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 $24 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.
24 Dollars an Hour Is How Much a Year?
You may find yourself asking how much is $24 an hour annually? If you work 52 weeks per year (or get two weeks of paid vacation), you will make around $49,920 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 $48,000 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 $49,920 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 $24 an Hour per Month?
It helps to know how much $24 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 $24 an hour, you’d make $4,200 per month, assuming you work all the weekdays in the month. If you take time off unpaid, the amount drops.
How Much is $24 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.
$24 an hour per week means $24 an hour for 40 hours or $960. If you work overtime or take time off, it will increase or decrease your weekly income accordingly.
How Much is $24 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 $24 an hour, you’d gain $192 a day.
$24 An Hour Breakdown (Comparison Table)
Here’s a quick breakdown of what $24 an hour looks like for the average person.
Tools You Need to Live on $24 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 yearly income with $24 an hour, you will need to factor in whether or not you get paid vacation.
If your employer offers the standard 2 weeks of paid vacation, your total annual income will be $49,920 since two weeks of paid vacation equals weeks of paid time.
If your employer does not provide paid vacation, you will need to account for the unpaid time off. Using two weeks, for example:
40 hours a week x 2 weeks = 80 hours
80 hours x 24 = $1,920
$49,920 – $1,920 = $48,000
If you have unpaid time off and take two weeks off each year, as an hourly employee, you would make $48,000.
The biggest question we get is whether or not $24 an hour is a living wage.
We put together an example budget to give you an idea of what the basic percentages for what things like basic expenses would look like with an average monthly income of $4,160 (49,920/12).
Housing 25% $1,040
Utilities 10% $416
Transportation 10% $416
Food and Activities 15% $624
Lifestyle 15% $624
Insurance and Taxes 10% $416
Savings 15% $624
For more on budgeting and category breakdowns, check out our FIRE guide to budgeting.
Increasing Your Income
Even with an income of $24 an hour, you may still find the need for more income after trying all the money-saving tips. Whether you’re trying to build up your retirement accounts, save for the trip of a lifetime, cover monthly bills, or attack debt, there are a number of different ways you can increase your income.
Side hustles are a great way to increase your income quickly. Many side hustles provide a service or a product, meaning you can make money right away.
There are so many things you can do for a side hustle. Start by asking yourself the following questions:
- Do I want to do my side hustle from home, or am I willing to travel?
- Do I want to interact with people or work by myself?
- Do I enjoy manual labor gigs, or would I rather work on a computer?
- Do I want my side hustle to be done during certain timeframes or anytime?
Asking these questions will help you narrow down the type of side hustle you want to start.
Job or Career Change
Another way to increase your income is to look for a new job or change to a higher-paying career.
For a new job, you may find that a different company will pay you more for the skills you already possess. It may be worth looking at job postings from other companies to see what they list their compensation at. You could also interview to see what they offer for a starting wage.
If you are tired of your current job, you could also consider a career change. It could be something in a related field or new entirely.
Apply for a Raise
Applying for a raise is a great way to earn more money doing the same thing and without much extra effort.
You could Youtube some negotiation tips if you are apprehensive about starting the conversation with your boss.
Remember, the worst thing they can say is no!
Passive income will be the slowest way for you to earn extra income, but once it gets started, it will also be the easiest.
Passive income is where you stop trading your time for dollars and should be your goal if you are looking to build wealth.
Start looking at opportunities you can begin working on now so you can get paid in the future.
4 Jobs That Earn $24 an Hour
If you are looking for a career that earns $24 an hour, here are some suggestions:
The education requirements for a head chef are a high school diploma. Most chefs go on to train at a culinary or technical school. It is also common for chefs to train through apprenticeship-type programs.
A head chef’s duties include controlling and directing the food preparation activities in a kitchen. They will also check dishes before they are served to customers. Head chefs often create new dishes for a restaurant as well.
The hourly wage for a head chef is $24.11 an hour, or an annual income of $50,160 per year.
To become a mail carrier, you only need a high school diploma or GED.
Mail carriers sort and arrange the mail on their route and then deliver by foot or mail. They also pick up mail that needs to be sent. They will also help customers with questions and filling out forms.
Mail carriers earn an hourly salary of $26.14 or an annual salary of $54,370.
The education requirements to become an insurance agent are a high school diploma or GED. However, many people who become insurance agents choose to hold either an associate’s or bachelor’s degree. In order to obtain a license, you are required to pass an exam for the state in which you want to hold an insurance license.
There are a number of different kinds of insurance that an agent can choose to sell. Insurance agents help their clients choose the best policies and plans for their needs.
An insurance agent earns, on average, $23.96 in hourly wages or $49,840 for a yearly wage.
A firefighter needs at least a high school diploma or GED, although many firefighters go on for advanced training to further their careers. Firefighters must pass a physical ability test, an aptitude test, along with background checks. Once firefighters are hired, they will undergo training (if needed).
The role of the firefighter is to control and extinguish fires. They also help with other emergencies and are often cross-trained as EMTs.
A firefighter can expect to earn $24.38 per hour or $50,700 per year.
$24 an Hour Is How Much a Year: FAQs
Can You Make $24 per Hour Without a Degree?
Yes, earning $24 per hour without a degree is possible. The careers listed above only require a high school diploma. There are also a number of other jobs where self-taught or on-the-job training will pay $24 per hour.
What’s the Total Number of Working Days in 2023?
The total number of working days for the 2023 calendar is 260. This is calculated by subtracting weekends from the total number of days in a year.
How Do You Calculate Hourly Rate From Annual Salary?
To calculate an hourly rate from an annual salary, you divide your salary by the number of working hours in a year.
If you work 40 hours per week, you will work 2080 hours in a year. If you divide your salary by 2080, you will get your hourly wage.
For example, $50,000/2080 = $24.04.
What Is the Median Hourly Wage?
According to the bls.gov website, the median hourly wage is $22.00.
Is $24 an Hour Good Pay?
You can make $24 an hour work if you’re responsible with your finances. If you accumulate a lot of debt, even $24 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.