Introduction
Even though your pay rate is listed as $10, $20, or even $30 dollars an hour. You do not actually make that much money because there are job related costs that you HAVE to account for. Making these calculations will help us to see where our money is going every month, and the real cost of our job.
video
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Work related expenses really and truly affect how much you make. This powerful exercise will show you what your job costs you to keep, and can help you see where you spend the most money.
The general categories of work related expenses:
Food, Transportation, Clothing, Extra/Misc. Expenses, Child/pet/house care, Down time, Perks.
It's okay if you have more categories, or if some are blank.
You only count the expenses you make because you work in that particular place opposed to being at home and not working there.
Overview of expenses:
Food: If you have to buy lunch at work you write it down, but if you bring your lunch from home, then you don't write it.
Transportation: The weekly cost of taking the train, or driving the work, and the time it takes as well.
Down time: This is time you need to recover and release the stress from a days work. You might need to go to a sauna, you might need to walk, or watch TV for an hour, you might have to read a magazine, or you might even have to buy clothes or food to make yourself feel better. All of these will be listed in time spent and money it cost.
Clothing: Clothes you need to buy, or wash, or dry clean for work.
Perks: Advantages that your job offers, that you would otherwise have to pay for. Like a gym membership that you actually use or a discount on Broadway plays, whatever it may be. But you can only list it as a perk if you would actually take advantage of it.
Extra/Misc: demands: The time at home to prepare for the next day of work, if you are a teacher this might be high. It usually wont cost money, but it will cost time. This can also include reasons for working late, or late night meeting discussions etc...
Take your expected weekly wage, and subtract all these work related expenses for the week. Add any additional hours that are invested in work, so as shopping or preparing for the next day etc..
Then divide your adjusted income per week by your adjusted hours per week to get your real wage per hour.
Here is the sample from the video.
| Rate per hour = $20 | ||
| Weekly Pay | Weekly Hours | |
| $800.00 | 40 | |
| Categories | ||
| Food | -145 | 1 |
| Transportation | -50 | 10 |
| Clothing | -50 | 2 |
| Unrelated demands | 1 | |
| Child, pet, house care | -100 | |
| Down time | -50 | 3 |
| Perks | +10 | |
| Weekly pay after adjustments | Weekly hours after adjustments | |
| $415.00 | 57 | |
| Real Wage = Adj pay/adj. Hrs | $7.28 | |
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Comments
This does look promising.
This does look promising. I'll keep conmig back for more.
This is great
This is great