A method and system for extending the life span of a flash memory device. The flash memory device is dynamically configurable to store data in the single bit per cell (SBC) storage mode or the multiple bit per cell (MBC) mode, such that both SBC data and MBC data co-exist within the same memory array. One or more tag bits stored in each page of the memory is used to indicate the type of storage mode used for storing the data in the corresponding subdivision, where a subdivision can be a bank, block or page. A controller monitors the number of program-erase cycles corresponding to each page for selectively changing the storage mode in order to maximize lifespan of any subdivision of the multi-mode flash memory device.