The Financial Wellness Benefits Your Job Could Offer!
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Are you taking full advantage of the financial benefits that come with your employer’s benefits package? Many employers offer financial wellness benefits beyond the usual health insurance and 401 (k) plans. These are often overlooked. These hidden benefits can make a big difference to your financial health, especially with financial stress on the rise. Here’s an overview of financial benefits that may be offered at your place of work!
1. Student Loan Repayment Assistance
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Still struggling with student loans? You employer may actually pay for it! Some companies offer monthly contributions to student loan balances. This is akin to a bonus for paying off debt. Some companies contribute $150 to $500 per month toward student loan balances, saving thousands of dollars in interest and principal over time. This benefit is often overlooked during the onboarding process and in discussions about benefits. You may be surprised to learn that HR can help you reduce your repayment schedule by years. Don’t be like the many employees who work for years before realizing that this help is available. Financial Coaching and Personalized advice
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Want professional financial advice without the high price tag?
These financial coaches are not salespeople pushing investment products, but professionals dedicated to improving your financial wellbeing. These aren’t salespeople pushing investment products, they’re professionals dedicated to improving your financial wellbeing.
The sessions would typically cost $200+ each on the open market, making this a particularly valuable benefit. You can get assistance during your lunch break or after hours by using digital platforms that allow you to chat with advisors. Advisors are able to provide tailored strategies for debt reduction or saving for large purchases. They can also help you prepare for retirement. Stock Options
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Stock options and equity grants don’t only apply to executives any more! Employees at all levels can now own equity in many companies. These benefits, whether through employee stock purchase plans at discounted prices, traditional stock options or restricted stock units (RSUs), can boost net worth significantly over time. Most companies that offer equity programs provide resources to help employees understand these benefits. Equity compensation is a great way to build a portfolio of investments with no out-of pocket investment. Do not let the paperwork stop you from taking ownership of your company’s growth.
4. Housing Assistance and Mortgage Benefits
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Do your housing costs consume too much of what you earn? You may be eligible for assistance from your employer. These range from relocation packages to ongoing housing stipends or partnerships with lenders offering reduced mortgage rates and fees. These range from relocation packages to ongoing housing stipends or partnerships with lenders offering reduced mortgage rates and fees.
Educational institutions, healthcare organizations, and tech companies in expensive markets sometimes provide rental subsidies or down payment assistance to help employees live closer to work. Many employers provide free access to housing counselors or homebuying workshops, even if they do not offer direct financial assistance. These benefits could save you thousands of dollars in housing costs over the course of your career. This money can then be used to achieve other financial goals. Professional Development Stipends
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Want to improve your skills without draining the budget of your own personal finances? Many benefit packages include professional development funds, which go beyond tuition reimbursement. These flexible stipends cover expenses such as industry certifications and conference registrations. They can also be used to pay for online courses, professional memberships and books. Modern learning stipends are more flexible than rigid tuition assistance programs that have strict grade requirements. These skills will not only make you more valuable to your employer, but they can also increase your earning potential over the course of your career. Financial Wellness Technology Access
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What about those premium financial and budgeting tools that require a monthly subscription fee? You employer may already provide them for free. These platforms would normally cost employees $15-30 per month. These typically include automated budgeting tools, investment tracking, credit score monitoring, and identity theft protection.
The convenience factor is significant. These platforms often integrate payroll data directly, making it easy to plan budgets and track retirement. These tools can help identify spending patterns that are wasteful and provide opportunities to redirect funds toward financial goals. These platforms can be accessed with a simple email or company code, so it is easy to get the benefits you need.
Your employee benefits package may contain financial treasures that are waiting to be found. This week, take some time to check out your company’s benefit portal or set up a quick call with your HR department. Start with the benefits that address your biggest financial challenges, whether that’s student debt, emergency savings, or planning for the future.
Remember to mark enrollment deadlines on your calendar since many of these programs only allow sign-ups during specific periods. Even small actions, such as enrolling in a savings program for emergencies or booking a session with your financial coach, can have a huge impact on the financial health of you and your family over time. Not using these benefits is like leaving money on your table. Why not take advantage of everything your employer offers?
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