How much money Americans have in their 401(k)s at every age

If your company offers a 401(k) plan, it can be an effective way to save for your future: You get tax benefits, the money is automatically taken from your paycheck before you have the chance to spend it and, often, companies offer a match, which is essentially free money.

Consistent contributions can even make you a millionaire. In fact, the number of Fidelity 401(k) accounts with a balance of $1 million or more recently hit a record of 180,000. These 401(k) millionaires are, “in large part, everyday people that are just taking advantage of that 401(k),” Katie Taylor, vice president of thought leadership at Fidelity Investments, tells CNBC Make It. “You don’t need to make a million to save a million.”

The average 401(k) balance, across millions of Fidelity accounts, is $103,700.

Not surprisingly, the account balances vary by generation. To give you an idea of how your retirement savings stack up against your peers, check out the average 401(k) balances in Fidelity accounts, broken down by age, as of the first quarter of 2019.

The data was provided to CNBC Make It by Fidelity, the nation’s largest retirement-plan provider.

How to use Amazon Family to save money on all the products your kids need

Insider Picks writes about products and services to help you navigate when shopping online. Insider Inc. receives a commission from our affiliate partners when you buy through our links, but our reporting and recommendations are always independent and objective.

Amazon FamilyAmazon Family Facebook


  • Amazon Family helps parents save cash on many of the items that come standard with childcare, from diapers to baby food and childproofing gear. 
  • An Amazon Family membership is free if you already have Amazon Prime, and signing up for Family only takes a minute. 
  • When you sign up for Amazon Family, you also get access to thoughtful product lists, informational articles, and recommendations from leading parenting experts. 
  • If you want help choosing the best products for your family, check out our parenting and baby gear buying guides.


My wife and I have been Amazon Prime members since 2006 and parents since 2013, but it wasn’t until 2018 that we started using Amazon Family.

The occasion that led us to start using the service was the birth of our second child. And in the year that we’ve taken advantage of the program, it has saved us plenty of money, but even more notably, it has introduced us to products and information that we might otherwise never have known about.

So what is Amazon Family?

Amazon Family is a free service as long as you already have a Prime membership (if you don’t, sign up here). It offers discounts on myriad baby and childcare products, like diapers, wipes, bottles, and so forth, and membership comes with email newsletters rich with information tagged to your child’s age. Expect an email with information on teething sometime around the 10th month.

Yes, Amazon uses Family to try to sell you stuff — you can definitely expect to see content promoting baby gates around the time your kid turns a year, for example — but it’s stuff you were almost surely going to buy anyway, and at the best prices out there.

Amazon Family offers product ideas and information for kids aged zero through 12 years. You’ll start off with curated product lists like “Jumpstart Your Nursery,” a collection including rocking chairs, changing pads, cribs, and so on, and before you know it, you’ll be clicking on “Gifts for 12-year-olds.”

Am Fam Product PageAmazon

How to set up Amazon Family


If you already have Amazon Prime, then you’re just a few clicks away from setting up your Amazon Family account. Or accounts, as the case may be. You can create a profile for several children, and when you go to your Amazon Family account page, you can toggle between the kids to see product ideas and information tailored to for their age (and gender, though that’s only questionably positive).

  1. Click this link to go to Amazon Family.
  2. Sign into your account or sign up for your free trial of Prime, which includes Amazon Family.
  3. You will be taken to a page with the headline: “Tell us about your little one to start receiving exclusive discounts, parenting tips via email newsletter, and more.”
  4. Enter the kid’s gender, birthday (or due date or anticipated adoption date — you can set up your Amazon Family account before the child even arrives), and, if you want, his or her name.
  5. Then hit the button that says “Explore Amazon Family” and you can start doing just that.

You’ll see an extensive “Top picks for your family” with products aplenty, you can browse among articles organized by age (they have titles ranging from “How to raise responsible kids” to “No teeth, no problem. Solid foods for little eaters“) and you can sign up for subscriptions to diapers, baby food, and other items you’ll need on a recurring basis, saving up to 20% in many cases.

