The average hourly wage of a person living in the US is around $31 as of 2022, according to the U.S. Bureau of Labor Statistics. Is that enough to live on? How about $30 an hour?
If you work full-time (40 hours a week), $30 an hour is $62,400 a year. After taxes and other deductions, that’s about $49,920 a year.
How much can you comfortably afford to spend each month on housing, food, transportation, clothing, healthcare, debt payments, savings, and other expenses? That all depends on your lifestyle and what you consider to be essential expenses.
In this article, we will break down what $30 an hour translates to on a daily, monthly, and yearly basis. We will also provide tips on how to budget your money when you make $30 an hour so that you can live the best life possible.
Let’s dive in.
Can you live on $30 an hour?
In short, yes. For most lifestyles, $30 an hour is enough to cover the essentials and have a little leftover for savings or non-essential expenses.
But deciding on whether you can live on $30 an hour all depends on your lifestyle and where you live.
$30 an hour wage is $62,400 a year working full-time for 40 hours. After taxes, you’d be taking home $49,920.
The average rent for an apartment in the US is $1,124 per month, or $13,488 per year. That leaves $36,432 for other expenses.
If you have student loans or other debts, your monthly payments will reduce the amount of money you have for other expenses. The average monthly student loan payment is $460.
Assuming you don’t have any debt, you would have $30,912 leftover for savings and other living expenses such as:
- Groceries and other essentials
- Transportation costs
- Utility bills
- Phone bill
- Internet service
- Childcare or other family obligations
- Entertainment and leisure activities
Now let’s see how $30 an hour breaks down on different time scales.
How much is $30 an hour per day?
If you make $30 an hour, that equates to $240 a day for eight hours of work. After taxes, you will take home around $200 a day.
If you work part-time, you will make around $150 a day for five hours of work. After taxes, you will be taking home approximately $127 a day.
How much is $30 an hour per week?
If you work full-time, $30 an hour is $1,200 a week. After taxes, you will take home $960 a week.
Part-time workers will make $600 a week for 20 hours of work. Once again, after taxes you will take home $360 a week.
How much is $30 an hour bi-weekly?
If you are paid bi-weekly, $30 an hour is $2,400 every two weeks, for 40 hours of work per week. After taxes, you will take home $1920 every two weeks.
For part-time employees working 20 hours, this number would be $1,200 every two weeks, or $1,000 after taxes.
How much is $30 an hour per month?
On a monthly basis, $30 an hour is $5,200 a month for 175 hours of work per month (2,096 working hours a year divided by 12). After taxes, you will take home $4,160 a month.
If you are paid monthly and work part-time 87 hours per month, your salary will be $2,600 before taxes and around $2,200 after taxes.
How much is $30 an hour per year?
Annually, $30 an hour is $62,400 a year for 40 hours of work per week. After taxes, you will take home $49,920 a year.
For part-time employees working 25 hours per week, $30 an hour is $33,022 annually before taxes.
$30 an hour breakdown (Table)
Here are the calculations for a $30 an hour wage broken down by time periods.
Can you save money if you make $30 an hour?
The answer is yes, you can save money if you make $30 an hour. However, it all depends on your lifestyle and expenses.
To decide on whether $30 a month is enough for your particular lifestyle, it is essential that you calculate your monthly expenses and see how much is left over.
The estimated cost of living for a single person in the US is $2,836 a month. Assuming you work full-time and make $4,160 a month after taxes, you would be left with $1,324 to save at the end of each month.
For a family of four, the estimated cost of living is $4,900 a month. In this situation, $30 a month would not be enough. You wouldn’t make enough to save or even cover your expenses.
As you can see from the example above, $30 an hour can be a livable wage or it could be barely enough to cover basic expenses. It all depends on your lifestyle and where you live.
How can I budget a $30 an hour wage?
If you make $30 an hour, you bring home $62,400 a year. After taxes and other deductions, that’s about $49,920 a year.
To budget this wage, you need to first figure out your monthly expenses. Once you know how much you spend each month, you can create a budget that allocates your spending in a way that allows you to save money.
Here are some tips on how to budget $30 an hour:
- Invest in a 401k or IRA: You can automatically contribute $50 from each paycheck into your retirement account. This adds up to $200 per month, or $2400 per year.
- Save $50 from each paycheck: This equals $200 per month, or $2400 per year.
- Make a budget and stick to it: Track your spending for one month to see where your money goes. Then create a budget that allocates your spending in a way that allows you to save money.
- Find cheaper alternatives: If you have cable, consider switching to a streaming service like Netflix or Hulu. If you have a gym membership, cancel it and work out at home or outside. There are many ways to save money if you are willing to be creative
For the best ways to save $30 an hour wage, check out my article on the best free printable budget templates to get your finances under control.
How can I make $30 an hour?
There are many jobs that pay $30 an hour. Choosing the right job opportunity for you will depend on your skills and past experience. Here is a list of some jobs that pay $30 an hour and do not require a college degree:
- Transportation, Storage and Distribution Managers –
- Lighting Technicians
- Elevator Installers And Repairers
- Real Estate Agent
- Commercial Pilot
- Growth Marketer
- Web Developer
- Graphic Designer
Life is increasingly getting more expensive, but $30 an hour is still a livable wage in many places. You can make $30 an hour without a college degree by finding the right job opportunity for you and, if you are willing to be creative, there are many ways to save money on $30 an hour wage.
Ultimately, putting time and effort into properly saving and managing your income is an invaluable skill at any income level. And it’s never too late to start!
I hope this article was helpful!
If you’re looking for ways to increase your income, read my post on the best ways to make extra money online.
Read more on MoneyPeoples.com: If you want to learn more about the best budgeting templates to help you manage your finances, check out my post on the list of best free printable budget templates.