The Boring Newsletter, 3/11/2023

Hello Friendos!

This week we have…a pop quiz! It’s a math quiz and a word problem…nnnnooooooooooo.

Don’t worry, I think you’ll pass even if you didn’t study. Ok, here it is.

Imagine you are getting ready for a road trip and want to buy a deluxe first aid kit ($40) and a couple tubes of sunscreen ($30). Do you: A. Pay $70 from your checking account, or
B. Use a $15 discount code from the federal government and pay $55.

(it is not a trick question)

Let me recap those options.
A. Pay $70 from your checking account

B. Pay $55 and use a $15 discount code from the federal government.

Yeah, the answer is B. We all like paying less for something we’re going to buy anyway. If you have the option to use an FSA (flexible spending account) or HSA (health savings account) to pay for medical expenses in a tax-advantaged way, but don’t take advantage, it’s like taking a pass on a sweet discount code from the federal government. So if that’s your situation, this week’s boring challenge is to learn the steps to participate in your FSA or HSA and go get your money!

p.s. You may need to wait for the next open enrollment to jump in on an employer-sponsored FSA or for HSA payroll deductions. If so, you can consider tracking your medical expenses until then so you’ll be dialed in on the amount you may want to contribute when the time comes.