$23 an Hour is How Much a Year?

$23 an Hour is How Much a Year?

$23 an hour is $47,840 per year.

There are 2,080 work hours in a year (52 weeks in a year X 40 hours per week). To calculate your annual income, multiply your hourly rate, $23, by the total number of work hours in a year.

Create a budget for a $23 an hour job

It’s always a good idea to create a budget no matter how much you make. Check out this cool home budgeting tool that helps you determine how much house you can afford.

In general, your total debt payments, including your mortgage or house payment, should equal $36% of your monthly income. Since you make $3,987 per month ($47,840 divided by 12), your debt payments should be close to $1,435 (your monthly income times 36%).

To break this down a little more, you should target 25% of your monthly income for your house payment. That is $997 for you.

That leaves you $439 for all your other loan payments including your car, student loans, or other loans like credit cards or personal loans.

Taking out loans that result in higher payments can make it difficult to make ends meet every month. If your budget is maxed out and an unexpected financial emergency occurs, you may not be able to make your loan payments.

When you miss a loan payment, your credit score can be impacted. A lower credit score usually results in higher interest rates down the road. Keep a watchful eye on your monthly budget to make sure you can afford your loan payments.

Finding a New Job that Pays More

Always know your worth! Make sure you are making a market hourly rate. If you feel like your employer is not paying you a fair salary, you should research other jobs in your area. If you are looking to switch careers, you can check out job openings in your area.