Wondering if 60k a year is a good salary or income for you? It could be that you got a job offer and need to know if the amount is enough. If you learn how much $60,000 a year is per hour, it becomes easier to decide whether the rate really suits you.
Also, it’s good to know if you can comfortably live on $60,000 a year, what it can afford, and whether you need to generate more income. Keep reading because all the details are included in this article.
Table of Contents
How Much Is $60,000 a Year per Hour?
If you’ve been eager to know $60,000 is how much an hour, it’s $28.85. It’s assumed that you’re working 40 hours every week of the year. Because 40 hours (or 8 hours per workday) a week is what’s mostly considered working full-time, 52 weeks of work brings 2,080 hours in total.
Here is the simple math to find the hourly rate:
- $60,000/52 equals $1,153.85 (per week)
- $1,153.85/40 equals $28.85 (per hour)
In case you’re wondering how much $60,000 a year is after taxes, it will be several thousand dollars less. So, if you earn 60k, you take home $43,000 to $48,000 depending on your location’s tax rate. Your real hourly earnings also go down a bit from $28.85 if taxes are deducted.
So, if you want a take-home pay of $60,000, you need to make around $80,000.
How Much Is 60k a Year per Month?
$60,000 a year comes to $5,000 a month. You just divide the annual income by the number of months in a year. That’s if we assume that you work all the 12 months in a year.
The monthly income will be several hundred to a few thousand dollars less after taxes. Let’s say that taxes take up $16,000 of your annual 60k income. The amount reduces to $44,000 per year or $3,666.67 per month.
Note: While $16,000 is estimated, it’s a much realistic figure for the tax deductions of a 60k salary.
How Much Is $60,000 per Paycheck?
If you want to know $60,000 a year is how much per paycheck, you need to consider whether it’s monthly, semi-monthly, biweekly, or weekly pay. If you didn’t already know, monthly pay has 12 paychecks, semi-monthly pay has 24 paychecks, biweekly pay has 26 paychecks, and weekly pay has 52 paychecks.
If you break down 60k into these paychecks, here are the results:
- $60,000/12 equals $5,000 (monthly pay)
- $60,000/24 equals $2,500 (semi-monthly pay)
- $60,000/26 equals $2,307.70 (biweekly pay)
- $60,000/52 equals $1,153.85 (weekly pay)
With a 60k salary, you’ll be earning $230.77 per day. The amount comes from $1,153.85 divided by 5 working days.
Remember that we still consider taxes. So, what you actually receive will be a bit lower than the amounts above. Let’s again say that there’s a $16,000 tax deduction on your annual salary or income of 60k.
Here’s what your paycheck may look like:
- $44,000/12 equals $3,666.67 (monthly paycheck)
- $44,000/24 equals $1,833.33 (semi-monthly paycheck)
- $44,000/26 equals $1,692.31 (biweekly paycheck)
- $44,000/52 equals $846.15 (weekly paycheck)
Again, these figures are realistic but just estimations. You may find that your earnings are a little higher if you pay lesser in taxes where you work and live.
Related Questions on Annual to Hourly Rates
- How much is 28 dollars an hour annually? 28 dollars an hour comes to $58,240 a year. In this case, we consider 40 hours per week working throughout the year.
- How much is $30 an hour annually? $30 an hour becomes $62,400 annually if you work 40 hours a week.
- $62,000 a year is how much an hour? $62,000 a year becomes $29.81 an hour if you work 40 hours a week.
Is $60,000 a Year a Good Salary?
If you have a salary or income of $60,000, it means you’re making 5 figures a year. While you may be an average earner with such an annual income, it’s possible to live on it comfortably. In fact, many lower earners dream to make such an amount.
Some factors can determine if 60k a year is enough for you to live on without financial worries. One of them is whether you have a family.
If there are some earning members in your family, the household income will be higher than your income individually. So, the total income becomes more than the 60k you make a year.
In case you’re living single, $60,000 a year is quite the prize. In most cases, you won’t have any problem taking care of your necessary expenses while having some fun. Still, several things may make it seem not enough.
Here are some factors that determine how well $60,000 a year can suit you:
1. Your location
Living costs largely depend on where you are. You’ll find that some places are cheap while others are expensive to live in.
An area that many people like will have a higher density of population. The result is a higher cost of living.
