Get all the compensation you can, without raises
GetRichSlowly had a guest post suggesting a lot of ways you can maximize what your company gives you without a raise. Suggestions included such things as 401k matches, if available, negotiating an extra week’s vacation and getting tuition reimbursement.
Of course, not all company’s offer any or all of the things on that list, so I thought up a couple more:
- Mileage reimbursement. If your company reimburses your mileage at the Federal rate (US), you can potentially make more from the reimbursement than you’re spending for the gas and maintenance on your car. I don’t just mean your business driving: unless you have a long commute (which unfortunately doesn’t count) or do a ton of personal driving, that reimbursement (currently 50.5 cents per mile) can cover all your gas costs and then some. Volunteering for more trips out of the office – or being the one to do the driving – may not increase your salary, per se, but getting some of all of your gas for free? Excellent savings!
- The Flex Plan. In the US, this is a government plan that lets you set aside a minimum of $650 a year, pre-tax, from your paycheck. Then as you spend money on reimbursables – many medical and childcare costs – you submit receipts and get reimbursed. This is not a great idea if you spend under $650/year on those items, because the damn government keeps what you don’t spend. That’s the only thing wrong with this plan, in my opinion, but it’s still good for those who spend enough.
- Buy your laptop through your company. Some companies will let employees buy a computer every year via their business discount. On desktops, this may not save you more than $40. But on laptops, the savings tend to be a couple hundred dollars or more.
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