What does $15 an hour mean to your wallet? You’ve probably heard about $15-an-hour jobs and wondering if this can sustain you. This past January, the $15 minimum wage became effective for federal workers and contractors. Earning a decent minimum wage can improve your financial life and impact your welfare. It gives you more purchasing power, ensuring you can afford basic needs like housing, food, and healthcare.
What does this minimum wage equate to in a year? Whether looking for jobs that pay $15 per hour or wondering if this wage can sustain you, you’re in the right place. This article will explain what this minimum wage looks like in a 40-hour week and year. We’ll also cover some excellent jobs that pay 15 dollars an hour.
Is 15 Dollars An Hour Good?
Is the $15 per hour pay good enough for you? To understand if this living wage is enough, you must consider your living expenses. While this is a huge rise from the previous minimum wage, the cost of living is skyrocketing, and this amount may or may not be enough, depending on where you live.
The first step is understanding how much you can make annually with a $15/hour income. If you crunch the maths, you’ll realize that in a day, you can make $120. Assuming you work forty hours a week, your weekly income will be $600, and the monthly wage will translate into $2,600. With the $15/hour pay, your annual payment will be $31,200.
Unless you live in the nine tax-free states, this income can significantly drop after filing taxes. The net income can range between $24,700 and $26,700. So, can you live off this amount?
Living expenses are not cut from the same cloth. Fifteen dollars an hour pay might be enough or may not even scratch the surface, depending on many factors. Do you have a family to support? How about mortgage, insurance, transportation costs, utility bills, vacation plans, savings, education loans, etc.? Your needs and wants can help determine if this $15 an hour can sustain you. Furthermore, the place you live can dictate if this income is enough.
Importantly, this wage can be the amount you need to stay afloat as you look for 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 workers and retain them for the long overhaul. Many states implemented this minimum wage at the start of 2021, with many others planning to follow suit. It is a must for companies and businesses in California to pay the minimum wage of $15/hr.
Additionally, companies like Amazon, Target, T-Mobile, and Bank of America are setting the bar higher. For instance, T-Mobile renumerates its workforce by $20 per hour, while Bank of America aims to pay $25 an hour in 2025. And this means that many jobs pay $15 per hour as the minimum. With that in mind, let’s look at jobs to earn you $15 an hour.
Some careers have 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.
