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 $55 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.
55 Dollars an Hour Is How Much a Year?
You may find yourself asking how much is $55 an hour annually? If you work 52 weeks per year (or get two weeks of paid vacation), you will make around $114,400 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 $110,000 even. But if we’re honest, there are 262 weekdays in 2020. If you worked every weekday, you’d work 2,080 hours and make $114,400 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 $55 an Hour per Month?
It helps to know how much $55 an hour earns you per month. You’ll have a better idea of your monthly budget and what you can spend. Using the full 366 days in 2020, the average hourly wage earner works 175 hours per month.
At $55 an hour, you’d make $9,625 per month, assuming you work all the weekdays in the month. If you take time off unpaid, the amount drops.
How Much is $55 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.
$55 an hour per week means $55 an hour for 40 hours or $2200. If you work overtime or take time off, it will increase or decrease your weekly income accordingly.
How Much is $55 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 $55 an hour, you’d gain $440 a day.
$55 An Hour Breakdown (Comparison Table)
Here’s a quick breakdown of what $55 an hour looks like for the average person.
Tools You Need to Live on $55 an Hour
Knowing your net worth is half the battle, and Personal Capital helps you understand yours. Track your assets and liabilities – see where you stand (and where you should make changes). It doesn’t cost anything unless you sign up for their Robo-advisor services, which we think is a great way to start investing, especially for beginners.
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.
Looking for a part-time gig to pick some additional work-hours up? Regardless of whether you want to extend your workweek into the weekends or extend past your normal eight hours per day – FlexJobs offers the best remote work and flexible positions available.
Do you love spreadsheets, but don’t have the time for manual data entry? Who does, right? Tiller automatically imports your transactions, working with over 20,000 banks. They even categorize for you (don’t worry you can customize) and send daily emails showing your balance and activities.
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Is $55 an Hour Good Pay?
You can make $55 an hour work if you’re responsible with your finances. If you accumulate a lot of debt, even $55 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 uses her BS in Finance and MBA to help others control their finances through budgeting, saving, investing, side hustles, and travel hacking. Due to following the FIRE Movement’s principles, she was able to quit her high-stress job in the financial services industry in July 2019 to pursue her side hustles. She is now a full-time entrepreneur, freelancing coach, and blogger.