Layout:
Home > I love it when a plan comes together

I love it when a plan comes together

January 21st, 2012 at 12:34 am

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.

5 Responses to “I love it when a plan comes together”

  1. creditcardfree Says:
    1327107670

    That should work. It shouldn't exactly matter how you paid for the glasses, and as long as you have the receipt for reimbursement. Now to get those gift cards in time!! Hurry and redeem, since they can take awhile.

  2. herdjohnson Says:
    1327109312

    Just as a heads up, if you're at all out of shape you can see a doctor and use your FSA dollars for fitness equipment. A friend of mine had nearly 1000 left over and ended up buying a new treadmill.

  3. Single Guy Says:
    1327110766

    Thanks for the idea, but no, that won't work for me. I work out every workday at lunch, and I think my gf can confirm I am in shape. Now if a doctor's approval wasn't needed....

  4. herdjohnson Says:
    1327115164

    He and his wife are actually in great shape too, so I'm not sure how they pulled it off. Something to look into. Great work!

  5. Jerry Says:
    1327261216

    My FSA accounts in the past were often used to cover optical expenses, because usually optical wasn't covered by our health insurance. It leads to a big expense with my wife's lenses, especially, because she has poor vision, but even my own glasses aren't that cheap... at least, if I get the frames that I like. Wink Jerry

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]