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How Much Is 31 Dollars An Hour Per Year?
To calculate how much you will get paid per year, let’s assume you work 52 weeks of the year (with 2 weeks paid time off). If you are working a full-time job, you will be working 40 hours per week on average.
40 hours multiplied by 52 weeks is 2,080 working hours in a year.
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$31 per hour multiplied by 2,080 working hours per year is an annual income of $64,480 per year.
Simple Tools To Live On $31 An Hour
What If You Don’t Get Paid Time Off?
If you don’t get paid vacation, let’s assuming you are working 50 weeks of the year (with 2 weeks unpaid time off). And we’ll assume you work an average of 40 hours per week.
40 hours multiplied by 50 weeks is 2,000 working hours in a year.
Now simply multiply your hourly rate by the number of working hours in the year.
$31 per hour multiplied by 2,000 working hours per year is an annual income of $62,000 per year.
How Many Working Days Are In A Year (2020)?
For a more accurate calculation, you can calculate EXACTLY how many working days are in the year.
For the year 2020, it’s a leap year, so there are 366 days in the year. Here’s how the days break down:
262 Weekdays104 Weekend Days (woohoo!)
Assuming your are working each weekday, 8 hours per day, here is how many hours you will work:
262 work days multiplied by 8 hours per day is 2,096 working hours in 2020
$31 an hour multiplied by 2,096 working hours is $64,976 income per year
*This does not include any overtime hours worked
How Much Is $31 An Hour Per Month?
If you want to see how much $31 an hour is a month, we need to know how many working hours there are in a month.
If we divide the total working hours in a year by 12 (months), we can see how many working hours are in a month.
2,096 hours a year divided by 12 is about 175 working hours per month on average.
So to calculate your monthly income, see below:
$31 an hour multiplied by 175 hours per month is $5,425 per month income on average.
How Much Is $31 An Hour Per Week?
If you want to break it out by week, let’s assume your working a normal 40-hour week.
So to calculate your weekly income, see below:
$31 an hour multiplied by 40 hours per week is $1,240 per week income.
How Much Is $31 An Hour Per Day?
Let’s see how much you can make per day on $31 an hour. Assuming you are working a typical 8-hour workday, here’s the answer:
$31 an hour multiplied by 8 hours per day is $248 per day income.
Comparison Table Of $31 An Hour
|Yearly (52 weeks)||$64,480|
|Yearly (50 weeks)||$62,000|
|Yearly (262 Work Days)||$64,976|
|Monthly (175 Hours)||$5,425|
|Weekly (40 Hours)||$1,240|
|Daily (8 Hours)||$248|
|Monthly Take Home (175 Hours)||$4,162|
Example Budget For $31 Per Hour
Now that you know how much you can make per year, per month and weekly, let’s see how a typical budget can look making $31 per hour.
Remember, for your budget, you need to calculate the estimated take-home pay.
Taking the $31 an hour monthly income of $5,425, minus taxes, the estimated take home pay is $4,162 (varies by state and paycheck deductions)
Sample Monthly Budget For $31 An Hour:
As you can see, this budget allows for saving a decent amount (over $400 per month), and would be great for a young couple, possibly renting an apartment. I recommend putting the $400 per month into your work 401k account for best results.
If looking at buying a house on $31 an hour, make sure you can put 20% down and keep monthly housing costs under $1,100 per month.
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Don’t like the budget? Grab your own budget template below and plug in your numbers for your $31 an hour budget.