When it comes to your career and how much you make, are you factoring in your perks at work? Think about it. Those numbers on your checks aren’t giving you the whole picture, just one component when it comes to your earnings.
Modtrepreneur speaks a lot about side hustles and online businesses, but there’s of course something to be said about a 9-5 job and all the benefits that come with it.
A lot of these work perks can seem confusing and you might not really know the value of them. However, there’s a lot of ways to maximize your total compensation by learning what these work perks are, and how to make them work for you.
If you’ve ever caught yourself wondering, “How do I take advantage of my perks at work?”, then this is the article for you! Let’s learn how to maximize those perks.
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Perks at work you may be missing out on
Make sure you’re not excluding these perks when you’re considering your compensation.
1. Increase your retirement plan contributions
This may be one of the absolute best work perks in the long run. If your company offers a retirement plan like a 401(k), you can opt for automatic contribution increases on a pre-determined schedule. With an automatic contribution increase in place, your retirement contributions will increase as your income does.
If you’re able to take advantage of this perk, we recommend you do so – your future self will thank you!
2. Employee discounts
This is a common missed perk. A lot of employers these days (depending on the industry) offer discounts on a variety of products and services that employees can use and enjoy. These discounts can save you money with no added effort of your own, talk about a deal!
Many employee discounts are offered for mobile phone plans (a great monthly expense to save on), gym or fitness memberships, local food discounts or discounts at the on-site company cafeteria (if your place of work has one).
Scroll through your employee handbook or company internal portal to see if there are any employee discounts to be had.
3. Retirement Savings Contribution Credit (Saver’s Credit)
You may be able to claim the Retirement Savings Contribution Credit on your taxes if you qualify. Currently, this perk allows you to get a special tax credit for the first $2,000 you contribute to a retirement account throughout the tax year. Cha-thing!
Make sure to check the income and filing guidelines first, as well as check with a tax pro if you’re unsure whether you qualify or not for this credit.
4. Flexible Spending Accounts (FSAs)
Similar to a health savings account, flexible spending accounts can be an awesome potential work perk. These accounts allow you spend pre-tax dollars on qualified medical and childcare expenses. If your company offers this, you’ll most likely be given the option when you’re onboarding with the company to allocate a monthly dollar amount to this account.
This account is beneficial because it reduces your taxable income (yay!) and also makes sure you won’t have to pay out of pocket for medical expenses that come up like doctor co-pays, glasses, bandaids, and even sunscreen.
5. Direct Deposit
This is a common work perk and definitely a good one. With this option you can split your paycheck and send it to separate bank accounts. While this doesn’t have any effect on your income, it does help you save. By automatically allocating a certain amount to go to your savings account each time you’re paid, you won’t have to think about putting money aside for a rainy day.
This can be a super helpful trick if you’re still working on improving your saving skills and it can really add up in the long run.
6. Flex Days
Many companies are offering flex or flexible days, meaning you can work from the office or home. This is a perk you can negotiate when you’re taking the job or even in lieu of a raise. Being able to work from home a couple days a week or per month can save you time, gas, and your sanity.
This is becoming an increasingly popular work perk that companies offer as top talent has been increasingly seeking it out.
7. Career Development
Many employers want their employees to continue to grow and improve, making the company that much better. In order to learn and do their jobs more effectively, employees can often take advantage of special trainings, or even reimbursement