Medical Savings Accounts

Budgeting

The basics of personal finance start with budgeting. If you spend less than you earn and budget for expenses, you will be well on your way toward financial success. Learn how to manage a budget of your own.

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News

Stay current on all the financial news you need to make better decisions for your wallet. Being in the know about decisions from the Fed and the government can influence how you spend and save.

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Checking Accounts

A checking account is a vital tool. It enables you to safely deposit your money in an account that you can easily access by using checks or a debit card. Find out why no financial plan is complete without one.

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Credit Unions

Credit unions are financial institutions that offer products similar to banks, with a few differences. Credit unions are member-owned, democratically run financial cooperatives. Learn more here.

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Understanding Medical Savings Accounts

number of benefits, including tax breaks for those with hefty medical expenses. With a medical savings account, you can make tax-deductible deposits and withdrawals used for medical expenses. For individuals with recurring medical expenses or those anticipating more trips to the doctor’s office, a medical savings account is a great resource.

You can contribute a portion of your paycheck to a medical savings account, which is typically part of your employer-sponsored health insurance. Additionally, you can create an account and make deposits on your own. To avoid losing money, you must use all the money in your account before the end of the year, so make sure you deposit only as much you expect to use. Read articles about medical savings accounts on GOBankingRates to learn more.