Sometimes, your day job doesn’t include your dream salary. That’s okay. Several benefits make up for a low salary and can actually reduce your taxable income, provide valuable savings and give you more money in your pocket every week.
Even if you have to contribute a portion of your health insurance premium, this benefit can save you big bucks. Typically, employer-sponsored health insurance plans have a low deductible and may provide coverage for your family or partner.
In most cases, an employer-sponsored life insurance policy remains in effect as long as you’re employed with the company. It pays for your funeral expenses and other financial obligations or supports the charity of your choice.
Other Insurance Options
If your company offers dental, vision and disability insurance, consider taking advantage of them. These additional insurance options meet important needs and save you money.
Paid Time Off
Work a certain number of hours, and you’ll accrue paid vacation and sick time. You may also earn additional hours off based on your seniority. This paid time off may even be turned into cash if your company reimburses your unused paid time off at the end of the year.
Flexible Work Hours
Flexible work hours give you freedom to leave early for doctor appointments or come in late when you drive your child’s carpool. It’s a perk few companies offer and can reduce stress and help you achieve work-life balance.
Many companies match employee 401(k) contributions up to a certain percentage. That free money builds your retirement nest egg and compounds over time. You could earn thousands of dollars simply by contributing the maximum amount your employer matches and staying with your company until you’re completely vested in the 401(k) program.
Flexible Spending Accounts
Sometimes, you health insurance doesn’t cover all your medical expenses, including co-pays and over-the-counter medications. It also doesn’t pay for childcare. Flexible spending accounts allow you to save pretax dollars to cover qualified medical and daycare expenses. Sign up and decrease your taxable income.
Some companies offer employees stock options. You may need to wait a certain amount of time before you’re eligible for this benefit, but after you own the stock, you can keep it or sell it as you wish.
These seven benefits can make up for a low salary since they provide financial rewards. Talk to your Human Resources manager today to see if they’re offered at your current job, and consider these benefits when you change jobs, too.