Does Minimum Wage Pay My Bills?
When you're working minimum wage, you might be wondering: Does minimum wage pay my bills? While it isn't enough to cover your daily expenses, it can help you save for the down payment of a home or apartment. It can also help you cover the security deposit of a car. If you're working minimum wage, you may be thinking: "I wish there was a Costco in my neighborhood, where I can earn $16 an hour!"The federal minimum wage law requires employers to pay at least $7.25 an hour to employees who work at the federal or state level. However, state laws may differ. Most states have a minimum wage law. The higher the minimum wage, the better off you are. That means you're not only getting the best deal for yourself, but you're also helping your family. Whether or not minimum wage pays my bills depends on how much you make and where you live.The minimum wage has increased in all states except New Jersey and the District of Columbia. Since the minimum wage was first set in 1913, it has increased to $5.85 in most states. Twenty-nine states raised their minimum wage this year, while Florida will increase it by 1.5 in September. The minimum wage in these states is higher than the federal minimum, so it will only take a few years before it catches up with inflation.
