13 Hidden Paychecks you should Take Advantage of

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.”

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Hidden paycheck #3: Free checkups
Sunico stresses the importance of the annual health checkup. “You will spend less in the long run if you monitor your health regularly. If your company covers other family members, that’s even better,” she says. “And when your company issues free or discounted vaccines, take advantage of them. They are preventive measures and will save you a lot. They can be costly when you get them from a regular doctor.”

Erin Santos*, manager and mom to Jordan*, 3, says, “When I was single, I never paid attention
to our office vaccine and checkup offers. But now that I’m a mom, I know how important it is to be
healthy for my family.”

Hidden pay check #4: Convert leaves of absence to cash
Usually, unused vacation leaves must be consumed or else you forfeit them, but unused sick leaves can be converted to cash.

“So that I could still convert my sick leaves to cash, I’d mark my sick leave as vacation leave. This was upon an internal arrangement with my boss,” says Andrea Garcia, mom to John, 3, and Tracy, 1.

Hidden paycheck #5: Discounts
Making a big purchase can be painful on the pocket. However, if your company gives its employees certain deals or discounts and allows them to pay through a salary deduction scheme, Sumpaico says, “[the employee] won’t feel the costs.” If you’re planning to buy an appliance or gadget, check with your office first if it could get you a better deal.

Other fun offers could be tie-ups with other establishments for products and services. Just make sure you really need them. Don’t fall into the trap of buying just because the deal is irresistible.

Hidden paycheck #6: Flexible benefits
Some benefits are more useful to parents, while others - such as discounts at a club - may not top your list. If your company allows you to convert your benefits to cash or forego one to increase another, take advantage of that. “You may choose to flex your vacation leaves to increase your dependents’ medical coverage,” says Sumpaico.

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Hidden paycheck #7: Buy and sell
Another way to earn money, according to Sunico, is by buying and selling your company’s stocks.
“Some companies have employee stock purchase programs where you can purchase your company’s stocks at a rate lower than what it is on the market. Then you can sell them later on and earn from that.”

Hidden paycheck #8: Transportation costs
It seems that no matter how much you save, your money is always eaten up by the cost of going somewhere. Some companies have shuttle services you can utilize. If this is so, Sunico suggests just being dropped off at the shuttle station to save on gas and parking fees. But if your company gives you free parking, grab it. If your hubby doesn’t get free parking and you do, why don’t you drop him off so neither of you spends on parking?

Hidden paycheck #9: Incentives
If your company gives you bonuses or perks for performing well, then by all means do your best! You won’t just feel a strong sense of accomplishment; you’ll find another hidden paycheck as well. “I work for performance incentives such as gift certificates to Starbucks,” says Marica Llenado, senior analyst and mom to Carmen, 7. “My daughter and I use them during our ‘mama dates’ so I don’t have to buy merienda!”

Hidden paycheck #10: Forced savings
Because you have children to take care of, preparing for emergencies should be on your list of priorities. If your company has an employee pool from which you can take out loans with low interest rates, it would be good to join. “Some companies have credit cooperatives where employees pool together a fund from their monthly salary and from which they can make salary loans for emergencies at lower interest rates than a bank’s,” says Sumpaico. “The employee also has the option to withdraw his coop savings anytime, and that’s extra cash you can save.”

“Find out if your office has other loan programs. They might be able to give you better terms such
as a longer payment period or lower interest rates,” she adds.

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Hidden paycheck #11: Christmas loot
December is the time of year when you spend the most, but it is also when you receive the most.
Besides possible gift packages from your company, you may also receive gift certificates you can use to buy gifts for loved ones or food for Noche Buena. “I use the gift certificates I get to buy gifts - I feel like I don’t spend anything because I don’t shell out any cash,” says Monica Fuentes*, copy editor and mom to Sophia*, 2.

And don’t discount the company Christmas party where they raffle off prizes and almost everyone gets to take home something. “If you win something you don’t need, you can sell it for extra cash,” suggests Sunico.

Hidden paycheck #12: Shopping deals
Though it may be frustrating to find yourself forking over your cash for new shoes because your son just outgrew his pair, you can find a way to turn this endless shopping in your favor. Melody Tan, former category manager and mom to Joshua, 3, and Kimmy, 1, takes pride in finding the best deals. Though she used to rely on word of mouth for news on sales, she now has an idea about when they happen. “There is usually a schedule,” she says. Keep a log of the sale dates and sign up for the stores’ e-newsletters or text blasts. You can do all the shopping you need during the sale period.

Also, inquire if your favorite stores have discount or rebate cards. The rewards you’ll get from them add up, making your purchases less painful. “I always buy from the same store so my points accumulate and I get big discounts or freebies,” says Monica. “When it comes to discounts and deals, make sure you need what you’ll buy,” warns Sunico. “Otherwise, you’ll just be wasting your money.”

Hidden paycheck #13: Credit-card promos
Several credit-card companies offer promos, so choose the one your family will benefit from the most. Melody uses a credit card that gives her a five-percent rebate on gas because her family consumes a lot of it. Other cards offer travel miles or even a free lunch.

Her advice for making the most of credit-card promos? Charge as much as you can on your credit card but always pay your bills in full and on time. “Bank interest rates are very unreasonable. Paying only the minimum amount is like putting yourself at risk for more debt. Credit-card companies like good payers. This will give you more bargaining power when it comes to requests, like waiving your annual fees,” says Melody.

Sunico also suggests finding out what your existing card has to offer. Sometimes, you just aren’t aware of them. But if you can find a card company that can give you a better deal, ask for an application form today.

* not their real names

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