For instance, a home in the city will be more expensive than one that’s outside the city. So, buying a house or renting an apartment in the city might cost a lot more than if you lived far away.
Besides the house-related costs, many other expenses depend on the location. For instance, earthquake insurance is cheaper in low-risk areas than in places that frequently have earthquakes. It may not be necessary to pay for such coverage if your area has the least risk of earthquakes.
Food prices vary by location too. Groceries can be a bit more costly in some places because of demand, taxation rates, laws, and other factors.
2. Whether you’re in too much debt
Large debt balances can be difficult to get rid of. If you stay with high-interest debt, it becomes much harder to pay off. This means that your cash flow is affected as you need to make huge payments every month to pay it down.
Failing to pay the minimum results in more financial problems. You’ll now have to deal with late fees and penalties. Your credit rating is affected and getting financed becomes harder in the days to come.
3. Your way of living
It’s not uncommon to struggle with expenses because of one’s poor money habits. You may find it challenging to take care of your necessary expenses if you spend a lot of money on unnecessary ones.
Maybe you’re always spending money unnecessarily until the last coin without saving or investing. So, 60k may not be enough if your lifestyle is more expensive than it should be.
How to Live Comfortably with a 60k Salary
Living comfortably isn’t supposed to be a problem if you make $60,000 a year. But you can benefit more from such an amount in annual income if you change your lifestyle a little and adopt some good habits needed for great financial health.
1. Relocate a cheaper place
It’s a good idea to relocate to a place with lower living costs and save more money. The extra money could also go into other things like investments and make your life much better.
Aside from rent and other housing costs, you may get a chance to enjoy reduced prices when it comes to expenses like food. While there are many ways to save money at the grocery store, relocating could be your great escape from that expensive restaurant that takes up a significant chunk of your money every day.
2. Get rid of debt
Maybe you’re heavily in debt and have large balances waiting to be paid. It helps to pay off all high-interest debts to avoid paying even more in the future.
Two debt payoff strategies to use are the debt snowball and debt avalanche. The debt snowball method involves eliminating the smallest balances first to be motivated to get rid of the rest. The debt avalanche method is about eliminating debts with the highest interests first to pay less in the long run.
While using any of these repayment methods, you also need to make minimum payments on any other debts on your list. It’s always a good idea to automate payments to ensure that you don’t fall behind and suffer the consequences.
3. Make a budget and stick to it
Making a successful budget doesn’t take much. You don’t need to be a mathematician or have any other special skills to create a budget that works.
Simply put, you only have to determine your income and expenses, know if you’re spending more than you earn, and reduce any expenses you see fit. If you have any unnecessary expenses taking up too much of your earnings, find some cheaper alternatives or get rid of them completely.
An example is expensive takeouts and lots of eating out. Start cooking and eating at home more and save dining out for special occasions. Lowering such expenses adds up and you’ll have a significant amount of extra money sooner rather than later.
4. Set up an emergency fund
Setting aside money for emergencies is essential. An emergency fund protects you financially during times of financial hardships. It could be that you lost a job for some reason or your business got slow.
Many experts recommend having several months’ worth of expenses in your emergency fund. The reason is that you’ll have enough time to get back up after encountering a huge unexpected expense.
5. Start making money on the side
Wondering what else you can do to live your dreams? That would be starting a side hustle to earn extra cash on the side. More money means paying all the bills on time, saving and investing more, and living a good life without debt.
A side hustle can be based on something you’ve always been interested in or don’t mind learning and making money from it.
If you need some profitable ways to generate more income, here are some ideas:
- 39 Ways to Make Extra Money
- How to Make 500 Dollars in a Day or Week
- The Ultimate List of Profitable Hobbies
Remember, getting rich quickly isn’t a common occurrence. So, you need to invest time and even money into something to profit from it. Putting in lots of effort makes it easier to see results faster.
Tip: Do you enjoy creating new things yourself? Today, thousands of makers, graphic designers, and artisans sell their handmade wares online. You can consider designing some interesting product patterns yourself, customizing them, and then selling them in online stores. It is estimated that by 2024, the arts and crafts market will reach $50 billion in the United States alone.
If you have skills or hobbies, you could start your own DIY business, such as custom embroidery patches, and choose a manufacturer such as GS-JJ to meet all your expectations. The ideas of what you can make or sell online are endless!
How to Budget If You Make $60,000 a Year
It’s quite simple to budget an income of 60k a year. You just need to determine what your needs and wants are.
