Getting freebies is nice. Saving money is great. Converting freebies into money by combining both techniques - priceless.
With that said, here's the plan.
Step 1) I was able to sign up for a credit card associated with an airlines rewards program that gave me 50,000 miles for making my first purchase. Well I have the card, made the purchase, and now have the miles. Most of the things you can buy with the program are terribly overpriced, but you can get gift cards. OK, I shop about as much as the pope swears, but if I cash out that way I can get $500 worth of gift cards, which seems like the best bang for the buck (or in this case - mile).
Step 2) I have signed up at work for the flexible spending account (FSA) for medical expenses for years now. Usually in the past I have spent as much as I saved in this program, usually less than $1,000, so no problem. Its a nice tax saver, to say the least. This past year I ended up with over $400 still to spend. (BTW, my work gives you a grace period through 3/15 the following year). So I have spent some of the $400 getting needed glasses (at WalMart), and so now I still need to spend almost $300. Hmmmm, what to do?
Step 3) Here's where 1+1=3. I would love to get cash, not gift cards from the rewards program (cash always beats gift cards). And for my FSA I need to spend money, probably on more glasses (it seems like the best way to burn off the remainder). And it dawns on me --- Combine these together! The rewards program allows cashing out in WalMart gift cards. I need to check, but I should be able to use gift cards to get my glasses. If so I (1) get the glasses, (2) submit the receipts to the FSA, and (3) get paid back in cash. Voila! I turn gift cards into coin of the realm.
Yes, I love it when a plan comes together.
I love it when a plan comes together
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