Drafted on November 12th 2015
Today was my little munchkin's first day of school! I was super excited for her to start this new experience because I felt it was overdue. For the past three years, she has been under the care of my aunt. Recently, we could just see that she was bored and craving for more. I have been wanting to enroll her in daycare/school because I know there was so much to learn but the funds weren't there. I've been researching daycares and the average is approximately $140-$160/week for part-time (three days a week).
My employer offers this payflex dependent care option that I enrolled in. This option is pre-taxed and allows the money to be deducted from each paycheck. The accumulated funds is put into a bank and you must file for reimbursement each time you make a payment for tuition. The only downside is that you have use all the funds in the calendar year. This year, I was only contributing $20 per pay period. Therefore, I only was only recently able to file for reimbursement. However, with the new year approaching and open enrollment, I was able to adjust the amount being deducted from my account.
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