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If your working a minimum wage job, and work about 4 hours a day 5 days a week...?

Category: Other

o_Oo_O


Approximately how long will it take to save up maybe $5000? Im not asking for an exact answer, Im asking for an educated guess. I forgot what the minimum wage is right now. If you have a minimum wage job, how much do you make a month?

MarcThyme
MarcThyme

Illinois minimum wage is $8.25...working 20 hours a week at $8.25 will earn you $165 a week or about $660 a month BEFORE taxes and Social Security...maybe $450 a month after deductions...so it will take you about a year if you save ALL of every pay check...

Melanie S
Melanie S

What state do you work in, min. wage varies quite a lot from state to state?

Steve D
Steve D

Minimum wage is $7.25...at 20 hours per week, you would gross about $145 a week. Of that, you will lose about 25% to taxes, so expect take home of about $110. Now, if you save the entire $110, it is going to take you just about a year to save $5,000 - and this assumes you save the entire $110. The less you save, the longer it will take (save $50 a week and it will take about 100 weeks or two years).


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