Human resources managers serve an essential purpose for many companies. They often take care of training, recruitment, payroll, and the occasional complaint. They also can provide great insight and advice to company employees on some financial matters, including insurance and retirement. Those are all necessary responsibilities; but have you ever considered how your HR office can help you save money? Yep, they can do that, too!
Direct Deposit into Your Savings
One of the first things you may do when taking on a new job is to set up a direct deposit into your checking account for your paycheck. It is a convenient way to have your money available as soon as possible, without the trip to the bank to deposit the check. What you may not know is that your HR office can, in many cases, set up a direct deposit to your savings account as well.
If you are working on building an emergency fund or a nest egg, this is a convenient and hands-free way to save. Simply ask your HR manager if you can split your direct deposit so that a portion of your paycheck is deposited directly into your savings account. Why stop there? If you have more than one savings account set up—for example, one for emergencies and another earmarked for a new car—put some away in that second account, too! Usually, all you need to provide to your HR manager is your savings account number, bank routing number and how much you would like to put away every pay period.
One of the benefits of dividing your paycheck with direct deposits is that money is stashed away without your ever having to touch it. Putting money away into savings before you get a chance to splurge on unnecessary purchases is also a great way to limit the temptation in the first place.
Ask about Incentives
Many companies offer personal and professional development programs that can aid us in a number of ways. HR may offer learning opportunities and other resources to help employees prioritize their physical and financial health.
Inquire if financial wellness courses, tools, and guidance can be made available to you through the workplace. Even a simple review of your benefits with your HR manager can help you better plan your future.
Likewise, many healthcare programs have hidden incentives that can lower your healthcare costs. Talk to HR to find out how you can save money. In this instance, employers may be willing to offer incentives to offset costs, contribute more to a Health Savings Account (HSA), or even lower co-pay deductibles by having employees participate in a health wellness program. If your office doesn’t have any programs like this, start a conversation with HR to see if there is an interest in doing so. You would not only be benefiting yourself, but your fellow employees as well!
Do you have a 401k, Roth IRA, or a pension plan? If so, consider discussing your retirement benefits with your HR manager on a yearly basis. They can provide resources that will help get you there. Take advantage of every opportunity to save money through employer-sponsored programs and use the resources available to you through HR to make saving simpler.