Unlock 7 Hidden Sources of Free Money Most People Forget to Claim

Almost 3 in 10 workers leave their employer’s full 401(k) match on the table, according to Empower. That’s just one of several ways unclaimed money can quietly pile up—in tax credits, workplace perks, and benefits accounts that expire at year’s end.

None of these require extra income or a lucky break. You just have to opt in.

1. Max Out Your Health Savings Account (HSA)

If you have a high-deductible health insurance plan, you can pair it with a health savings account (HSA). Contributions come from pretax payroll deductions, which lowers what you owe in taxes.

Your money grows tax-free, and withdrawals for qualified medical expenses—co-pays, medical equipment, eligible services—are also tax-free. The Internal Revenue Service sets contribution limits each year and adjusts them for inflation.

Other HSA perks worth knowing:

• Your employer can also contribute to your HSA.
• You can invest money in your HSA in assets like stocks, bonds, and more, the same way you would with a retirement account.
• Investing annually in an HSA allows you to take advantage of compound growth.
• Any unused money can be rolled over to the next year.
• If you change jobs or health plans, you can take your HSA with you to your new employer.

That triple tax advantage—deductible contributions, tax-free growth, tax-free withdrawals—makes an HSA one of the best savings accounts available.

2. Use Your Flexible Spending Account (FSA) Before It Expires

A flexible spending account (FSA) is an employer-sponsored benefit that lets you save pretax dollars from your paycheck for qualified healthcare and dependent care expenses. These include out-of-pocket costs like deductibles, co-pays, coinsurance, and certain drugs. Your employer may also contribute to your plan.

Because FSA contributions are pretax, they lower your taxable income. Withdrawals are also tax-free as long as they cover qualified medical expenses outlined by the IRS.

A few rules to keep in mind:

• You can’t use an FSA with a marketplace health insurance plan. (You can use an HSA with a marketplace plan, though.)
• The IRS sets and adjusts FSA limits annually for inflation. Some employers can set lower limits for their own plans. Married couples can contribute to their own plans to meet a combined household limit.

In most cases, you must use FSA funds within the plan year. Unlike an HSA, leftover cash typically cannot roll over—so plan your contributions carefully.

3. Don’t Miss Your 401(k) Match

A traditional 401(k) lets you save pretax money from your paycheck, lowering your taxable income and your tax bill. (A Roth 401(k) works differently: you pay taxes upfront on contributions, then withdraw funds tax-free in retirement once you’re 59½ or older.)

The IRS caps annual 401(k) contributions and adjusts the limit for inflation each year. If you’re 50 or older, catch-up contributions let you stash away even more.

Many employers match your contribution: when you put in a percentage of your salary, your company matches it up to a certain amount.

For example, your company might offer a 100% match on the first 3% of your salary. So if you earned $50,000 and contributed 3% of your salary to your 401(k), your employer would also contribute 3% ($1,500). Note that matching contributions are capped—so if you contributed more than 3%, your company would still contribute 3%. If you contributed 2%, your company would contribute 2%, and so on.

Factor the employer match into your contribution strategy. A common benchmark: aim for at least 15% of your salary going into your 401(k). If your employer contributes 3%, you’d want to contribute at least 12%.

On a $50,000 salary, that 12% contribution adds $6,000—plus $1,500 from your employer, totaling $7,500 a year.

4. Evaluate Your Employee Stock Purchase Plan (ESPP)

If your employer offers an employee stock purchase plan (ESPP), it’s worth a look. An ESPP lets you buy company stock at a discount—typically 5% to 15% off the market price. Here’s how it works:

1. Determine how much you’d like deducted from your paycheck.
2. The company deducts after-tax dollars from your paycheck through payroll deductions.
3. The stock is purchased on a set date at the discounted price.

Some companies require you to work for at least one year to qualify.

Many plans include a lookback feature, which bases the discount on the lower of the stock price at the start or end of the offering period, potentially giving you an even better deal.

Just be sure to diversify your holdings beyond company stock. And review ESPP holding periods and tax rules before selling any shares, so you’re not surprised by a higher-than-expected tax bill.

5. Check for Hidden Workplace Perks

Your benefits package may include perks you haven’t claimed. Look for the following:

• Educational benefits: Some companies offer tuition reimbursement, scholarships, and stipends. You can use these to fund and further your professional development.
• Commuter benefits: Your company may grant you money to cover the cost of public transport, parking, or rideshare services.
• Health and wellness benefits: Use these to cover things like meal allowances and gym memberships.

Many of these perks require annual enrollment or reapplication, so check with HR each open enrollment period.

6. Claim the Tax Credits You’re Eligible for

Tax credits pack more punch than deductions because they directly reduce the tax you owe, dollar for dollar. Some of the most common (and most overlooked) tax credits include the following:

• Earned Income Tax Credit: You can reduce your tax liability and potentially increase your tax refund if you have a low or moderate income.
• Saver’s Credit: A credit for low- and moderate-income retirement savers.
• Child Tax Credit: Reduces your federal tax bill for each qualifying child.
• Child and Dependent Care Credit: Covers a portion of child care or dependent care costs for working parents.
• Home energy tax credits: Covers qualifying energy-efficient home improvements.
• Educational tax credits: The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) offset tuition and education costs.

Your eligibility depends on income level and filing status, and this isn’t an exhaustive list—so review IRS guidelines or consult a tax professional to make sure you’re not leaving money on the table.

7. Make the Most of Rewards Credit Cards

A rewards credit card earns you a percentage of your spending back as cash, points, or miles on everyday purchases. Some cards offer a flat rate on all purchases; others use tiered categories—say, 3% on groceries, 2% on dining, and 1% on everything else.

New cardholders can often snag a sign-up bonus by meeting a minimum spending threshold within the first few months.

One critical rule: cash back only works in your favor if you pay your balance in full every month. Carry a balance, and the interest charges will wipe out whatever rewards you earned. Also note that some issuers cap earnings on tiered or bonus categories.

The Bottom Line

Workplace benefits, tax credits, and rewards cards add up faster than most people realize. The common thread across all seven: you have to opt in. Review your benefits enrollment, check your tax credit eligibility, and make sure you’re not leaving money unclaimed.