Earning an hourly wage makes it hard to budget unless you annualize it or at least look at it on a monthly basis. Knowing how much you bring in each month is important; otherwise, how do you set up a budget? You need to know how much you can commit to expenses like housing, utilities, insurance, food, and savings.
If you make $23 an hour, check out our guide to make the most of it. Continue reading to also see the equivalent annual salary based on how many hours you work.
Table of Contents
23 Dollars an Hour Is How Much a Year?
You may find yourself asking how much is $23 an hour annually? If you work 52 weeks per year (or get two weeks of paid vacation), you will make around $47,840 assuming you work 40-hour weeks with no overtime pay.
If you don’t get paid time off and you take it, you’ll work around 2,000 hours per year, bringing your salary down to $46,000 even. But if we’re honest, there are 260 weekdays in 2023. If you worked every weekday, you’d work 2,080 hours and make $47,840 annually.
Let’s convert your hours worked to salary based measurements:
Check out our free Hourly to Salary Calculator to further dive into your hourly pay.
For both salaried and hourly employees, the fair labor standards act, and the department of labor standards provides you with a level of protection. Federal minimum wage (minimum rate of pay for a given nonexempt job role) and for overtime hours on time-spent if an employee meets compensatory requirements are just two examples of how labor laws help you.
How Much is $23 an Hour per Month?
It helps to know how much $23 an hour earns you per month. You’ll have a better idea of your monthly budget and what you can spend. Using the full 365 days in 2023, the average hourly wage earner works 175 hours per month.
At $23 an hour, you’d make $4,025 per month, assuming you work all the weekdays in the month. If you take time off unpaid, the amount drops.
How Much is $23 an Hour per Week?
Do you prefer to budget weekly? Many people do; it’s easier to break it down than look at a month at a time and get overwhelmed.
$23 an hour per week means $23 an hour for 40 hours or $920. If you work overtime or take time off, it will increase or decrease your weekly income accordingly.
How Much is $23 an Hour per Day?
Want to look at it from a daily standpoint? Maybe you want to give yourself a little incentive to keep going – and what works better than cold hard cash, right?
If you work full-time, that’s 8 hours a day on average. At $23 an hour, you’d gain $184 a day.
$23 An Hour Breakdown (Comparison Table)
Here’s a quick breakdown of what $23 an hour looks like for the average person.
Tools You Need to Live on $23 an Hour
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Don’t waste your time (and moolah) in your local, brick-and-mortar banks. The interest is next to nothing – you’ll get the same result keeping things under your mattress. Instead, make it work for you at CIT Bank, where you make 11x the national average interest rates in their money market account.
Earn higher and more competitive APY with CIT Bank. As a top-ten online bank, they commit themselves to growing and preserving your savings safely and securely. Find saving, e-checking, money market, and CD options with CIT.
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With vs Without Paid Time Off
When calculating your annual salary, it’s important to factor in whether or not you have paid time off.
If your employer provides paid time off, then your salary will be as if you worked all 52 weeks in a year.
If your employer does not provide paid time off, you will need to plan only to get paid 50 out of the 52 weeks in a year.
If you get 2 weeks of paid time off, your yearly income will be $23 x 2,080(40 hours per week x 52 weeks) = $47,840. If you need to prepare for paid time off, a good estimate is 2 weeks. This means your yearly income will be $23 x 2,000 = $46,000.
If you are wondering what $23 per hour looks like in the real world, we’ve put together a sample budget for you to consider. Now everybody’s budget looks different, but this gives an idea of how far $23 per hour can go.
Another thing to consider is that the yearly income of $47,840 doesn’t take into account things like social security, state income taxes, and other things that may be withheld from your paycheck. You should check with your tax preparer to get a better understanding of what your tax rate will be so you can figure out your after-tax income.
Using the traditional spending categories from this post, we will see how to break down $23 an hour into monthly spending. $47,840/12 months = $3,987 is how the yearly income breaks down to monthly income.
|Category||Percentage of Income||$ Amount|
|Food and Activities||15%||$598.05|
|Insurance & Taxes||10%||$398.7|
Increasing Your Income
If you look at the sample budget above and think you would need more income to make ends meet, you may be interested in ways to increase your income.
You can only save so much money per month by cutting expenses before it becomes apparent that increasing your income needs to happen.
There are many ways to increase your income. Here are some of our favorites:
Side hustles are the best way to increase your income quickly. They are also the best way to get paid quickly.
Because of the wide variety of side hustles, it is very easy for almost anyone to find one that suits their lifestyle. Many side hustles can be done in addition to full-time jobs, making it a great way to increase your income.
