Cut your spending by $500 a month
In today's tight economy, who doesn't want to free up some cash? Trim the fat but not the fun from your budget - here's how.
Cut the cost of next year's camp...
... and other child-care expenses by signing up for a flexible spending account, a valuable employee benefit that hardly anyone uses. The accounts, offered by 85% of large companies, allow you to use pretax dollars to pay up to $5,000 in caregiving bills (including day camp) for children under 13 and elders who are your legal dependents, in addition to $3,000 to $5,000 of your out-of-pocket health-care costs (your employer sets the limit).
But only 6% of eligible workers use the accounts for child care and 22% for medical costs, the consulting firm Mercer reports. What are you waiting for? The accounts offer the equivalent of 35% or more off on expenses you have to pay anyway.
NEXT: Save on your meds
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Groceries -
Car -
Shoes -
Twitter -
Timing -
Stretching -
Commuting -
Gas -
Printers -
Generics -
Work out -
College -
Camp -
Prescript... -
Pills -
Childcare -
Pets -
Health risk -
Phone bills -
Coupons -
Assistance -
Taxes -
Shopping -
Spending -
Convenience -
Happiness -
Indulgences -
Temptations -
Fees -
529 plans -
Interest ... -
Investments -
Car insur... -
Banks -
Overdrafts -
Life insu... -
ATM fees -
Cash -
Web tools -
Home -
Energy -
Lawn -
Mortgage -
Tools -
House -
Renovations -
Appliances -
Home insu... -
Sample sa... -
Home goods -
Clothing -
Designers -
Fun -
Food -
Gardening -
Champagne -
Sports -
TV -
Books -
Music -
Club cards -
Tipping -
Vacations
Last updated August 17 2009: 9:37 AM ET
Note: Assumes the 28% bracket, 7.65% FICA, $5,000 in both accounts.
