The Minimum Wage is Going Up in 2018
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The Minimum Wage is Going Up in 2018

Posted on Monday, January 1st, 2018 at 5:09 pm
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moneyOne easy way to add to your savings account is to make more money. In 2018, people who are paid their state’s minimum wage will see that rate of pay go up. There are 18 states, and several cities and counties, that have decided to increase their minimum wage in 2018.

The federal minimum wage is $7.25 an hour. The Economic Policy Institute reported that at the beginning of 2018, 18 states will increase their minimum wage, providing over $5 billion in additional wages to 4.5 million workers across the United States. The Economic Policy Institute reports that the current federal minimum wage is too low. If it had kept up with productivity since the late 1960s, the federal minimum wage should be about $19 an hour in 2018.

Here is where the minimum wage will increase as of January 1, 2018:

Alaska – $9.84 (an increase of $0.04)

Arizona – $10.50 (an increase of $0.50)

California – $11.00 (an increase of $0.50) The $11.00 wage raise is for businesses with 26 or more employees. Businesses with 25 employees or fewer will offer $10.50 as minimum wage.

Colorado – $10.20 (an increase of $0.90)

Florida – $8.25 (an increase of $0.15)

Hawaii – $10.10 (an increase of $0.85)

Maine – $10.00 (an increase of $1.00)

Michigan – $9.25 (an increase of $0.35)

Minnesota – $9.65 (an increase of 0.15) The $9.65 wage raise is for businesses with annual gross revenue of $500,000 or more. The minimum wage will be $7.87 for businesses with annual gross income of less than $500,000.

Missouri – $7.85 (an increase of $0.15)

Montana – $8.30 (an increase of $0.15)

New Jersey – $8.60 (an increase of $0.16)

New York – $10.40 (an increase of $0.70) New York is complicated. The minimum wage will be $13.00 for New York City businesses with 11 or more employees. It will be $12.00 for standard New York City businesses with 10 or fewer employees. It will be $11.00 for standard workers in Long Island and Westchester. It will be $10.40 for standard workers in the rest of New York State. Fast food workers in New York City will have a minimum wage of $13.50. Fast food workers in the rest of the state of New York will have a wage of $11.75.

Ohio – $8.30 (an increase of $0.15)

Rhode Island – $10.10 (an increase of $0.50)

South Dakota – $8.85 (an increase of $0.20)

Vermont – $10.50 (an increase of $0.50)

Washington – $11.50 (an increase of $0.50)

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.