Whether you’re an economist or a single parent, you know that a job paying $22 an hour doesn’t yield significant spending power. In fact, the average McDonald’s worker makes roughly half that much in 2023: $11.96, according to Indeed.
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So perhaps it’s understandable that the leader of that fast-food giant recently blasted a broad California proposal, which includes provisions that could see fast-food workers receive a $22 minimum wage. It’s a big jump. But Erlinger, who called the proposal “costly and job-destroying,” pulled down $7.4 million in 2022.
He argues the legislation would fail to meet workers' needs while driving up prices, enriching unions, pitting local businesses against one another and putting crucial decisions in the hands of "an unelected council of political insiders."
To be sure, McDonald's has advocated for raising minimum wages on multiple occassions. “As President of McDonald’s USA, it may come as a surprise to hear that I support raising minimum wages for workers," Erlinger wrote in 2022. "In fact, I welcome legislation that increases wages for all workers."
No matter the size of your salary, maximizing your paycheck is a smart move — especially in these days when the cost of just about everything is going up. (That includes a McDonald’s Egg McMuffin, which cost 22 cents more in 2022 over 2021).
How then to supersize your salary? Read on.
Make a budget (and stick to it)
Savvy spenders make a budget and commit to it. When you spend less than you make, you avoid the pitfalls of high interest credit card debt and open the door to saving and investing.
If you’re not sure where to start, there are tools designed to help. Start simple: List your income and expenses, including rent or mortgage, utilities, food, transportation and entertainment. Don’t forget items like tuition, car payments, taxes (if you’re an independent contractor) and insurance. Then, prioritize so that you can take care of the essentials first.
Finally, don’t forget to set aside money each month for unexpected expenses, like car repairs or medical bills.
Shop grocery sales and delay gratification
If you love to eat out, you’ve no doubt noticed that prices are going up, up, up — often at a rate surpassing inflation. And guess what? If the bill is bigger, that percentage tip will be as well. If you're not ready to cut out dining out entirely, look for ways to save on this budget item elsewhere.