A simple spreadsheet tool lets you calculate your own minimum wage, based on the average weekly earnings of full-timers in your workplace.
The calculator uses a mix of national and local data and provides an easy-to-understand approach for calculating the amount of money your workers need to live comfortably on a monthly basis.
It’s a handy tool if you want to compare your own income to the minimum wage in your own city, or if you need to find out how much your workers will need to earn in a given week to cover your basic living expenses.
How it works The calculator can be used to calculate your monthly salary if you’re a full time worker, but it can also be used for hourly workers as well.
Your salary calculator should look something like this: How much do you need?
If you’re just starting out with your job, you might want to use this calculator to see what your wage is.
Alternatively, you can use it to figure out how your hourly salary will grow as you earn more money, or to calculate how much you’ll need to save for retirement.
How much will it cost?
Your hourly wage calculator should calculate the amount you need per week to live on a $300 per fortnight minimum wage.
If your hourly wage is $300 a fortnight, then you need about $10,000 to live comfortable on a minimum wage of $400 a fortnight.
You can calculate the difference between your hourly and daily salary by adding up your hourly rate and dividing it by your weekly salary.
For example, if your hourly is $40,000 a fortnight and your weekly rate is $60,000, you need $6,000 per week.
If you’re not sure how much that will cost you, check your hourly rates on your own workplace and compare it with your own hourly rate.
It’s also possible to find a range of different minimum wage rates depending on your workplace and work experience.
To calculate your hourly minimum wage (which should be at least the same as your current weekly rate), you can simply enter your weekly earnings into your employer’s pay calculator and enter a range to find your hourly.
When you’re done, enter the number of hours you work, your hours per week and your salary.
This will give you the total amount of your hourly wages.
Finally, enter your hourly weekly rate and enter the total number of weeks you’ll work in a month.
The result will be the number you need.
A quick word about the ‘numbers’ To get an idea of how much money you’ll save if you save a certain amount per week, simply enter the amount into the numbers box below and enter it as a decimal number.
Note: If you enter the numbers ‘0’ or ‘0.1’, you will not be able to save.
Tip: If your hourly average rate is less than the weekly rate, you will be paying more than your hourly standard rate.
If that’s the case, use the calculator below to find an hourly rate that’s lower than your standard rate, or calculate your standard hourly rate as well to save money.
So what’s a regular wage?
The average weekly salary for full-timer employees in the UK is £25,900.
This works out to a monthly salary of £2,900 for a 60-hour week.
This means your hourly earnings will be about $9,500 per week ($16,500 at the time of writing).
To see if you can save money by saving a certain percentage of your wages, enter a specific percentage value in the form below.
Example: $20,000/month = $15,000 ($16k per week) Calculating your hourly hourly wage from weekly earnings is easy.
Just enter your monthly earnings and the hourly rate into the table below.
Calculating your annual wage from hourly earnings is even easier, because the hourly wage only changes each year.
So the formula works out $20/month x 2 weeks = $30,000.
After you’ve entered your hourly number, enter it into the next column to see if your weekly hourly rate will go up.
Once you’ve determined your hourly numbers, you’ll be able see how much it would cost you to live in a typical house and to buy the same amount of stuff.
Tip: The best way to get an accurate hourly rate for your own work is to do a comparison of the local minimum wage to your hourly pay, so you can see if the rate you pay is a bit higher than the average hourly rate in your area.