10 Ways to Make Money From Your Job (Without Asking for a Raise)

Quick Answer

While you can make more money at work by asking for a raise, you can also earn or save money with your employee benefits. Try taking advantage of 401(k) employer matches, participating in wellness programs and getting student loan repayment help.

A women wearing a yellow sweater and white headphones is typing on her laptop with plants behind her.

Want to earn more money at work without shouldering additional duties, working longer hours or asking for a raise? Your employee benefits can help you save money—and even make more. Ways to make extra money from your job include taking advantage of a 401(k) employer match, using a flexible spending account (FSA) and getting help with student loans. Here are 10 common job perks that can boost your bank account.

1. Retirement Accounts

If your employer offers a 401(k) plan, they may also match your contributions up to a certain amount based on how much you are paid and how much you contribute annually. Make the most out of your 401(k) by contributing enough to get the full match. For example, if your employer offers to match 3% of your annual pretax contribution, make sure you're contributing the full 3%. That way you'll actually be getting 6% of your income added to your account, doubling the money you save. And since contributions come out of your wages on a pretax basis, you'll save on taxes now while saving for the future later.

2. Health Insurance

Employer-provided health insurance typically costs much less than individual health insurance. Employers that offer a choice of plans offer even more ways to save. Examine the costs and benefits of each plan as well as your health care needs to determine the best choice. For example, if you rarely visit the doctor, a plan with lower premiums and higher copays or a higher deductible could save you money.

3. Wellness and Fitness Programs

Does your employer have an on-site gym? Do they offer free workouts during the workday (such as yoga sessions during lunch)? Cut costs by dropping your pricey gym membership to work out at the office. Many companies offer wellness programs such as weight management plans, stop-smoking programs, mental health counseling or even on-site massage—all of which can save you money.

4. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Health care expenses can be costly even if you have good insurance, and HSAs and FSAs can help you save money. Both HSAs and FSAs let you put aside pretax dollars and withdraw them tax-free for qualified medical expenses your health insurance doesn't cover. HSAs also let you put your funds in various investment vehicles to save for retirement. They're often offered as an employee benefit, and some employers even contribute to employee HSAs.

5. Life Insurance

Employers often give employees a certain amount of term life insurance at no cost, with the option to buy more. They may offer group life insurance, which could be cheaper than purchasing on your own. You also don't have to worry about a medical exam for group coverage, as coverage is typically guaranteed for all group members. Find out if you'll be able to convert your group policy to an individual policy if you leave your job. Otherwise, you'll need to buy a new life insurance policy, which could mean higher rates—depending on your age and health.

6. Family Benefits

A growing number of companies provide financial assistance to parents and would-be parents. For example, some employers offer benefits for adoption, in-vitro fertilization, egg-freezing and surrogacy. Many states require certain companies to offer paid parental leave after childbirth or adoption to allow parents to bond with a new child. Other family-related benefits include discounts on child care, access to backup child care and paid time off to care for aging family members.

7. Education

Many employers pay for employees to continue education or receive certifications relevant to their job. Some even pay college or graduate school tuition, though there may be limitations such as attending a specific school or getting a specific certification or degree. Some employers reimburse tuition while others pay upfront. For example, Amazon pays full college tuition for qualifying employees at participating education partners nationwide. The company also pays for high school completion, GEDs and ESL proficiency certifications.

8. Student Loan Repayment Assistance

In addition to the above education benefits, more and more employers now help employees repay student loans. Sometimes you can get help with loan repayment even if you didn't earn a degree. Student loan repayment plans generally involve matching a percentage of your payments annually. There is typically a cap on the total employers pay, and you may not qualify for loan repayment until you've worked a certain amount of time.

9. Commuter Benefits

Commuting can really eat into your income, whether you drive or take public transit. For example, commuters in the San Francisco metro area spend over $11,000 annually on average just getting to work, according to a recent study by Clever Real Estate. Some employers offer tax-free commuter benefits, in which employees save pretax funds and use them for qualified transit and parking expenses. For 2022, the IRS allows taxpayers to exclude up to $280 a month from their taxable income for parking costs and up to $280 per month for highway transportation and transit passes. Ask about other commuter benefits, such as company vanpools, stipends for biking to work or free passes for the bus or train.

10. Discounts on Daily Expenses

Employer discount programs can mean saving on products and services including:

  • Auto insurance and home insurance
  • Cellphone service
  • Travel expenses such as hotels and rental cars
  • Consumer goods such as electronics, furniture and appliances
  • Entertainment such as sporting events, amusement parks, plays and movies

Some companies have programs that allow employees to use monthly payroll deductions to make purchases interest free. Even if you have a credit card, these programs can be a good way to save on interest when making big purchases.

Other Ways to Make More Money

Looking for other strategies for how to make more money? Consider:

Whether you build up your bank account by earning more or spending less, having more money at your disposal makes it easier to pay down debt and stay on top of your bills. Both moves can improve your credit score and build a brighter financial future.