Your workplace can offer financial perks beyond a good salary and a year-end bonus.
Look at these examples of financial perks that you might be able to access through your employer and how they can come in handy.
1. On-Demand Payroll
On-demand payroll is a payroll system that allows you to request a certain amount of your paycheck that you have already earned before your official payday. Since you have already earned this money, it’s not a loan. You’re simply withdrawing a portion of your paycheck earlier than usual.
The main financial benefit of on-demand payroll is that you can access pay for emergencies. If you suddenly have to deal with an urgent car repair or dental appointment, you can request part of your pay and cover the expense in a short amount of time. You don’t have to wait to resolve the problem until payday.
On-demand payroll can be a huge source of relief in stressful moments. If your workplace offers this system, you should take advantage of it during emergencies.
2. Emergency Savings Funds
Another financial safety net that your employer could offer is an emergency savings account (ESA).
Much like a retirement account, your employer can deduct funds from your paycheck and move them into an ESA. Over time, your account will accumulate a substantial stash of emergency savings. When you need those savings, you can withdraw from the fund without having to pay a penalty.
Without on-demand pay or an emergency savings account, you may have to use a credit tool to cover an emergency. You could charge the expense to your credit card and then pay down the balance over time.
Or you could apply for a short-term loan to handle the expense — find out what are short-term online loans and what are the requirements you need to apply for one. This information could be useful when you’re dealing with an emergency.
3. A 401(k)
A 401(k) is a retirement savings plan provided through your workplace. This plan can give you a significant head-start on this essential investment.
In addition to a 401(k), your employer might offer matching contributions. Matching contributions will instantly boost your savings without much effort on your part.
Check your workplace’s policy to understand all of the details around matching contributions. There will likely be limitations on the amount your employer will match.
4. Commuter Benefits
Unless your office building is right down the street, you’re likely spending a lot of time and money on commuting to work.
Your workplace might offer commuter benefits to reduce that financial burden. It might offer funds to aid with commuting expenses like gas, bus tickets, or metro cards. Or it might offer pre-paid transit passes to employees that need them.
If commuting costs you too much, even with financial help, you could look into remote work opportunities through your workplace. This could save you from paying any commute-related expenses since you can tackle all of your tasks at home.
5. Financial Coaching
Do you find it challenging to manage your personal finances?
Your workplace might be able to help with that. It could offer professional financial coaching and planning for its employees. You could see the coach discuss topics like credit management, budgeting, and debt repayment. A little bit of guidance could set you on the right track.
Look into these workplace perks. They could have a huge impact on your finances.