If you stuffed money into a flexible spending account this year, the clock is running out faster than you might think.
Most employers set a December 31 deadline to spend that cash, and whatever is left typically vanishes.
These accounts let you set aside pre-tax dollars for medical or dependent care costs, which can shave hundreds off your tax bill.
But the trade-off is brutal: use it or lose it.
The average worker contributes several hundred dollars a year, and a chunk of that routinely gets forfeited because people forget what's eligible.
The good news is you have more ways to drain the balance than you probably realize.
Bandages, contact lens solution, sunscreen, pregnancy tests, and even some over-the-counter allergy pills qualify.
So do therapy sessions, eyeglasses, dental cleanings, and copays you may have already paid out of pocket.
You can also stock up on eligible items through retailers like Amazon, Walgreens, and CVS, many of which run dedicated FSA storefronts.
Buying in bulk before December 31 is a common move for people who want to avoid losing the money.
Just check your plan's rules first, since coverage varies by employer.
One detail worth checking: your plan might offer a grace period of up to two and a half months into the next year, or a carryover of a limited amount.
Not every employer does this, so log into your benefits portal or call HR before you assume the money is gone.
Dependent care accounts work differently and often have a separate deadline.
If you paid for daycare, after-school programs, or summer camp, those expenses can be submitted for reimbursement even if the service happened months ago.
First, debit cards tied to these accounts sometimes get declined, so you may need to submit a claim manually.
Second, receipts are required for many purchases, and missing documentation can turn a valid expense into a denied one.
Third, deadlines for submitting claims are often later than the spending deadline, so don't panic if you can't file instantly.
If you're staring down a balance with days to go, book that dental visit, refill prescriptions early, or order a box of eligible supplies.
Scheduling a quick eye exam is another easy way to use funds before they expire.
Just avoid buying things you'll never touch, since wasting money on unused items defeats the whole point.
Set a reminder on your phone right now if you haven't already.
Ten minutes of checking your balance and filing a claim could save you real money.
The bottom line: this is one deadline that actually costs you cash when you miss it.
Treat it like a bill that's due, not a suggestion.
Final Thoughts
A little planning before the calendar flips can keep your hard-earned dollars in your pocket instead of your employer's.