How To Calculate Your Hourly, Weekly, And Monthly Income?

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Do you feel like you have a hard time getting your finances in order? Are you always scrambling to pay bills, even though you think you're making enough money? A well-balanced budget could help you manage your money better and plan your financial future.
If you want to properly plan your budget, you need to know exactly how much money you're bringing in. Do you know how much monthly income you're bringing in? Or how much you're bringing in each week? If you don't, you'll know by the end of this post.

Also read: How Do You Calculate Net Pay?

How To Determine Your Income

In order to see how much monthly income you're bringing in, there are a few things we need to figure out first. You'll need to calculate your hourly and weekly pay before we can focus on the entire month. Luckily, doing this is simple when you start in the right place.

Also read: Why do Jobs Hold Your First Paycheck?

Determining Your Hourly Income

If you get a pay stub from your employer, you should be able to see your hourly rate on it. If you're self-employed, this can get a little tricky.

If you get paid for a project or job, it's much easier to track hours to determine your hourly rate. Be sure to track every minute you're working on the project or job even if you're doing something as simple as research.
Once you get paid for the work you've done, divide the number you've been paid by the number of hours you worked on the project. Now you have your hourly rate! Even people that aren't self-employed can use this method. Look at your take-home pay, and divide that by the hours you've worked throughout the week.

If you're salaried, determine how many hours you work throughout the year. Divide your yearly income by the hours you've worked, then you'll know your hourly rate.

Also read: Employee’s Gross Pay​​​​​​​

Determining Your Weekly Income

Even if you get paid bi-weekly, it can still be useful to know how much you get paid every week. It can help you build a better budget and let you know when you'll need money.
If you've already determined your hourly income, figuring out your weekly income will be easy. Simply multiply your hourly rate by the number of hours you work each week. Once you have that, you'll have your weekly rate.

Determining Your Monthly Income

You've done the heavy lifting by figuring out your weekly and hourly income. Now you can focus on how much you bring in each month.
The easiest way to do this is to add up your weekly income amounts to see what you'll bring in for the month. If you are self-employed or do freelance work, focus on the number of hours you plan on working for the month.

Next Steps

Now that you know how much money you're bringing in, you can start planning for your financial future. Since you'll be keeping track of your income now, read our post on saving pay stubs so you can ensure you're keeping important information.
Need a pay stub that meets your needs? Try our paystub generator now!


Frequently Asked Questions

Yes, if you are paid hourly, your hourly income is simply the hourly rate you receive from your employer.

To adjust your calculations for taxes and deductions, subtract the estimated amount of taxes and deductions from your gross income (before taxes) to arrive at your net income (after taxes). You can use online tax calculators or consult a financial professional for assistance with this step.

To calculate your hourly income, simply divide your annual salary by the total number of hours you work in a year. For example, if you earn $50,000 per year and work 2,080 hours (40 hours per week, 52 weeks per year), your hourly rate is $50,000 / 2,080 = $24.04.

To calculate your total income if you have multiple jobs, calculate the income from each job separately (using the appropriate method for hourly, weekly, or monthly income), and then add the amounts together.

To calculate your monthly income if you're paid hourly, first calculate your weekly income (hourly rate x hours worked per week) and then multiply that amount by the number of weeks in a month (approximately 4.33). For example, if you make $20 per hour and work 40 hours per week, your monthly income is ($20 x 40) x 4.33 = $3,464.

To calculate your monthly income, divide your annual salary by the number of months in a year (12). For example, if you earn $50,000 per year, your monthly income is $50,000 / 12 = $4,166.67.

To calculate your weekly income if you're paid hourly, multiply your hourly rate by the number of hours you work per week. For example, if you make $20 per hour and work 40 hours per week, your weekly income is $20 x 40 = $800.

To calculate your weekly income, divide your annual salary by the number of weeks you work in a year. For example, if you earn $50,000 per year and work 52 weeks, your weekly income is $50,000 / 52 = $961.54.

To factor in overtime pay, calculate your regular weekly income first, then add your overtime pay. For example, if you make $20 per hour, work 40 hours per week, and have 5 hours of overtime at 1.5 times your hourly rate, your weekly income is ($20 x 40) + ($20 x 1.5 x 5) = $800 + $150 = $950.

If you have a variable work schedule, it's best to calculate your average weekly hours over a period of time (e.g. 4 weeks) and use that average to calculate your weekly and monthly income.
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How To Calculate Your Hourly, Weekly, And Monthly Income?
Samantha Clark

A Warrington College of Business graduate, Samantha handles all client relations with our top-tier partners. Read More

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