What Is Your Real Hourly Wage

Many people think, if you take the number of hours you work (times) the number of days your work (times) your hourly rate — you’ll come up with your total amount on your paycheck. If you are one of the people who thinks this, then you are wrong. Your hourly wage or rate takes in many other factors you may be forgetting. From the above formula, subtract miles to work (gas), lunch, and any other job related expenses you can think of. Now, do the math. The result is your real hourly wage.

I moved from Philadelphia to Delaware a few years back. I was shocked, when I realized how many of my neighbor moved here without taking the above factors into their financial situation. Delaware, Dover especially is not a job hub. So, gas and mileage is a large expense for many people here.

It’s important that you take all expenses into account when you create a budget, emergency fund, and other financial decisions. Take the time to figure out what your real hourly wage is.

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