Money Savings and Budgeting tips to maximize your salary and also provide damage limitation precaution when you already in a bad position financially
Boost your Salary without Getting a Raise
Your employer will have extra perks and employee benefits that are available to employees that want them, but many will not take advantage of these, thinking that they are too complicated or not sure how they can take advantage of these. However, when you add these benefits up they are able to raise your salary.
Lets take a look at popular employee benefit programs that employers offer.
There are employers that will offer commuter benefits so that the cost of getting to and from work is cut. Employers will either pay you a tax-free subsidy each month directly to you or they will take the benefit off your salary. You can actually save money by taking this benefit, as it is a pre-tax deduction.
Taxes and retirement contributions are deducted from your paycheck as well as other premiums for other insurances that you have signed up for like medical. However, you may find that you do not need all the added protection especially if you are healthy.
You should then review all of the insurance plans that you are paying for and adjust or eliminate as needed.
There are employers that allow workers to invest in their business through stock options, which can be a clever way to boost your income. Stock options allow you to buy a certain number of company shares at a set price, which is usually lower than the current value. The hope here is that the value of the company’s stock increase over time so when you are ready to sell you will get a good windfall.
You should ensure that you personally are not paying job-related expenses. Whilst on business, your employer will reimburse you for travel and meals.
There are employers that will pay employees for vacation time that they don’t use.
Fitness and Wellness Programs
There are many employers that see the value in ensuring that employees stay mentally and physically fit. They may pay for your gym membership or part of it. They might hold fitness training sessions like yoga, Pilates or CrossFit in office.
Freebies and Employee Discounts
There are a lot of employers that will give free or discounted versions of their products or services that they sell. They may even giveaway tickets for the movies or sport games, free subscriptions to magazines or Netflix.
Other freebies might include cleaning house services, babysitting or gadgets.
You can save a little and get some extra cash. You should find out about all the benefits that your employer offers as they are worth your time.