Money at Work: Stock Plans, Credit Unions, and Other Work Extras
The Little Extras That Can Make a Big Difference
Not every work benefit is big and well known. Some of the most helpful extras are tucked away on the company intranet or mentioned once at orientation and never again. A discount on company stock. A credit union with lower loan rates. An emergency fund for employees in crisis.
Pay and job protection while you serve in the military.
This post is part of the Money at Work series. It covers some of the smaller extras that can save you money or help in hard times, in simple words with easy math.
Employee Stock Purchase Plans (ESPP)
An employee stock purchase plan, or ESPP, lets you buy your company's stock at a discount, using money taken out of your paycheck.
How It Usually Works
You choose how much to set aside from each paycheck.
The money builds up over a set time, called an offering or purchase period, often six months.
At the end of the period, the money is used to buy company stock at a discount, often up to 15% off.
Some plans have a "lookback." That means the discount is based on the lower stock price, either at the start or the end of the period.
Under federal rules for many plans, you can buy up to $25,000 worth of stock a year, based on the stock's value.
Let's Do the Math
These numbers are made up, just to show how it works.
Say the stock price is $100 a share, and your plan gives a 15% discount.
Your price: $100 − 15% = $85 a share
If you saved $1,700 during the period: $1,700 ÷ $85 = 20 shares
Those 20 shares are worth 20 × $100 = $2,000
That is $2,000 − $1,700 = $300 more than you paid, before taxes
Watch Out
Stocks can go down. The price can drop after you buy.
Do not put too much in one company. If your company has hard times, you could lose your job and your savings at the same time.
Know the tax rules. ESPP gains are taxed, and the rules depend on how long you hold the shares. Many people sell some shares regularly to spread out their risk.
Know your budget. Only put in money you will not need soon.
Credit Unions Through Work
Many employers partner with a credit union, or employees can join one because of where they work. A credit union is a not-for-profit financial cooperative owned by its members.
Credit unions often offer:
Lower interest rates on car loans and personal loans
Fewer or lower fees on checking accounts
Better rates on savings
Free financial counseling
Small-dollar loans that cost less than payday loans
Deposits at federally insured credit unions are protected by the National Credit Union Administration (NCUA), similar to how banks are protected by the FDIC.
Let's Do the Math
Say you need a $15,000 car loan for 5 years. These numbers are rounded to keep them simple.
At 9% interest, the payment is about $311 a month. Over 5 years: about $311 × 60 = $18,660
At 6% interest, the payment is about $290 a month. Over 5 years: about $290 × 60 = $17,400
The difference: $18,660 − $17,400 = $1,260 saved
Interest rates change, so always compare offers.
Payday Loans vs. Credit Union Loans
When money runs out before payday, a payday loan can look like a quick fix. But payday loans are some of the most expensive loans there are. A common charge is about $15 for every $100 you borrow, for about two weeks. According to the Consumer Financial Protection Bureau, that works out to an annual rate of almost 400%.
Let's do the math with made-up numbers. If you borrow $400 from a payday lender at $15 per $100:
$400 ÷ $100 = 4
4 × $15 = $60 in fees for two weeks
If you cannot pay it back and roll it over 3 more times: $60 × 4 = $240 in fees, and you still owe the $400
Many credit unions offer small emergency loans that cost much less. If your job connects you with a credit union, find out about these loans before you ever need one.
Employee Emergency and Hardship Funds
Some companies have employee relief funds that give grants (money you do not pay back) to workers facing a crisis, like a house fire, natural disaster, serious illness, or the death of a family member. Some funds are paid for by coworkers' donations.
If you are facing a crisis, ask HR whether your company has one. Many people never know it exists until a coworker tells them.
Paycheck Advances and Earned Wage Access
Some employers let you get part of your pay before payday. This is sometimes called earned wage access.
It can help in an emergency, but be careful:
Some apps charge fees or ask for "tips" that add up.
Using it often can make it harder to get through the next pay period.
It is usually better than a payday loan, but it is not free money.
Let's do the math. If an app charges $3 each time and you use it twice a month:
$3 × 2 × 12 = $72 a year in fees
401(k) Loans: A Last Resort
Some retirement plans let you borrow from your own account. You pay yourself back with interest through your paycheck. It can help in an emergency, but if you leave your job, you may have to pay it back quickly or owe taxes and penalties. Use it only after looking at other options.
Military Leave and USERRA
If you serve in the National Guard or Reserve, or are called to active duty, a federal law called USERRA protects your civilian job.
I served in the Navy and later in the Navy Reserve, so I know how much it matters to have your job waiting for you.
What USERRA Generally Protects
Your job: You generally have the right to go back to your job after military service, as long as you follow the rules, including giving notice when you can. In most cases, this applies for up to five years of total service with the same employer.
Your seniority and raises: You should come back as if you had kept working, including promotions and raises you likely would have earned.
Your health insurance: You can usually keep your employer health coverage for up to 24 months while you serve, though you may have to pay for it.
Protection from discrimination: Employers cannot treat you unfairly because of your military service.
Pay While You Serve
USERRA does not require private employers to pay you while you are on military leave. But many employers choose to:
Pay a "differential," which covers the difference between your military pay and your regular pay
Keep paying for your benefits
Let you use vacation time if you want to
Federal and some state government employees also get a set number of paid military leave days each year.
Ask HR what your company's military leave policy offers before you are called up.
