DEFINITION of 'Flex Dollars' 1. A local electronic currency used by some universities to facilitate students' purchases of food and snacks under the school's meal plan. Flex dollars are usually intended for in-between-meal food purchases; meal purchases are generally covered by a separate component of the overall meal plan. 1. A local electronic currency used by some universities to facilitate students' purchases of food and snacks under the school's meal plan.  Topics What's New