3 Ways Money Earned Helps with New Year’s Resolutions
If you’re like 29.8 percent of Americans in 2020, improving your financial situation is one of your New Year’s Resolutions. While a lot has changed the past year, many are still struggling financially. Fortunately, there are several solutions out there and today we’ll be covering a very specific one: Money Earned. Let’s discuss what this fabulous feature of Spentra is, as well as how it can help with your New Year’s Resolutions.
What Is Money Earned?
In case you aren’t aware of what Money Earned is, or how it works, let’s cover it quickly. A patented feature of the Spentra Solution, this feature allows employees to access up to 50% of their net wages at the time of request at no cost to the employer. It’s a simple 1-2-3 proces:
- Spentra interfaces with your company’s time and attendance and payroll system.
- You download the Spentra App and request your card.
- You can use your Spentra App to access up to 50% of your net pay earned during the pay period.
Money Earned and New Year’s Resolutions
Money Earned is a valuable tool for employees looking to manage financial wellness, regardless of the time of the year. But it can be particularly valuable when it comes to jump-starting your 2021 New Year’s Resolutions. Here are three ways Money Earned helps:
- Avoid Unnecessary Fees: Late fees and overdraft fees can really add up. With Money Earned, you can avoid these fees by paying your bills on time. For example, if you have rent due or a cell phone bill with a due date before your next paycheck—but you don’t have any money in your bank account—you can access some of your paycheck early with Money Earned and pay the bill before you have to pay an unnecessary fee.
- Learn How to Manage Money Better: Money Earned also helps improve your general financial wellness and helps you manage your finances better. By limiting your pay access to 50 percent of earned net wages, you’ll always have half of your net earnings when payday comes. Then you’ll have the rest to handle bills, fees and other expenses. (Or splurge a bit if you’re in good shape.)
- Be Prepared for the Unexpected: About 69 percent of Americans don’t have even $1,000 in savings, which can be disastrous if something unexpected like a medical bill or car accident occurs. Having Money Earned can help you address these unexpected incidences while still maintaining your New Year’s goals.
If you’re interested in learning more about Spentra and Money Earned, contact us today for a consultation or demo.