When it comes to being a parent, what can weigh you down the most is the trouble of stretching your income just to make ends meet. With prices going up and your salary not budging an inch, you wonder how you can find a way to support your family’s lifestyle and still manage to save.
According to human resources talent and career manager Lissa Sumpaico, you don’t have to rely on your income alone. “While most folks focus on the salary portion of their compensation package, the benefits portion also plays a hefty role in one’s total rewards package.
With a little research and resolve, look for that extra cash and you’ll feel like you’ve found pots of gold buried in your backyard. Let’s start digging!
Hidden paycheck #1: Family healthcare All companies are required by law to give health benefits, but have you checked if yours cover your dependents, too? “If they are covered by the inpatient and outpatient benefits, this means saving up on medical costs like hospital room costs, lab tests, X-rays, and the like,” says Sumpaico. “Having medical benefits cuts down on medical costs, which translates to more savings.”
Hidden paycheck #2: Medicine allowance Former human resources senior manager Janelle Sunico suggests checking if your company gives a medicine allowance. “You can use it to reimburse medicine expenses for your family. In our company, there’s a claim form you complete and you just have to show proof such as prescriptions and receipts.”
Sunico reveals that some companies also distribute vitamins to their employees. Keeping yourself healthy prevents medical expenses and doctor fees. She suggests, “Check the medical benefits from your office clinic and see what you haven’t been able to maximize.”