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How to save on everyday costs with Flare employee benefits

Australia’s cost of living crisis has reached new heights, putting a heavy burden on working families. With the cost of essentials like rent, groceries, and mortgage interest constantly on the rise, budgeting has become increasingly difficult for the average person. There is some cause for optimism despite the current economic climate – workers can save money and find their way with the help of Flare, a revolutionary app for employee benefits. From saving on your morning coffee to your weekly shop, you can tap into your benefits anywhere and anytime to enjoy real-time savings and discount storecards.

The cost of living crisis:

Recent statistics reveal the severe extent of the current cost of living crisis. According to the Australian Bureau of Statistics, all five Living Cost Indices had an increase between 7% and 9% over the past year. Factors such as housing, food, and mortgage interest charges have contributed to this unprecedented rise, leaving employees struggling to cope with the financial burden. In these challenging times, employee benefits play a crucial role in alleviating the financial burden many families are facing.

Introducing Flare Benefits: 

As the cost of living continues to rise, deals and discounts, courtesy of Flare, are a welcome relief. Make the most of your paycheck with the help of the Flare app, available through your workplace. By granting access to benefits on the go, Flare helps individuals tap into discounts from hundreds of retailers at over 9,000 locations, offering significant savings.

Unlocking savings:

One of the key features of the Flare app is the varied, exclusive employee discounts. From groceries to fashion, electronics to entertainment, the Flare app covers various aspects of daily expenses. You can now enjoy significant savings by utilising discounts offered by a wide range of retailers, making your money go further and helping to alleviate some of the financial strain.

Some of our favourite discounts we offer:

  • 3% off at Woolworths
  • 5% off at Airbnb
  • 5% off at Doordash

Save on your car

Among the array of savings opportunities, Flare offers a game-changing Novated leasing option. With Novated leasing, employees can lease a vehicle using their pre-and-post-tax income, potentially resulting in savings on one of the biggest household expenses. By taking advantage of this offering, employees could enjoy significant tax benefits, reduced vehicle costs, and simplified vehicle management. Drive the car of your dreams while saving money on financing, fuel, insurance, and maintenance. 

Flare cars: Significant savings on one of our biggest household expenses.

Supporting wellness and financial wellbeing: 

Flare Benefits go beyond just financial savings. Additionally, our app provides expert wellness content that focuses on important facets of our lives like stress management, career advancement, and financial security. Flare helps its employees weather the economic storm by providing them with tools and guidance that aim to improve their financial situation and quality of life.

How you can save:

Let’s take an in depth look at how Flare Benefits can help your bottom line. Here we’ve broken down the annual savings you could make, through Flare Benefits. As you can see, the savings add up – especially if you’re faced with a big purchase like a car.

how-to-save-with-Flare-blog-01

Getting started with Flare Benefits: 

Get the most out of the discounts and wellness tools available through Flare Benefits if your company offers them. If not, speak to your employer about how Flare benefits could support you and your workmates in navigating the cost of living crisis. Our team would be delighted to show your organisation how our free employee benefits program can support their team’s financial wellbeing through discounts, Novated leasing and salary sacrifice. Enquire now. 

The cost of living crisis in Australia has put a heavy burden on workers, making it tough to make ends meet. On the other hand, Flare benefits serve as a ray of hope by giving workers access to various perks, such as special discounts and informative wellness materials. By using the Flare app, you can get the most out of your pay. 

*According to data from the Australian Bureau of Statistics (ABS) for the 2019-2020 financial year, the average weekly expenditure on food for a household in a capital city (which includes groceries and other food items consumed at home) was approximately $204, yearly cost amounting to $10,660.
†The amount the average Australian living in a metro area spends on eating out can vary depending on individual preferences, income, and other factors. However, according to data from the Australian Bureau of Statistics (ABS) for the 2019-2020 financial year, the average weekly expenditure on food away from home (which includes eating out at restaurants, cafes, and fast food outlets) for a household in a capital city was approximately $111, yearly cost amounting to $5,772.
‡ All calculations are based on the following assumptions: living in NSW, salary: $85,000 gross p.a., travelling 15,00 kms p.a., finance/lease term: 60 months. Figure quoted include budgets for finance, fuel, servicing, tyres, maintenance, comprehensive insurance, registration and CTP. Novated lease calculations use net GST processing method and Employee Contribution Method for FBT purposes; the total cost over life reflects the net effect after tax and includes a Flare cars admin fee; Interest rate quoted for both the novated lease and car loan calculations is 9.5% with a $550 inc GST establishment fee. Comprehensive Insurance estimate based on 2.5% of the purchase price of the car. The above comparison is indicative and of a general nature only, and we have not taken your personal financial objectives, situation or needs into account. We recommend you consider if you need to seek professional financial advice before making any financial decisions regarding Flare Cars.
§ BudgetDirect reports that Australians spend between $162 – $233 per night on holidays. Figure provided by finding average nightly cost multiplied by 14 for a fortnightly holiday.

