CONTRIBUTING AUTHOR: Jay Geddie
Yes, you read that right. Daycare will PAY for our next trip to Europe.
I know, I know, many of you are probably waiting for me to tell you which daycare and how can you sign up right?
Well, I’ll tell you in two easy steps!
1. We take advantage of DCFSA.
This is also known as a Dependent Care Flexible Spending Account.
If you aren’t taking advantage of this, you should be. It’s a pre-tax benefit account used to pay for daycare, after school programs & even summer camp for your kids.
It allows a married couple to contribute $5,000 a year — and $2,500 if you’re single.
TLDR: They take out $5,000 (spread out evenly over 12 months) & tax you at a lower rate.
For example, when you receive your receipts from your child’s daycare, you submit them to your DCFSA carrier and they reimburse you.
On average it saves you $1,500 a year.
That’s $1,500 you can use to pay off a high interest credit card, invest, or in our case travel!
2. Our daycare accepts credit cards as a form of payment!
No big deal right? Wrong! Using our Capital One Ventures Card means we get to rack up on airline miles, which we in turn use for travel!
*If you use this method make sure you have a card that gives great rewards and make sure you exercise discipline to pay your credit card balance monthly.*
And well, that’s it… too easy right?
I’m sure we can all agree that paying bills are never fun, but if you can find a way to make them pay you back in some form, then why not?