Why Employees Need a Financial ‘Safety Net’
The majority of American employees these days don’t have a backup plan when it comes to their finances. In fact, according to The Motley Fool, nearly 70 percent of Americans have less than $1,000 in savings, and 45 percent claim to have nothing at all. Those are some scary numbers!
What happens if there’s an unexpected expense, like a car crash or medical bill? There are also late fees and other expenses to worry about. Your checking account shouldn’t be your last line of defense—and, fortunately, it doesn’t have to, thanks to Spentra. Let’s discuss why.
Peace of Mind
In case you aren’t aware, Spentra is a payroll card. Actually, it’s more than a payroll card. It’s a way to get more peace of mind about your finances. With Spentra’s Money Earned feature, employees can access up to 50 percent of earned net wages before payday. This creates a “safety net” that can ease your financial worries at any point of the year, regardless of the circumstances or events that come your way. Even if you do have some money in your savings or checking account, Spentra can be a fantastic backup option.
Secondly, a financial safety net like Spentra can give employees more control over their finances. Let’s say you want to buy plane tickets to visit a family member for a surprise birthday party, for example. If you don’t have money in savings (or a payroll card that lets you access earned wages), you have no control over the situation. You simply can’t buy the tickets. With a payroll card like Spentra, on the other hand, you have more control when it comes to addressing expenses that pop up before payday.
Spentra can also help any financial troubles stay out of the spotlight. Take rent or utility bills, for instance. It can be pretty embarrassing to have an eviction or late rent notice placed on your door or to receive past due statements in the mail with your name on them. By addressing these bills discreetly with Spentra ahead of time to avoid late fees, you’ll maintain your anonymity.
Finally, Spentra can even help you maintain your dignity. If you’re a parent, for example, there might be an unexpected expense you didn’t budget for related to extracurricular activities. Whether it’s band camp, cheerleading, or sports, these dues can pop up suddenly and your child will not be able to participate if you don’t pay the due. No worries, Money Earned is here to save the day! You’ll be able to handle most unexpected expenses in a dignified way with Spentra.
These are just a few reasons why employees need a financial “safety net.” To learn more about how to get Spentra at your company or to request a demo, contact us today.