Frugal Tip: Don’t Delay, Use Your FSA Today!
Flexible Spending Accounts, also known as FSAs, are a very useful thing to have. Through a plan at your workplace, you can put money away each pay period, tax free, towards medical (and dependent care) expenses. Then when you have an expense, you can pay it out of that fund or get reimbursed for it.
If you have an FSA, make sure you know what’s going on with it. What dates is it valid for? Most are Jan 1st to Dec 31st, but plans vary. How much is left in it? Do you have a plan for using it up? These are use it or lose it plans, so if you let the money sit, you’ll lose it – defeating the purpose of the plan.
So make sure you stay aware, stay on top of things, and stay in control – use that FSA the right way!