The 50-30-20 rule takes over from there. This budgeting technique makes it easier to manage your money effectively and avoid stress when it comes to money.
The rule works as follows:
- 50 percent of your income goes to your needs. These are the necessary expenses in your life.
- 30 percent of your income goes to your wants. These are the things you can do without and still live without struggling. In case your needs require more than 50 percent, it’s best to free up cash from your wants.
- 20 percent of your income goes to savings and paying off debt. Depending on what you want to achieve first, you can either save more or pay more towards debt.
Once more, we assume that a 60k salary or income comes to $44,000 after taxes. Here’s how your expenses will be:
- $22,000 per year (or $1,833.33 a month) is for your needs.
- $13,200 per year (or $1,100 a month) is for your needs.
- $8,800 per year (or $733.33 a month) is for savings and debt payments.
What Jobs Make 60k a Year?
Many jobs that make $60,000 a year need a bachelor’s degree. Some others only require a high-school diploma or equivalent and some training.
Here are some 60k salary jobs:
- Job description: A librarian’s job is to oversee the proper functioning of public, school, or law libraries. They are in charge of organizing, issuing, collecting, and maintaining library materials like books. Librarians can also establish library policies and prepare library budgets.
- Requirements: A bachelor’s degree in an academic field and a master’s degree in Library Science are required for librarian positions. Teaching certification may be required for public school librarian roles.
- Average salary: $68,912
2. Forensic science technician
- Job description: A forensic science technician’s job is to collect and analyze evidence to help in solving crimes. They perform tests on samples and report their findings. Forensic science technicians can specialize in crime scene investigation or laboratory analysis.
- Requirements: A bachelor’s degree in Forensic Science, or a natural science like Chemistry or Biology. Hands-on experience in the lab helps. On-the-job training is essential for new forensic lab techs.
- Average salary: $62,504
3. Survey researcher
- Job description: Survey researchers design surveys and analyze data. They help businesses and organizations understand their customers and audiences better based on the collected data.
- Requirements: At least a bachelor’s degree in fields like survey research, marketing, and statistics. Some positions require a master’s degree in such fields.
- Average salary: $57,713
4. Film and video editor
- Job description: A film or video editor manages camera footage, dialogue, sound effects, special effects, and other materials needed to produce a film or video. They edit films until it meets the requirement of the director.
- Requirements: A bachelor’s degree in Film Production, or any other field related to film and broadcasting. Creativity, attention to detail, and time management are some skills required in the career.
- Average salary: $60,055
5. Court reporter
- Job description: Court reporters capture what’s spoken by everyone during a court proceeding. They’re required to produce a complete and accurate legal transcript of courtroom proceedings, witness testimonies, and depositions.
- Requirements: Completion of training from a community college or technical school to get an associate degree or postsecondary certificate. Language skills are also essential to become a court reporter.
- Average salary: $61,559
6. Occupational therapy assistant
- Job description: Occupational therapy assistants help occupational therapists in treating patients with difficulties in performing daily activities as a result of injury, illness, or disability. They help patients perform the required exercises and use the required equipment.
- Requirements: An associate’s degree from an accredited program.
- Average salary: $64,570
Note that the average salary is a sum of many salaries divided by the total number of values to find the midpoint. What this means is that these careers may pay higher or lower than 60k. It depends on the location, demand, cost of living, productiveness, and other factors.
More FAQs on Making $60,000 a Year
What can you afford with a 60k salary?
A 60k salary can get you an apartment, an affordable car, or an inexpensive house. If you start budgeting early, it becomes easier to save enough money for a big purchase without getting into debt. In case you decide to apply for a loan, making monthly payments shouldn’t be a problem with a good budget at hand.
How much house can you afford making 60k a year?
$60,000 a year can get you a house but the price depends on factors such as location. If you use the 28/36 rule, you’re allowed to spend a maximum of 28 percent of your gross income on housing costs and 36 percent on total debts. 60k a year or $5,000 a month means that you shouldn’t spend more than $1,400 monthly on housing costs, including mortgage payments.
Wrapping It up
You now know what 60k a year is per hour, what you can get from it, and jobs making the same amount. In other words, you’ve enhanced your financial literacy.
Such information is essential for achieving your financial goals. It will be easier for you to manage and spend 60k or any other annual income wisely.