When it comes to building wealth, some of the best opportunities aren’t about earning more—they’re about not leaving money on the table.
There may be no such thing as truly free money in this world, but some financial opportunities could be close. Whether it’s an employer benefit you didn’t realize you were missing, or a tax credit you didn’t know you qualified for, these benefits can add up.
Here are 7 ways to make the most of money that may already be within your reach.
1. Health savings accounts (HSAs)
HSAs come with a triple tax advantage: You can contribute pre-tax dollars, pay no taxes on earnings, and withdraw the money tax-free now or in retirement to pay for qualified medical expenses. That means if you pay qualified medical costs out of an HSA, the money you take out is tax-free.1
Because an HSA is one of the most tax-efficient savings options currently available, you may want to consider contributing the maximum allowed and paying for current health care expenses from other sources of personal savings. If you really want the power of HSA compounding to work for you, don't tap into it unless necessary, and consider investing it for long-term growth potential.
One key to being able to use an HSA is that you must be enrolled in an HSA-eligible health plan at work or in the private and public marketplaces. If you are, then you should consider if it makes sense to contribute to an HSA.
Learn more about HSA annual contribution limits and eligibility rules, and about 5 ways HSAs can help with retirement.
2. Flexible spending accounts (FSAs)
FSAs let you set aside pre-tax dollars to pay for qualified medical and dependent care expenses. While they don’t offer the same long-term potential benefits as HSAs, they can still help you save on taxes.
One key difference is that FSAs are generally “use it or lose it,” meaning you need to spend the funds within the plan year (though some plans offer a short grace period or allow a small carryover). Another key difference is eligibility: Whether you can enroll in an HSA depends on your health insurance. Whether you can enroll in an FSA depends on your employer, and whether they offer it as a benefit.
Note that while you can’t contribute to an HSA and a health care FSA in the same year, you can contribute to an HSA and a dependent care FSA and limited purpose FSA in the same year. Learn more about HSAs vs. FSAs.
3. Your 401(k) match
If your employer offers a 401(k) match, it may be one of the most powerful ways to boost your retirement savings—essentially free money added to your account. This money is intended to help encourage you to keep saving, but it’s really also part of your compensation.
However, many employees miss out on some or all of this compensation, by not contributing enough themselves to capture the full match. How much you have to save to capture the full match depends on the matching formula your employer follows.
For example, suppose an employer uses this formula: They match dollar-for-dollar until you've contributed 3% of your salary. Then they match 50 cents of every dollar up to another 2% of your salary. In that case, you would need to contribute a minimum of 5% of your salary yourself in order to get the full match.
Ideally, Fidelity suggests trying to save 15% of your pre-tax income each year toward retirement (including any employer contributions). If that goal is out of reach, try to start by saving enough to capture the full amount of any match. If you’re not hitting that threshold, you’re leaving money on the table.
4. Employee stock purchase plans (ESPPs)
An ESPP is a plan that lets you buy your company’s stock on a set schedule with payroll deductions.
Even if investing in your company doesn’t rank high on your to-do list, it’s worth your while to research the terms of your plan, because ESPPs often come with features that function similarly to an employer match.
Specifically, many ESPPs allow employees to buy their company stock at a discount—often 15%—which means employees may earn a return even if they don’t hold their company stock for the long term. Another common feature is called a “lookback,” which lets employees purchase shares at the lower of the price at the beginning or end of the purchase period. Some plans offer a company match—either matching a portion of the dollars you contribute to your ESPP or matching a portion of the shares you purchase.
Many plans even offer more than one of these features, potentially compounding the benefits of participating.
Of course, there are tradeoffs and potential tax implications to understand before participating, and accumulating a lot of your employer’s stock can potentially leave you with too much in one investment, which can be riskier than investing in a diversified portfolio. So it’s important to do your research before you enroll. Learn more about what ESPPs are and how they work, plus how to evaluate if participating in your ESPP is worth it.
5. Tax credits
Tax credits are generally more beneficial than tax deductions because they directly reduce your tax liability dollar for dollar, while deductions only reduce your taxable income. Common examples include the Child Tax Credit, the Child and Dependent Care Credit, the Saver’s Credit (for low- to moderate-income retirement savers), and the American Opportunity Tax Credit.
Many people miss out on credits simply because they don’t know they qualify. It’s worth reviewing your eligibility each year—especially if your income, family size, or employment situation has changed. With recent tax law changes, it may be particularly important for taxpayers to double check what they may be entitled to for the 2025 tax year.
6. Other workplace benefits
Beyond retirement and health accounts, many employers offer additional benefits—such as freebies or reimbursements—that could put more dollars into your wallet. These might include commuter benefits, tuition reimbursement, gym benefits, or help with paying off student loans.
Even if you haven’t changed jobs, consider re-reviewing your full benefits package every year during annual enrollment, or even a few times a year. Your employer could have changed or added new benefits since the last time you checked. Or your routines and needs might have changed—meaning some benefits that previously weren’t relevant to you now are.
Find out about 4 ways employer benefits can help you save money.
7. Rewards credit cards
Used wisely, rewards credit cards can turn your everyday spending into cash back, travel points, or other perks and freebies. The key is to choose the right card that matches your spending habits and the types of perks and rewards you’d like.
To maximize the benefits you get out your rewards card, you’ll want to understand how you accumulate rewards, what types of spending can earn you bonus rewards, and how you can redeem your rewards for cash back, travel expenses, or other benefits. And of course, you’ll want to pay off your balance in full each month and be aware of any fees. Otherwise, interest and other charges can quickly outweigh the benefits.
Learn more about finding and making the most of rewards cards.