Most Americans Save Little to No Money

Findings from the Bankrate survey provide additional details:

“The average American has less than $5,000 in a financial account, a quarter to a fifth of what you should have. Those aged 55 to 64 who have retirement savings only carry $120,000 — which won’t last long in the absence of paychecks.”

Creative Ways to Save and Increase Money

Despite common financial plights, there are still plausible means for Americans to save money and prepare for retirement. Firstly comes cutting back on everyday living expenses. This can occur in many fashions, including but not limited to paying off debts, spending lesser amounts of money on miscellaneous items, and adjusting one’s lifestyle.

However, cutting back is often easier said than done. Those who cannot or would prefer not to downgrade their lifestyle have the option of increasing their earnings. Americans have many avenues of accomplishing the aforementioned goal. Freelance work, renting out rooms on Airbnb, or driving for Lyft or Uber are all viable options.