Tip 8. Use FSA accounts - Money Saving Tips And Secrets

Use your flexible spending accounts to the fullest.


Flexible Spending Accounts or FSAs allows you to pay many medical, dental and child care expenses using pre-tax dollars. This means you are not paying taxes on the money you put into FSA account. If your employer offers FSAs and you are not taking advantage of these accounts to the fullest, you're wasting money. Ask your Human Resource department about FSA available at your company and get a list of what expenses are covered by your plan.

The word of caution. Often you have to spend all the money in your FSA account by the end of the year or it's going to be gone. Monitor your FSA balance and stock up on medications or do necessary medical procedures if you think you might have extra money left.
 
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