Monthly to Daily Rate Calculator
How to Convert a Monthly Rate to a Daily Rate
Converting a monthly figure—whether it is your salary, a subscription fee, or rent—into a daily rate is a common task for financial planning and prorating payments. The logic is straightforward, but the result depends heavily on how many days you count in a given month.
The basic formula used by this calculator is:
Why the Number of Days Matters
Not all months are created equal. Depending on your specific need, you might use different divisors:
- Calendar Days (30 or 31): Used for rent or daily subscription costs.
- Work Days (21 or 22): Used for calculating your true earning power per day worked, excluding weekends.
- The Annual Average (30.44): Used by many payroll departments to standardize monthly pay across the entire year (365 days / 12 months).
If your monthly rent is $1,800 and you want to know the cost for a 30-day month:
$1,800 ÷ 30 = $60.00 per day.
If you earn $5,000 a month and want to know your rate for the 22 actual work days:
$5,000 ÷ 22 = $227.27 per work day.
Prorating for Partial Months
If you are moving into an apartment mid-month or starting a new job, you often need the daily rate to "prorate" your first payment. To find out what you owe for 10 days of a 31-day month, you first calculate the daily rate ($Total / 31) and then multiply that result by 10.
Frequently Asked Questions
Is a daily rate better than an hourly rate?
A daily rate is often used for contractors and freelancers to simplify billing. It accounts for the entire day's availability rather than micro-managing specific minutes, which often leads to higher efficiency and clearer expectations.
What is the standard work month divisor?
In many corporate environments, 21.67 days is considered the standard average number of working days per month for a 5-day work week.