Money Moves to Make at Work

The Story

Payday is the best day. But salary is only one way your employer says ‘thanks’ for all your hard work. Sleeping on the others means you aren’t making (or saving) as much as you should.

Explain.

Adding these moves to your work to-do list is kiiinda like getting a bonus.

• Max out your match. If your company matches some of what you contribute to a retirement account, try to invest enough to get the full amount. Not taking that money is like saying ‘no thanks’ to a pay bump. Doesn’t make sense.

  • Extra credit: think about rolling over retirement accounts from old jobs into an IRA (Individual Retirement Account) or your current employer’s plan. You may be able to save money on cheaper investment and lower admin fees.

Related: Learn the Language: Retirement Terms You Need to Know

• Save on healthcare costs. A lot of companies offer flexible spending accounts (FSAs) and health savings accounts (HSAs) to help you cover certain medical expenses — like prescriptions, doc appointments, and glasses — with pre-tax dollars. If you’re eligible to sign up, make sure to follow each account’s rules.

• Use allll your benefits. Catered lunches and ping pong tables get a lot of attention. But other work perks have a bigger payoff. Think: commuting benefits, gym reimbursement, and tuition help. So take advantage. And if your company offers bonuses for referring new employees, work that network.

• Triple-check your withholdings. Everyone likes getting money mail. But cashing a big tax refund check isn’t a good thing. It means you gave Uncle Sam an interest-free loan and let him hold onto your money all year. Money you could’ve invested or used to pay off debt. Or spent summer Fridaying at the beach. If you get a lot back every tax season, adjust your W-4 to add some money back into your paycheck.

Say more things like that.

Research says 70% of people who ask for a raise, receive...at least something. So don’t let an awkward chat with your boss hold you back from getting all the money you deserve. Especially in today’s hot job market, when companies are stepping up their game to keep valuable employees.Related: Why Low Unemployment Is Good for Your Wallet

theSkimm

You work hard for the money. Make sure you’re looking for every opportunity to put more in your bank account. And your going-OOO-and-never-coming-back fund.