Freelance work and the gig economy are great ways to start a side hustle. There are also many apps right now that allow you to get started right away when you need cash.
Job or Career Change
Another route to increase your income is a new job or career change.
If you’ve been frustrated with your company, why not try another? It is possible that you could be making more money doing the same work with a different company, so it’s worth researching other companies in your area.
If you know that it would be hard to increase your income in your current field, start looking at higher-paying careers that you find interesting. Start making a plan to pursue a new career so that you can switch as soon as possible.
Apply for a Raise
If it’s been over a year, or heck, even six months, consider asking your employer for a raise.
Watch some YouTube videos on negotiation to feel empowered when you talk to your boss.
The worst thing they can say is no, but even then, at least you tried. If they can’t give a raise, they may be open to offering other perks, so keep an open mind on what you are willing to negotiate.
Passive income is one of the best ways to increase your income and make more money. The downside is that it usually takes a couple of years of building before you start seeing the return.
While not immediate, the benefits of passive income are amazing. You stop trading your time for dollars, meaning you can really scale your income.
Start looking for passive income opportunities so that you can reap the benefits in a couple of years.
4 Jobs That Earn $23 an Hour
Looking for a new career to earn $23 an hour? Check out these careers below:
Real Estate Agent
Becoming a real estate agent requires at least a high school diploma or equivalent. You must then take a licensing exam and pass in the state where you practice.
Real estate agents help house buyers and sellers through the process of buying and selling a home. With buyers, they look for properties that fit the specification of their clients and schedule showings. For sellers, they list and market the properties.
Real estate agents make an average of $23.45 an hour or $48,770 a year.
The requirements to become a carpenter are a high school diploma or equivalent, although an associate’s degree may be preferred.
Carpenters build and repair cabinets, doors, floors, and other wooden fixtures using hand tools, nails, screws, etc.
The average hourly wage for a carpenter is $23.20 an hour or $48,260 a year.
An athletic trainer must complete a bachelor’s degree in an accredited athletic training program, although many go on to get their master’s degree.
Athletic trainers carry out rehabilitation programs for injured athletes. They also specialize in diagnosing, preventing, and treating injuries.
The average hourly wage for an athletic trainer is $23.28 an hour or $48,420 a year.
Audio and Video Technicians
Becoming an audio and video technician requires an associate’s or bachelor’s degree.
An audio-visual technician sets up, tests, and operates equipment for live events. They also diagnose problems and make repairs to equipment when needed.
An audio-visual technician can expect to earn $23.46 an hour or $48,790 yearly.
$23 an Hour is How Much a Year: FAQ
Can You Make $23 per Hour Without a Degree?
Yes, making $23 per hour is possible without a degree. A real estate agent and carpenter do not require a degree to get started. Additionally, there are many jobs where on-the-job training is provided, or employers are willing to hire based on skills.
What’s the Total Number of Working Days in 2022?
The total number of working days in 2022 is 260.
How Do You Calculate Hourly Rate From Annual Salary?
To calculate your hourly rate from your annual salary, you need to know the expected hours worked per year. Assuming you work 40 hours a week, you can divide your annual salary by 2,080 hours. This will give your hourly rate.
For example, if you make $48,500 a year, you would divide it by 2,080. $48,500/2,080= $23.32. Your hourly rate would be $23.32.
What Is the Median Hourly Wage?
According to the Bureau of Labor and Statistics, the median hourly wage is $22.00 per hour.
Is $23 an Hour Good Pay?
You can make $23 an hour work if you’re responsible with your finances. If you accumulate a lot of debt, even $23 an hour may not be enough to cover your expenses. Make sure you create a budget and stay intentional with your spending and saving. If you work hard to reach your goals, you’ll achieve financial freedom in no time!
Financial independence has more to do with how you manage your money than how much money you make. Check out our Manage Money category for effective strategies to manage your money!
Samantha Hawrylack is a personal finance expert and full-time entrepreneur with a passion for writing and SEO. She holds a Bachelor’s in Finance and Master’s in Business Administration and previously worked for Vanguard, where she held Series 7 and 63 licenses. Her work has been featured in publications like Grow, MSN, CNBC, Ladders, Rocket Mortgage, Quicken Loans, Clever Girl Finance, Credit Donkey, Crediful, Investing Answers, Well Kept Wallet, AllCards, Mama and Money, and Concreit, among others. She writes in personal finance, real estate, credit, entrepreneurship, credit card, student loan, mortgage, personal loan, insurance, debt management, business, productivity, and career niches.