-weekly?
Speaking of your budget, a lot of people like to adopt a bi-weekly budget strategy where bills are paid with the first 2-week deposits and groceries and savings are taken care of with the latter 2 weeks of the month.
With $19, your bi-weekly income is going to be about $1520, so as you can see a bi-weekly view certainly helps to gauge your budgetary needs a little more clearly.
How much is 19 Dollars an hour per month?
Since the days in the months vary, we’ll want to go with an estimate of $3292.33 as your estimated monthly take-home.
Keep in mind that employer payroll schemes and taxes will vary, but this gives you a good starting point if you are looking to consider your budget from a monthly perspective.
Tips to live on $19 an hour:
Whether you are making $19 or $90 an hour, if you don’t bother with a budget then you are shooting yourself in the foot and you might end up living paycheck to paycheck. So, set yourself a realistic budget and consider the tips below for making sure that you are keeping an eye out for your future and living well, but realistically!
1. Take advantage of direct deposit
Saving can be tricky if you simply tell yourself that you’ll take the extra money to your bank. Face it, after the workweek, you’re tired, and bank hours make going in person a little difficult during the workweek unless you want to sacrifice lunch.
Take advantage of direct deposit from your work, so that a percentage of your money is immediately deposited to your savings so that you can simply draw on your main account without touching the money that you have put away.
2. The 50/30/20 rule is a great habit to get in
An easy formula for success that many people use is the 50/30/20. Simply put, spend 50% of your income on your NEEDS. This means your rent, utilities, and groceries… not things like Netflix or impulse buys.
The 30% portion of your income is for your WANTS, and this is where you file away the Netflix and other goodies. Finally, 20% should be saved or put to work with low-risk investments that can accrue extra value over time. If you can stick to this rule, you’re going to do well. Count on it.
3. Make a 1-week ‘impulse buy’ list
Impulse buys are addictive and we’ll admit, quite a lot of fun, but they tend to wreck a budget fast. A simple mental hack that you can use to avoid this is to make a 1-week ‘impulse buy’ list that you will stick on your fridge with a magnet. If you get paid bi-weekly, make it a 2 week list.
The way that you use it is simple and surprisingly effective. The next time you want to splurge on some nice speakers, a new phone, or ANY other impulse buy then you must write it down on the list (prompting discussion if you are budgeting together with your spouse) and you aren’t allowed to buy it until your next pay date.
While this won’t deter you from ALL impulse buys, you’ll be surprised how often you find that you don’t really need something, just because you waited a week or 2 on that impulse decision.
4. Consider a financial advisor
Financial advisors aren’t just for the wealthy. A single session with a financial advisor is a good idea, because they can go over your work benefits and options and let you know what you should take advantage of. They can also help you set up a realistic savings an investment scheme that you might not have thought of yourself.
Financial advisors want you to succeed and make more money, so it’s in their best interests to help you get there, so that you’ll be coming back to them to give them more business. What have you got to lose?
Some final words
Today we’ve talked about how $19 per hour translates out yearly, monthly, bi-weekly, and weekly. Now that you’ve got the numbers, you’ve got the basis for creating a budget that gets you what you need with an eye for the future.
Just use what you’ve learned, along with today’s tip, and it should be a bright future indeed!