Time is the currency of life. So, is it worth your time to work a job paying $31 an hour? Is it enough to live on?
These questions may appear simple of first glance, but the reality is they require a more nuanced examination.
Scroll down to get informed about this important career decision as we break down $31 an hour for different part-time and full-time roles.
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$31 an hour is how much a year?
To better understand the financial implications, let's take a closer look at the numbers and analyze the annual salary for someone earning $31 per hour.
- Part-time work. If you work part-time, it's important to know how many hours you work each week. For instance, if you work 25 hours per week at a rate of $31 per hour, your weekly earnings would be around $ 775. Over the course of a year, this adds up to approximately $37,200.
- Full-time work. Generally, full-time work involves working around 40 hours per week for 52 weeks in a year. $31 an hour may be $1 less than $32 an hour, but over the course of a year, your annual salary would be approximately $64,480. The same principle applies for the difference between $30 an hour and $31.
Keep in mind that these figures represent gross income before deductions, taxes, and other factors that may affect your actual take-home pay.
How much is $31 an hour per day?
Here's how this hourly rate would work out on a daily basis for part-time and full-time roles.
- Part-time work. For part-time work, your daily earnings will fluctuate depending on the number of hours worked each day. Let's say you work approximately 5 hours each day at an hourly rate of $31. In this case, you can expect to earn around $155 daily (calculated as 5 hours x $31 per hour).
- Full-time work. Now, let's shift our focus to full-time work. If you're working a standard 8-hour day at $31 per hour, your daily earnings would amount to $248 (calculated as 8 hours x $31 per hour).
How much is $31 an hour per week?
If you are paid weekly, this is what you can expect for both part-time and full-time positions.
- Part-time work. If you work approximately 25 hours per week at a rate of $31 an hour, your weekly earnings would total around $775 (25 hours x $31 per hour).
- Full-time work. If you work around 40 hours per week at $31 an hour, your weekly earnings would amount to approximately $1,240 (40 hours x $31 per hour).
How much is $31 an hour bi-weekly?
This is what you would earn every two weeks in a part or full-time role.
- Part-time work. If you work approximately 40 hours in a bi-weekly pay period at a rate of $31 per hour, your earnings for that 2-week period would amount to around $1,080 (calculated as $775 per week multiplied by 2 weeks).
- Full-time work. If you work approximately 80 hours in a bi-weekly pay period at a rate of $31 per hour, your earnings would total around $2,160 bi-weekly (calculated as $1,240 per week multiplied by 2 weeks).
How much is $31 an hour per month?
To calculate monthly earnings, we'll use an average of 4.33 weeks per month (52 weeks per year / 12 months).
- Part-time work. A part-time worker earning the same hourly rate would make $3,355.25 a month (calculated as $775/week x 4.33 weeks/month).
- Full-time work. For a full-time employee making $31 an hour, the total salary would be $5,369.20 a month (calculated as $1,240/week x 4.33 weeks/month).
How much is $31 an hour quarterly?
A quarter consists of three months. To find the quarterly earnings, simply multiply the monthly earnings by three as follows.
- Part-time work. For a part-time worker at $31 an hour, you can calculate your quarterly salary as: $3,355.25/month x 3 months = $10,065.75 per quarter.
- Full-time work. For a full-time employee at $31 an hour, you can calculate your quarterly earnings as: $5,369.20/month x 3 months = $16,107.60 per quarter.
Is $31 an hour enough to live on?
There is no single one-size-fits-all answer to whether $31 is enough to live on since it depends on your personal financial circumstances. Several factors come into play, including where you live, your chosen lifestyle, repayments, savings goals, etc. These common scenarios should help inform your decision about this hourly rate's viability.
Young college graduate
For a young college graduate with minimal debt and expenses, $31 an hour could provide a comfortable lifestyle. This hourly rate allows for saving, investing, and potentially pursuing further education or certifications.
Middle-aged person changing careers
$31 an hour may be sufficient for a middle-aged person with a relatively modest lifestyle. Factors such as existing debt, number of dependents, and lifestyle choices will significantly affect the feasibility of living on this salary.
Someone living in a rural area
Lower cost of living in rural areas often makes living on $31 an hour more financially feasible. This includes lower housing costs, less need for transportation, and potentially lower food expenses.
Remote worker
Remote workers with an hourly rate of $31 might benefit from living in areas with a lower cost of living, making it easier to stretch their salaries. So choosing an affordable location is crucial to maximize the cost of living arbitrage opportunity.
Single parent
Living on $31 an hour as a single parent can be challenging due to added childcare and educational expenses. Budgeting and financial planning are essential to ensure a comfortable lifestyle for both parent and child.
$31 an hour vs the national average
According to the Bureau of Labor Statistics, the national average wage in the USA is $33 an hour. A $31 hourly rate is slightly below the national average, but depending on factors such as location and lifestyle, it can still provide a comfortable living.
$31 an hour vs the national median
The national median hourly pay in the USA is $22.26 according to the Bureau of Labor Statistics. At $31 an hour, this salary is above the median, suggesting that those earning this amount are in a better position than many others.
Who is $31 an hour a good salary for?
Determining whether $31 an hour qualifies as a good salary for you depends on your unique situation. While it may be a satisfactory income for someone who is new to the workforce, it might not adequately meet the financial obligations of someone with greater responsibilities.
$31 an hour is a good salary for:
- Young professionals with limited expenses
- Individuals living in lower cost-of-living areas
- Remote workers able to choose their location strategically
$31 an hour is a bad salary for:
- Large families with multiple dependents
- Individuals with high levels of debt
- People living in expensive metropolitan areas.
