When is the last time you touched base with your HR dept or benefits coordinator at your job to brush up on the benefits your company offers employees? If you haven’t in a while you might be in for a surprise. A countless number of people go on every year without knowing all the benefits their employer provides that could have saved them money. One example, I actually had a company that paid 50% of my deductible for medical expenses. I didn’t know about it for years because I never actually needed it. Then one time I got sick and had a fairly large hospital bill and the HR person just happened to mention it to me. I was blown away because it saved me a significant amount of money.

Outside of medical benefits, you might find your company may offer things like an employee stock purchase plan, where employees can buy company stock at a discounted rate. Maybe your company has discounts to certain stores, hotels, gyms, etc. If you take public transportation to work, your employer might offer a transit benefit where your transit pass is paid for with your pre-tax money. What would that mean to you? Well if you get benefits taken out of your pre-tax money, less of your income is being taxed. That means more money in your pocket! That’s why 401Ks and (Traditional) IRAs are such powerful tools. (Learn more about these retirement plans here.

The important thing here is knowing what options might be available to you. It never hurts to ask.