When you’re on a budget – and everyone needs to be on some sort of budget – employment benefits can be as good as cash. Employment benefits are a godsend, because they fill the shortfalls in your budget. The key is to first find out what kinds of employment benefits are specifically available to you.
You probably have some sort of manual about your employment benefits. Manuals are all well and fine, but if you’re not the manual-reading sort, you need to call your HR department. Ask the employment benefits supervisor about the benefits that you may not be taking proper advantage of. You probably know about your health and dental insurance, but what other employment benefits are available?
For example, FSAs (flexible spending accounts) are a great way to make sure that the money you spend on daycare isn’t taxed. The same is true for co-pays and other health expenses. Don’t let Uncle Sam take tax money that could stay in your pocket; use your employment benefits.
Are you putting away money through your company’s 401k or other retirement plan? And do you know what the maximum is that you may contribute? An unfortunate number of people don’t take full advantage of this investment option.
Thinking about going back to school? Your budget may not allow for it, but some classes may be covered under your employment benefits. Another often overlooked benefit is adoption assistance. Your employment benefits just might cover a big chunk of the costs associated with adopting a child.
You can stick to your budget and get more out of life just by contacting your HR department today.