5 Ways Employees Can Save Money Every Day
Being frugal is a struggle for many of us. In fact, according to a recent survey from Bankrate.com, “20% of Americans aren’t saving any money” at all. One in six survey respondents cite their job as the reason they can’t save money — but does it have to be that way? Your workplace is actually one of the easiest places to cut back and save money.
From bringing lunch and commuting to taking advantage of employee discounts and avoiding late fees with a wage access product, there are several ways employees can save money and stretch their budget. Here are five of them:
- Invest in a 401(k) plan.
If you’re one of the 65 percent of private-sector workers who has access to an employee-sponsored 401(k) plan, it will help you save money each day without even thinking about it. If your employer matches your contributions, it’s especially beneficial. Sure, you might take home a little less each paycheck, but you’ll be saving money in the meantime.
- Take advantage of employee discounts.
From fitness centers to cell phone plans, many businesses partner with other companies to give their employees discounts on services they use every day. If it’s time for you to renew your membership (or you’re new to your company), it might be a great time to see whether you can take advantage of any of these discounts.
- Carpool or take public transportation to work.
Americans spend an average of $2,600 annually on their commutes. You can reduce this expense by carpooling with fellow employees or taking public transportation like the bus or train to work. Ask around and see if anyone lives near you, or research your city’s transportation rates.
- Bring your lunch to work instead of eating out.
The average cost for a meal outside the home is $12.75, according to The Simple Dollar. By comparison, a home-packed lunch will cost anywhere from $1 to $3. So, if you eat out at work five times a week, for example, you can save about $24 each week if you bring your lunch just twice a week. That adds up!
- Avoid late fees with a wage access card.
Another thing that adds up is bill late fees. If you’re struggling with late fees for your electric, internet, cell phone, water, gas or television bill, there’s a solution: a wage access card. With Spentra’s payroll card, for example, you can access up to 50% of your earned wages before payday and pay off those pesky bills way before you incur a late fee.
To learn more about Spentra and how Money Earned® can help you manage your money better, contact us today.