How much unemployment will I get if I make $7.50 an hour?
If you make $7.50 an hour, you may be eligible for unemployment benefits if you lose your job. Let’s take a look at how much you can expect to receive if you are approved for unemployment benefits. Each state has its own rules and regulations regarding unemployment. The amount of money you receive depends on your recent work history and varies between states.
In these examples, you can see how states pay differently to those earning $7.50 per hour:
Michigan Unemployment Calculator
Select your state to calculate your weekly unemployment payment:
$7.50 an hour is… |
|
| $7.50 an hour | Income |
| Daily (8 hours) | $60.00 |
| Weekly (40 hours) | $300.00 |
| Biweekly (80 hours) | $600.00 |
| Monthly (173 hours) | $1,297.50 |
| Quarterly (3 months) | $3,892.50 |
| Yearly (52 weeks) | $15,600.00 |
How much is $7.50 per hour?
Do you make $7.50 an hour? As of 2022, that’s right around the Federal Minimum Wage (officially $7.25). But what does that actually mean in terms of how much you make per week? Per month? Per year? And what does it mean in terms of paying your bills?
$7.50 per hour is how much per month?
The average American works about 37.5 hours per week. But let’s say for the sake of simplicity, your employer does not mind giving you health benefits and will give you those full 40 hour work weeks.
40 x 52 = 2080 hours annually
2080 hours per year / 12 months = 173 hours per month
Now we can take your hourly rate…
$7.50 x 173 = $1,297.50
$7.50 per hour is $1,297.50 per month.
That’s what you’re grossing every month, but if taxes have not been taken out, your take home pay will actually be about $0.50 less per hour, which means your monthly income will be closer to $1,211.
$7.50 an hour is how much per week?
Returning to your standard 40 hour work week, we will see that…
40 x $7.50 = $300
$7.50 per hour is $300 per week.
When you head home on Friday afternoon, remember that you’ve just put $300 into your net worth. Just make sure most of it comes through the weekend!
$7.50 an hour is how much per year?
If you’re making $300 each week, then at the end of the year, you’re making…
$300 x 52 = $15,600
$7.50 an hour is $15,600 per year.
The good news is that your annual income is above the Federal Poverty Line for one person ($13,590). The bad news is that if this income is supposed to cover two people, you’re short by a few thousand dollars (it’s $18,310 for a household of two). But back to the good news…most programs for medical insurance and food assistance allow you to be within 150% of the Federal Poverty Guideline for your household size, so making $7.50 every hour you can still get plenty of benefits to help you and your dependents out.
$7.50 an hour is how much per day?
Sometimes, people like to know how much they’ve made at the end of a hard day’s work. If you’re making $0.25 above the Federal Minimum Wage and working 8 hours a day, 5 days each week, you’re looking at…
$7.50 x 8 = $60
$7.50 an hour is $60 per day.
To put it in perspective, your daily income is roughly equivalent to how much a single person might spend on groceries, a monthly internet bill, or dinner out and a movie for two.
$7.50 an hour is how much per quarter?
You might be wondering why you should care about how much you make every three months. But when holiday shopping rolls around, you’ll understand a little better. That’s because three month periods each have their own set of larger expenses to meet. If you can save a little bit each month, you won’t have to dip into credit cards when that money related event rolls around.
$1,297.50 x 3 months = $3,892.50
$7.50 an hour is $3,892.50 per quarter.
$7.50 an hour is how much biweekly?
If you’re making close to federal minimum wage, your biweekly direct deposit will be…
$300 each week x 2 = $600
$7.50 an hour is $600 biweekly.
In many states, that’s the equivalent of a studio or one bedroom apartment. And if that isn’t the case in your state, you should probably find a more affordable location, take on a second job, or find a job that pays more. Although it’s easier said than done, the farther away you can move from the Federal Minimum Wage, the better off you will be.
How To Save If You Make $7.50 per Hour
This is going to seem like a tricky one at first, but as they say, where there is a will, there is a way. So that’s the first thing you have to do: commit to saving for your future, or even for emergencies. Now to explain why that’s tricky. If you’re making $7.50 per hour, and $1,297.50, there are many states in which your income alone could not rent a place to live. And even if you live in a place where that is possible, ideally your housing costs should be no more than 33% of your income.
However, it’s unlikely that you can find decent housing arrangements for around $400 each month unless you are rooming with other people (which often has its own set of challenges) or your significant other is also working. Add this to the fact that after taxes you’re looking at closer to $1,211 per month, this means that after your housing costs are met, things are still going to be tight.
Personal finance gurus will tell you that you’ve got to save 10% of your income for the future, and ideally 20%. But that can be hard if your annual income is just two thousand dollars or so above the poverty guideline. Making $7.50 per hour, you might feel stretched thin just making ends meet today, let alone saving for something in the future. One thing that might help you out is taking full advantage of your state’s programs for food assistance, energy assistance, and medical assistance. This can free up the rest of your income to go towards things you’d like, which should include saving for the future.
This money can snowball sooner than you’d think. For instance, if you put $120 aside every month into a brokerage account where someone else managed it for you and it grew 8% annually, at the end of ten years you’d have $22,529 from that alone. But in order to have 10% of your income to set aside, you either need more income or to be taking advantage of programs that take the burden of financial needs off your shoulders.
Another very easy way to save for the future is to use an app like Acorns, which can actually link your debit card to a brokerage account and round off the change automatically to dump it in an investment account. Just from making your everyday purchases, you could be automatically putting $10, $20, or even $30 or more into savings for the future. The great part about this is that it’s automated, so it will happen without you facing the temptation to spend instead of save.
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