Summer was made for vacations, backyard grilling and the occasional lazy day. Whether you are traveling or just having fun in the sun, finding ways to save money is important. One often over-looked tool for boosting your summer savings is the Federal Flexible Spending Account Program (FSAFEDS).
Flexible spending accounts (FSA) offer pre-tax dollar savings to pay for a wide variety of health care products and services for you, your spouse and your dependents. These include copays, deductibles, prescriptions and more. The primary benefit of an FSA is that it lowers your taxes by reducing taxable income. However, FSAs can also be used for summertime necessities such as sunscreen with SPF 15+, first aid kits and prescription sunglasses, making them a versatile tool for summer savings.