Free Financial Coaching and Counseling
Many Employee Assistance Programs (EAPs) and benefit plans include free help, such as:
Budgeting and debt counseling
Help understanding credit reports
Free or low-cost legal advice
Help with wills
Counseling for stress, grief, or family problems
These services are usually private. Your boss does not get told who uses them.
Group Discounts on Insurance and Phone Plans
Some employers have deals with companies for:
Auto and home insurance at group rates
Cell phone plan discounts for employees
Computer and electronics discounts
Gym memberships
Even a small monthly discount adds up. If you save $15 a month on your phone bill:
$15 × 12 = $180 a year
Sabbaticals and Volunteer Time
Some companies offer:
Volunteer time off: Paid hours or days to volunteer in your community.
Sabbaticals: Extra paid time off after many years of service.
Donation matching: The company matches money you give to charity.
These may not put money in your pocket, but they can help you rest, give back, and stretch your giving further.
Free Tax Help and Other Services
Some employers offer free tax preparation, discounts on tax software, or tax help through the EAP. Military members and their families can use MilTax for free tax help. Ask HR what is available, especially before tax season.
How to Find These Extras
Search your company intranet for words like "perks," "discounts," "credit union," "relief fund," and "EAP."
Read your benefits guide all the way to the end.
Ask HR what benefits people often miss.
Ask coworkers who have been there a long time.
Keep a list of the extras you find, so you remember to use them.
What to Watch Out For
Read the rules before signing up for any program.
Do not take on too much risk with company stock.
Watch for fees on paycheck advance apps.
Keep records of any military orders and leave requests.
Protect your privacy. Only share personal information through official company channels.
Not Sure? Check With Your HR Department
Every employer is different. If you are not sure what extras your company offers, or about any benefit in the Money at Work series, check with your HR department. Ask them:
Do we have an employee stock purchase plan?
Is there a credit union for employees?
Do we have an employee relief or hardship fund?
What is our military leave policy? Do we pay a differential?
What free services does our EAP offer?
Are there employee discounts on insurance or phone plans?
Small Steps to Find Hidden Extras
Finding the little extras at work can feel like a scavenger hunt. The heart of Surviving Life Lessons is breaking big problems into small, manageable steps. Here are some SMART-style examples:
"This week, I will search my company intranet for the word 'credit union.'"
"This month, I will call my EAP and ask what free services they offer."
"Before I join the ESPP, I will decide the most I am comfortable putting in."
"If I serve in the Guard or Reserve, I will ask HR for a copy of our military leave policy this month."
"This month, I will make a list of every work extra I find."
If a step feels too big, make it smaller. If a time frame feels too short, give yourself more time.
Making These Steps Fit Your Life
Every job and family is different. A service member, a new employee building credit, and a long-time worker thinking about company stock will all need different extras. Look at your own life and choose the ones that fit right now. You can also learn from others. That is why we have free community groups, where people share the work extras that have helped them most.
Frequently Asked Questions
What is an employee stock purchase plan?
An ESPP lets you buy your company's stock at a discount, often up to 15%, using money from your paycheck.
Is an ESPP a good idea?
It can be, because of the discount. But stock prices can go down, and it is risky to have too much money tied to the company you work for.
Why should I use a credit union?
Credit unions often offer lower loan rates and fewer fees. Many employers partner with one for their workers.
Does my employer have to pay me while I am on military leave?
USERRA does not require private employers to pay you during military leave, but it protects your job and benefits. Many employers choose to pay a differential.
What is an employee relief fund?
It is a fund some companies have that gives grants to employees facing a crisis, like a disaster or serious illness.
Is it safe to use a paycheck advance app?
It can help in an emergency, but watch for fees and do not use it so often that you fall behind on your next paycheck.
Can I join a credit union if my job does not have one?
Often, yes. Many credit unions let you join based on where you live, work, or worship, or by joining a partner group. Look up credit unions in your area to see who can join.
How is military leave different from other leave?
Military leave is protected by USERRA, a federal law. It protects your right to return to your job and keep certain benefits, even if your employer does not pay you while you serve.
This post shares general information. It is not financial, investment, legal, or tax advice. Read your plan documents, and talk with your HR department or a qualified professional about your situation.
Where to Go From Here
Finding the extras at work is easier when people share what they know. At Surviving Life Lessons, we believe in life survivors helping life strugglers. Our Saving, Budgeting & Frugal Living Group is a place to share money-saving finds, and our Debt & Money Struggles Support Group can help you avoid costly loans when money is tight. You can also browse our Community Groups Catalog to find every group that fits where you are right now.
Next, read Money at Work: A Simple Guide to Your Work Benefits or Money at Work: 10 Reasons to Get an HSA While You're Young and Healthy.
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References
Fidelity: "What is an employee stock purchase plan?", https://fidelity.com/products/stockoptions/faqpurchase.shtml
U.S. Department of Labor: "Your Rights Under USERRA", https://www.dol.gov/vets/programs/userra/aboutuserra.htm
Consumer Financial Protection Bureau: "What is a payday loan?", https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/
About the Author:
Deborah Ann Martin is the founder of Surviving Life Lessons, a published author, poet, speaker, and trainer with over 20 years of management experience across multiple industries. An MBA graduate, U.S. veteran, single mother, and rare cancer survivor, Deborah brings both professional expertise and lived experience to her writing on resilience, leadership, personal growth, and overcoming adversity. Her mission is to empower others with practical wisdom and real-life insight to navigate life’s challenges with strength and purpose.
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