Inflation is rising at the fastest pace in 40 years. Interest rates are going up, so credit card spending is about to get more expensive. Home prices are through the roof, no pun intended. American workers need to find ways to save. Many already have the means, but they're not taking full advantage of them. It's time to look closely at potential workplace savings.
What we're talking about here are employer benefit programs that offer savings to their employees. There are four categories of these workplace savings that are often underused. Review these carefully before having that discussion about paying off debt vs savings. Taking advantage of programs that are already in place may give you the ability to do both.
1. Flexible Spending Accounts
Many employers offer their workers flexible spending plans with limits and guidelines. If this is the case at your company, review the spending plan you have to see what you can use it for. This could include medical co-pays, doctor visits, prescription costs, contact lenses, or even sunscreen. There's usually a spending limit attached, so budget your expenses wisely.
2. Education Assistance Programs
It's widely accepted that a college education is an investment in the future. Employee education assistance programs can help you fund that investment. Sometimes this comes in the form of tuition reimbursement. In other scenarios, the company may pay off student loans. Your education assistance benefit could also cover business conferences and licenses.
3. Wellness Programs
Like education, physical fitness is an investment in yourself. Employee wellness programs can cover gym memberships, yoga sessions, meditation seminars, and physical fitness classes if you want to learn more about keeping in shape. Many of these programs also include discounts on exercise and nutritional products, something to help with those rising prices at the market.
4. Employee Perk Programs
This might be the most overlooked worker savings vehicle because many employees don't take the time to see where they can get discounts and perks for being an employee of their company. That list or perks may change frequently, so check it as often as possible. You could save money on groceries, electronics, eating out at restaurants, and vacation expenses.
Employee Benefits Can Be Both Savings and Investments
Benefits can be an investment in your future, even if they don't save you money. Taking advantage of discounts can free up extra money that can be used for retirement savings or major purchases. We need all the breaks we can get right now, so not taking advantage of perks and discounts that are gifted by an employer is simply wasteful.
As 2022 progresses, interest rates and consumer pricing will continue to rise. Homes are becoming less affordable. Grocery shopping is a painful experience. In better years, actions like cutting coupons and looking for discount offers seemed optional. That's no longer the case. To thrive and survive this year, you'll need help. Look for what's already available to you.
Reference:
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Original Source: Credello: Major Workplace Savings You Are Probably Missing Out On