Why financial wellbeing is important in the workplace

Improving employee wellbeing is one of the top priorities of HR leaders today. But what many people don’t realise is that 1.2 million households are currently suffering from financial stress. Therefore financial wellbeing is actually what sits at the centre of holistic wellness and has the potential to drive the most significant impact on working Australians. In this post, we’ll explain how to improve financial wellbeing in your workplace. 

Financial wellbeing initiatives to bring into the workplace

Thankfully, there are many financial wellbeing initiatives that you can introduce to your employees. We share some of the most impactful ones below, along with an explanation of how they’ll improve the financial wellness levels of your workforce. 

Novated car leasing

A novated lease allows employees to finance a new or used car by having their employer make payments out of their salary package with pre-tax deductions. With this arrangement, your employee is paying down a certain amount for a specified period of time. At the end of the lease period, they can choose to take out a new lease with a different car, extend the existing lease, or buy the car by paying the residual amount.  

How this supports financial wellbeing:

One of the benefits of a novated lease is the tax break. Since the payments are coming out of your employee’s pre-tax income, your employee’s taxable income will be significantly reduced. Plus, your employees won’t have to worry about things like the goods and services tax (GST), which means they’ll have much more disposable income to use for their other needs. 

Flexible pay 

Flexible pay gives employees the ability to choose when they get paid – instead of following the organisation’s payroll schedule. For example, instead of receiving a paycheck every two weeks, an employee can choose to cash out on a weekly basis or even in real time. The whole purpose of this system is to allow employees to choose a compensation schedule that works for their specific needs and lifestyle. 

How this supports financial wellbeing: 

As you might imagine, flexible pay can ease a lot of financial anxiety for employees. Instead of worrying about whether they’ll receive a paycheck in time to pay rent or cover a credit card bill, flexible pay allows them to access the money whenever they need it. 

Superannuation 

Superannuation is money that’s set aside by your employer for your retirement – on top of your salary and wages. Employers are required by Australian law to make superannuation contributions for most of their employees and typically pay a minimum of 9.5% of ordinary time earnings.

How this supports financial wellbeing: 

Superannuation is one of the best financial benefits for employees because it guarantees that they’ll have funds to use in retirement. Workers can also decide to make additional contributions to their own account or might be eligible to receive contributions from the Australian government, which can further increase the amount of retirement savings they accumulate.

Investment vehicles

There are many investment vehicle options that you can introduce to your employees – from managed funds to share schemes with your own company. Regardless of which ones you make available to your workforce, the most important part is educating them so they can decide which option is best for them. This can be done through training or financial literacy workshops.  

How this supports financial wellbeing: 

Helping employees find ways to invest and grow their money over time will help them in the long run – whether it’s when they retire or run into an emergency where they might need additional funds to dip into. 

Lost super consolidation

It’s possible for employees to lose track of some of their super. This typically happens when they change their job or address. As an employer, you can provide the resources to help workers find their lost super, consolidate it with the rest of their contributions, and identify which account they want their future contributions to go to. 

How this supports financial wellbeing: 

Employees can save money by consolidating their super into one account. Having multiple accounts can accumulate fees, not to mention that having multiple sources of contributions can be difficult to manage. 

Life insurance

The purpose of life insurance is to offer protection to employees and their loved ones in case of an unexpected life event. There are different life insurance products they can choose from that protect them from different types of events – whether that’s a death, a terminal illness diagnosis, or a bad accident. 

How this supports financial wellbeing: 

This is a wonderful initiative for employers to introduce because it gives workers peace of mind when it comes to unexpected life events. The last thing an employee wants to worry about after a car accident or diagnosis is to have to worry about finances, and life insurance is a great safeguard against that. 

There are many effective initiatives that can increase your employees’ levels of financial wellness and – as a result – their overall wellbeing. Simply start with a few of the ideas that stood out to you in this post and go from there. 

If you have any employees who are in need of support, be sure to check out Wellness@Work, a free hub designed to support HR and Australian workers by giving them access to free content.

If you’re looking for an additional HR software to support your business, Flare offers a free onboarding software with employee management and benefits. To learn more, please request a demo.