When you are an employee of a company, as opposed to the business owner, it can feel like you have very few advantages. For example, you are forced to work a set number of hours each week and have little control over your income or responsibilities. However, you shouldn’t let this get you down.
That’s because there are still plenty of benefits that come along with being an employee and lots of these can save you huge sums of money. Let’s take a look at a few of the most common employee benefits and how they can save you money.
Make sure you know what benefits you have
Before you can use your benefits to your advantage, you need to know what benefits you have. Every corporation has their own set of rules and offers different perks to their employees. You most likely got a breakdown of your benefits when you were hired. However, if it’s been a few years since you were hired then you can always reach out to your human resources representative to inquire about your benefits.
Here are a few of the most common employee benefits that you should ask about:
- Medical insurance
- Disability insurance
- Life insurance
- Retirement assistance
- Domestic partner benefits
- Education assistance
- Gym memberships
Once you know all of the benefits that are available, you can start to be strategic with them.
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Take advantage of what you have
The biggest benefit of being an employee is receiving insurance through your employer. This essentially means that your employer will help cover any health issues that arise. Since medical attention (especially in the United States) is incredibly expensive, you should take full advantage of this.
Another employee benefit that can save you a lot of money is retirement assistance. Many employers will allow you to contribute to a 401(k), which is an employer-sponsored retirement plan. Some employers will even go as far as to match the contributions that you make (a perk called “employer match”). For example, if you contribute $500 to your retirement account, your employer will also contribute $500. This is essentially free money that can save you thousands of dollars over the long term.
Helping their employees repay student loans is another common benefit that employers extend to their employees. If you have lots of student debt, then working for a company that will help you pay back your loans can help you lighten the load significantly. Additionally, some companies will sponsor education for their employees. If you want to pursue a graduate degree then it is a great idea to find an employer who will subsidize some of the cost for you.
We hope that you’ve found this article valuable when it comes to understanding how you can use your employee benefits to save money. If you are interested in reading more, please subscribe below to get alerted of new articles as we write them!