What does $15 an hour mean for your family’s budget? You’ve probably heard about $15-an-hour jobs and are wondering if this can support your household. This past January, the $15 minimum wage became effective for federal workers and contractors. Earning a decent minimum wage can enhance your financial life and impact your family’s well-being. It gives you more purchasing power, ensuring you can afford essential needs like housing, food, and healthcare.
What does this minimum wage equate to in a year? Whether you’re seeking jobs that pay $15 per hour or considering if this wage can meet your family’s needs, you’re in the right place. This article will break down what this minimum wage looks like in a 40-hour week and year. We’ll also cover some excellent job options that pay $15 an hour.
Is 15 Dollars An Hour Good?
Is the $15 per hour pay enough for your family? To understand if this living wage can support your household, you must consider your living expenses. While this represents a significant increase from the previous minimum wage, the cost of living is skyrocketing, and this amount may or may not be sufficient, depending on where you live.
The first step is to understand how much you can earn annually with a $15/hour income. If you do the math, you’ll see that in a day, you can make $120. Assuming you work forty hours a week, your weekly income will be $600, translating to a monthly wage of $2,600. With the $15/hour pay, your annual income will be $31,200.
Unless you live in one of the nine tax-free states, this income can significantly decrease after filing taxes. The net income may range between $24,700 and $26,700. So, can you sustain your family on this amount?
Living expenses vary greatly. Fifteen dollars an hour may be enough or might barely cover the basics, depending on various factors. Do you have children to support? What about mortgage, insurance, transportation costs, utility bills, vacation plans, savings, and education loans? Your needs and wants will help determine if this $15 an hour can meet your family’s needs. Furthermore, where you live plays a crucial role in whether this income is adequate.
Importantly, this wage could provide the financial stability you need while you seek better opportunities. Below are some of the best jobs paying $15 an hour.
Jobs Paying 15 Dollars An Hour
Many companies are implementing the $15-an-hour pay to attract and retain workers for the long haul. Many states began enforcing this minimum wage at the start of 2021, with others planning to follow suit. Companies in California, for instance, must pay a minimum wage of $15/hr.
Additionally, companies like Amazon, Target, T-Mobile, and Bank of America are raising the bar. For instance, T-Mobile pays its workforce $20 per hour, while Bank of America aims to pay $25 an hour by 2025. This means that many jobs offer $15 per hour as the minimum. With that in mind, let’s explore job opportunities that can earn you $15 an hour.
Some careers offer more than fifteen dollars as the minimum hourly wage.
1. Fast Food Jobs
Fast food chains suffered a major blow and struggled to get enough stuff during and after the pandemic. For this reason, some businesses raised their minimum wage to $15 to attract and retain new hires.
You can work at a restaurant or bar as a fast food worker. The responsibilities include fulfilling food orders, taking payments, assisting cooks, cleaning tables, housekeeping, cooking, and stocking beverage stations.
Food chains that pay fifteen dollars an hour include Chipotle Mexican Grill, Starbucks, and Mcdonalds’. The latter, for instance, pays shift supervisors $15 to $20 an hour.
2. Cashier Jobs
Another job that can earn you $15 per hour is cashier work. A cashier helps businesses process payments and often handle transaction involving debit, credit, and cash payments using cash registers. Additionally, cashiers scan and verify item prices, take return orders, and provide overall customer support at checkout. The average pay range for a cashier is from $12 to $16 an hour, and an experienced cashier can make up to $18 per hour.
3. Medical Transcriber
Transcription is another job type that can pay more than $15 an hour. A medical transcriptionist converts audio medical reports into text for physicians, and they also edit and ensure that the information is accurate for healthcare practitioners. The hourly wage for a medical Transcriptionist is $15.57 an hour and can go as high as $19.71.
4. Admin Assistant Jobs
An admin assistant provides support to the management and other employees in the company. They take phone calls, plan meetings and appointments, coordinate communications, and provide general admin services. An average admin assistant can earn up to $38,850 annually.
5. Delivery Jobs
Do you have a driving license? Delivery jobs can also pay above the $15 an-hour range. The responsibilities of a delivery driver include delivering items to their destination, operating a delivering vehicle, loading and unloading items, and collecting payments.
The average hourly rate for a delivery truck driver is $22. However, the wage can range from $19 to $26 an hour. Location, work experience, education, and skills can determine your hourly rate.
6. Construction Jobs
The construction industry is another job sector that can pay you above the $ 15-an-hour rate. A construction worker handles construction, cleans up sites, and collects construction debris. The hourly wage for a construction worker is $19 on average, ranging between $17 and $21.
7. Babysitting Jobs
Are you good with babysitting and love being around kids? You can make $22.18 an hour as a babysitter. The responsibilities include providing care to children, making them food, doing light housework, engaging in fun activities with the kids, and helping them with homework.
8. Tutor Jobs
Tutor jobs are popular online and offline, and you can tutor students based on your course knowledge. An average hourly rate for a tutor is $25 per hour and can go as high as $56 an hour. The best thing about tutoring jobs is that you can work remotely, and dozens of companies hire online tutors. For instance, you can start teaching kids English online through VIP Kids. Working as an independent tutor means you can set your working hours and expected pay.
Get the necessary skills and certification to prove your credibility as a tutor. For instance, you might need to get TEFL (Teaching English as a Foreign Language) certification to be an English tutor.
9. Bookkeeping Jobs
Are you excellent at crunching numbers? Bookkeeping jobs also offer a more than $15 an hour rate. Nowadays, there is accounting software making virtual bookkeeping possible. The average pay per hour for a bookkeeper is $24, and independent contractors (freelancers) charge as high as $43.40 an hour. Again, the hourly fee you can charge depends on your certifications and experience.
Can You Live Off Of 15 Dollars An Hour
It’s 2023, and although $15 an hour is better than nothing, it can help you to get by. It might not allow you to save, settle debt, vacation, and achieve other financial goals.
Understandably, living off the minimum wage can be difficult; however, you can navigate your way around your budget and live happily within your means. Below are a few tips to help you live off $15 an hour.
Create A Budget
Your first step is to create a budget. The best and simplest budget strategy is the 50/20/30 budget rule, which can help you meet your basic needs, save a little, and have some for your wants. When creating your budget, review your expenses and note what you’re spending money on. If push comes to shove, be creative and keep your living costs below your means. For instance, you can move to a more affordable place, move in with relatives, or consider a roommate.
Start A Side Hustle
Alternatively, you can take on a side hustle to supplement your $ 15-an-hour wage. You have a dozen options; some require skills, while others might need a little capital to start. You can try making money virtually through remote jobs. Freelance writing, transcription, blogging, affiliate marketing, and social media management are some lucrative side hustle you can start.
Monetize your creativity by making and selling crafts online. Drop shipping is another perfect side hustle idea. Furthermore, you can take a side gig to earn more money. Taking surveys and user testing are also some of the side hustle ideas you can take to make more money.
Conclusion
Increasing your income streams can help you achieve your money goals sooner. Penny Calling Penny strives to ensure you never miss an opportunity to earn extra income. Sign up for our resourceful newsletter to get up to date with new ways to make money.
