5 Ways to Get Extra $$$ from Your Employer

Who doesn't love the idea of getting a little extra cash, especially if it comes straight from your employer? Many companies offer a variety of perks and benefits beyond just a paycheck. So let’s explore some strategies on how to make the most of these offerings and put a some extra cash in your pocket.

1. Retirement Matches ~$3,000

One of the most valuable benefits many employers provide is a retirement savings plan with a company match. Take full advantage of this opportunity by contributing enough to get the maximum match. It's essentially free money that grows over time, setting you up for a more comfortable future.

Pro Tip: Consider increasing your contributions gradually, especially when you receive raises or bonuses. This way, you can effortlessly boost your retirement savings without feeling a significant impact on your paycheck.

2. Wellness Credits ~$400

Health and wellness programs are becoming increasingly common in workplaces. These programs often come with various incentives, such as wellness credits, gym memberships, or even cash bonuses for achieving health-related goals. Participate actively to not only improve your well-being but also to enjoy the financial perks.

Pro Tip: Look into the specific criteria for of your company’s wellness credits. If it’s a stipend and you don’t particularly need something wellness related- buy an Apple Watch or a Fitbit and return it later for some extra crash.

3. Tuition Reimbursement ~$10,000

If your employer offers tuition reimbursement, take advantage of this fantastic opportunity to invest in your education without draining your bank account. Whether you're pursuing a degree relevant to your current role or expanding your skill set, your employer may be willing to foot part or all of the bill.

Pro Tip: Check with your HR department about the eligibility criteria and any conditions attached to tuition reimbursement. Make sure to maintain good academic standing if applicable.

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4. Employee Stock Purchase Plans (ESPP): Profiting from Company Success

Some companies offer ESPPs, allowing employees to purchase company stock at a discounted rate. Take advantage of this program to invest in your company's success and potentially earn some extra money when the stock price rises.

Pro Tip: Understand the terms of the ESPP, including the discount percentage and any holding period requirements. This can be a lucrative way to build wealth over time.

5. Commuter Benefits ~$300

Commuting can take a toll on your budget, but some employers offer valuable commuter benefits to ease the financial burden. Look into tax-free commuter benefits, where you can set aside pretax funds for qualified transit and parking expenses. For 2022, the IRS allowed taxpayers to exclude up to $280 a month from their taxable income for parking costs and up to $280 per month for highway transportation and transit passes.

Pro Tip: Ask about other commuter benefits, such as company vanpools, stipends for biking to work or free passes for the bus or train.

The Bottom Line - What’s Your True Salary?

Your employer likely provides more than just a paycheck, and by strategically leveraging these additional benefits, you can increase your overall compensation. Taking advantage of these perks can lead to a healthier financial future. So, don't leave money on the table—explore your employee benefits and start maximizing your earnings today! Who knows, maybe you have an extra $13,700 laying around there 👀

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