#1 Money-saving secret you’re missing (without even knowing it)
People do all kinds of things to try to save money, like driving less to save on gas, making phone calls to save on a phone bill or car insurance, or they pack lunch to try to save money on eating out. The fact is, none of that even comes close to the number one money-saving secret that I’m going to share with you in this post.
Most people will sign up for health insurance through their company benefits but that’s where they stop. They don’t realize there are other company benefits that could be saving them thousands of dollars every year.
For my wife and I, taxes are by far our biggest expense. And yes, it’s important to pay taxes. In fact, the Bible even talks about paying taxes if you go to Romans 13:6-7, it says, ”For because of this you also pay taxes, for the authorities are ministers of God attending to this very thing. Pay to all what is owed to them, taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, and honor to whom honor is owed.” However, it can be very frustrating to spend thousands and thousands of dollars on taxes.
So, after receiving yet another five-figure tax bill, my wife, Tabitha, and I decided to use the US tax code to our advantage. We decided to use employer benefits to finally stop giving away money that we didn’t have to. This allowed us to save over $40,000 per year in taxes.
There aren’t many things you can do to save $40,000 per year.
This is why in this post, I want to share some common employer benefits you may be missing out on that could save you major money.
1. 401k Match
One thing that can save you a lot of money is the 401k match. If you contribute to your company’s 401K, most companies will match your 401k contributions.
For example, if you max out or 401k contribution in 2019 at $19,000 per year, you may be able to get an additional $19,000 deposited into your account by your employer.
You have to pack quite a few lunches to save $19,000.
At a minimum, make sure you’re getting your complete company match.
2. Student Loan Debt Repayment
Another employer benefit that some people are missing out on is student loan debt repayment. This is a relatively recent benefit, but some companies are actually paying off people’s student loans.
You should check with your company to see if they offer this benefit. This would help you pay off your student loans faster and save on interest.
3. Health-related Costs
Another common benefit is health-related costs. With health insurance going through the roof, companies are looking for any way to save money on health insurance costs. Some of these savings are now being offered to you.
One way you can save money on health costs is through an HSA, a health savings account. An HSA will allow you to put pre-tax money into an account you can actually invest and used to pay your medical expenses. This includes premiums, deductibles, and prescriptions.
Paying for these things with pre-tax dollars lets you save money on taxes.
The second way you can save money on health-related costs is through health club reimbursement. Some companies want to encourage you to stay healthy and to do so, they will pay for your health club membership.
Small recurring bills can really add up. This could be a bill you can eliminate.
There is one way you can get paid to stay healthy. Some companies will pay you to take a physical.
Yes, you can get $500 to $1,000 per year, just to go and take a physical. In some cases, you can get paid even more for achieving certain health milestones.
These are a few health-related costs you can save on when you take advantage of company benefits.
4. Flex Spending Account
Another employer benefit is FSA. An FSA is a flex spending account. The FSA is good because it can help you pay for things, you’re already paying for with taxed dollars. This means you save money on taxes.
With an FSA you can pay for childcare costs or commuting expenses. If you’re already paying for those things right now out of your paycheck, you’re paying with taxed dollars. Using an FSA account will allow you to eliminate those taxes.
5. Tuition Reimbursement
Another company benefit is tuition reimbursement. If you want to take classes to better yourself, or if you want to pursue another degree, a lot of companies will give you tuition reimbursement.
Tuition reimbursement is a benefit I used early on in my career. I used it to help finance a master’s degree.
The last benefit you should look into is company discounts. Several companies offer discounts on things you’re already paying for like cell phones, internet, or software.
Companies receive discounted rates. Oftentimes, these rates are passed down to the employees. Make sure you check with your employer to see if they offer any discounts.
These are all benefits that you may be able to get through your company that can be saving you thousands and thousands of dollars.
Start Watching Free Video Series
In addition to these benefits, to help you get on track financially, I put together a free three-part video series titled “The Bible Money Makeover.” I talk about eliminating debt, increasing your income, and even investing. Here is a link to the video series: https://financialseeds.net/bible-money-makeover-4/ . You can start watching absolutely free.
Let Me Help You Develop Your Personal Financial Plan
For those of you that want some help looking through your company benefits and creating a financial plan that can help you achieve your financial goals, go to Greenfinancialsolutions.net to learn about our Financial Planning Service.
If you know someone that could benefit from this information, please share this post with them, and together, we may be a blessing to someone else.
If you want more information on how to become wealthy, God’s way, be sure to enter your name and email below to join the email list.