Debt Free Life Hacks

Are you aware that there are options for paying your medical bills that can help you save money? 💰 Medical expenses can be costly, making taking advantage of any available savings opportunities worthwhile. Two of the most common types of accounts are Flexible Spending Accounts (FSA)  and Health Savings Accounts (HSA) 📋. With FSAs and HSAs, you can use pretax dollars to pay for healthcare expenses. The best part is that these accounts offer tax advantages that can help offset medical costs 📉. Today, we'll focus on Health Savings Accounts . In a future post, we will discuss Flexible Spending Accounts in more detail. So, what exactly is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a special account that helps you save money 💰 for medical expenses. It is meant for healthcare costs 🏥. You will typically get a debit card 💳 that you can use for eligible expenses like prescriptions 💊, copays, doctor bills, and more. Who can contribute to an HSA?  To con...

You ever heard someone proclaim, "the more you make, the more they take"? Most likely they were talking about a paycheck and the amount of taxes taken out of it. Perhaps you worked overtime or received a bonus and was expecting a pretty nice check only to have your bubble popped when you realized that taxes have too taken its piece of your pie. What can you do? Gross Pay vs Net Pay Gross pay is what you earn before anything is taken out (deductions, taxes, etc.).  Net pay is the amount you're paid after taxes and deductions.  Gross Income could be $4000 while the net or take-home pay is $2800. There are a number of factors that contribute to the amount taken out of a check. In this post, we're looking at how to fully take advantage of pretax deductions to hopefully lose less to taxes. Why taking more out before taxes is a good thing... We're all responsible for paying our share of taxes, but there are ways to lower your overall tax burden. ...

Many people are not strangers to the challenges of health and wealth.  People often struggle in one or both of these categories.  How Health and Wealth Compare When it comes to health, oftentimes we know what we should or should not be doing. We know that we should be eating a healthy balanced diet and staying physically active. We know that we should not be eating lots of fast foods, processed foods and that we should not be inactive.  When you think of it that way it's quite simple.   Health = Eat Right and Exercise Yet, so many of us struggle with it. Why is that? The same is true when it comes to dealing with finances. We know what we should or should not be doing. We know that we should live within, if not below, our means, that we should save more and spend less. We know that we should not be overspending, spending wastefully, and we should not be increasing our debt.  So just like health, when it comes to money, the concept is simple.  ...