This is ideal for people trying to get a first cut on managing their finances. Most of us have little or no idea of how our stated pay relates to the various time frames in which we have expenses. We do not explicitly deal with expenses here. That is done in Your Budget.

Estimate of Overtime Pay

For most of us who do get paid for overtime, get our overtime pay stated as an Hourly rate ($/hour). If your pay is stated in some other time frame, like weekly or monthly, you need to have it translated (prorated) to an hourly rate. This spreadsheet shows this as Actual Pay. (Your Overtime is paid at the Hourly rate for when you are actually working, as if “fullyear”.)

In the second example in Your Pay_SAMPLE.xls,








Actual Pay






Effective Pay






Your overtime rate would be $16.85/hour.


This is a good tool for helping students from middle school on up to learn about basic personal finance. Further, they should be exposed to, and perhaps learn, the algorithms as an example of a practical use of simple mathematics – addition, subtraction, multiplication and division! See reference.




Minimum Wages

Arguments over rasing the minimum wage get very heated. But, entering 6 into the $ / Hours Work gives $1,042.86 a month and $12,514.29 a year. Many adults are trying to raise families on these wages. For the conservative types who espouse Adam Smith , the question is do these figures conform to wage requirement in Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations Book1 Chapter 8, paragraph 15. This could enlighten some politicians and embarrass others. ( I reference this work of Adam Smith because so many economic conservatives treated it almost like the Bible. )

Wealth of Nations, by Adam Smith   (find "live by his work")

"A man must always live by his work, and his wages must at least be sufficient to maintain him. They must even upon most occasions be somewhat more, otherwise it would be impossible for him to bring up a family. and the race of such workmen could not last beyond the first generation. Mr Cantillon seems, upon this account, to suppose that the lowest species of common labourers must everywhere earn at least double their own maintenance, in order that, one with another, they may be enabled to bring up two children; the labour of the wife, on account of her necessary attendance on the children, being supposed no more than sufficient to provide for herself: But one half the children born, it is computed, die before the age of manhood. The poorest labourers, therefore, according to this account, must, one with another, attempt to rear at least four children, in order; that two may have an equal chance of living to that age. But the necessary maintenance of four children, it is supposed, may be nearly equal to that of one man. The labour of an able-bodied slave, the same author adds, is computed to be worth double his maintenance ; and that of the meanest labourer, he thinks, cannot be worth less than that of an able-bodied slave. Thus far at least seems certain, that, in order to bring up a family, the labour of the husband and wife together must, even in the lowest species of common labour, be able to earn something more than what is precisely necessary for their own maintenance; but in what proportion, whether in that above-mentioned, or many other, I shall not take upon me to determine. "

© Hulan E. Jack Jr. 2001 Revised Aug2004,Jul2007,Aug2008