Manage Your Money

Master the skills that can help you manage money throughout life.

Flex Spending Account (FSA)

If you have a job, your employer may have offered you an employee benefit called a Flex Spending Account (FSA). An FSA is an account set aside by your employer where you can put pre-tax money from every paycheck to cover certain expenses. What kind of expenses? It varies, but can include uninsured (out-of-pocket) healthcare costs, childcare expenses and, less commonly, transportation costs.

Remember the "use it or lose it" rule. This means any money left in the account after the plan year ends (plus a grace period) is lost. To avoid losing money with this benefit, create a spending plan for the types of expenses that can be paid for from your particular FSA. You can use this calculator as any example of a spending plan that will help you decide how much money you need in the FSA to cover expenses.

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