Again, you were going to buy all this stuff and read all about babies and kids and parenting anyway, right? So why not just stick with Amazon like you do for everything else you buy, most of the shows you watch, the music, the groceries…

Sign up for Amazon Family here or sign up to try Amazon Prime here.

Join the conversation about this story »

See Also:


Here’s How Many U.S. Households Will Run Out of Money in Retirement

Saving too little for retirement is a major fear of most Americans, and studies have shown that more Americans fear insufficient retirement savings than fear death. Running out of money is indeed very frightening, as no one wants to be without the cash they need in their 70s and 80s. But how likely is it that you’ll actually run out of money during your retirement years?

Unfortunately, research from the Employee Benefit Research Institute shows there’s a pretty good chance that many Americans will run short of cash. In fact, the data about retirement savings shortfalls is startling. The good news is, if you know the risk of running out of money, you can take some steps to reduce the chances you’ll become one of the seniors with too little saved to see you through. 

Image source: Getty Images.

How many U.S. households are going to run short of money?

According to the EBRI Retirement Security Projection Model, which was developed in 2003 and has been updated numerous times since, an estimated 40.6% of all U.S. households headed by someone aged 35 to 64 are projected to run short of money during retirement. This is based on a database of 27 million 401(k) participants and IRA account holders. This seems like a whole lot of households are going to run short, but it’s actually a decline of 1.7 percentage points compared with the same model in 2014 — so things are getting a little better.

Sadly, for those families likely to run out of cash, the shortfall isn’t small. Even taking into account Social Security benefits, the aggregate retirement deficit for households headed by someone aged 35 to 64 is $3.83 trillion. Again, this is a slight decline from the $4.44 trillion shortage in 2014, but a shortage in the trillions isn’t good news for anyone.

When looked at on an individual basis, the data becomes even more worrisome. In fact, EBRI projected average retirement savings shortfalls of $12,640 for widowers, $15,782 for widows, $24,905 for single men, and $62,127 for single women. Those who live the longest will also be far worse off, with Americans expected to live the longest facing 10.2 times the retirement deficit compared to retirees with the shortest projected lifespans. 

This data should be worrisome to everyone, because even if you’re not one of the four in 10 Americans who will have thousands too little in retirement funds, your friends and neighbors are likely among this cohort — and having millions of broke retirees across the country isn’t exactly good news for the economy. 

How can you make sure your household won’t run out of cash?

With such large financial shortfalls, the best solutions would likely require systemic change — such as an increase in Social Security benefits to provide more income for retirees or policy changes that facilitate broader access to retirement plans, as EBRI found that eligibility for a defined contribution plan, such as a 401(k) or a 403(k), has a significant impact on the retirement deficit. For individuals 35 to 39 not eligible for a defined contribution plan now or in the future, the retirement deficit is projected to be $78,046 — which is more than five times the average retirement deficit of $14,638 that individuals with 20 years of future eligibility in a defined contribution plan face. 

In a time of political polarization, however, broad policy changes seem unlikely. If nothing changes, the only way you can make sure you’re not part of the 40.6% of households with a retirement deficit is to make sure you’re saving enough for retirement. You should aim to save at least 15% of your income, including any employer match available to you, to ensure you have the cash to support yourself during your senior years. 

The retirement deficit is a major problem

The EBRI data clearly shows Americans are woefully ill-prepared for a secure retirement. Large-scale changes are needed, but unless and until those are forthcoming, individuals need to make sure they’re prioritizing their own retirement savings and finding ways to put cash aside for the future.

If you don’t find a way to save, there’s a very serious likelihood you’ll be tens of thousands of dollars short of the retirement funds you need. To help you get started, check out our tips for increasing the total you’re saving for retirement to find some ideas to put away more cash for the future.

How to use Amazon Family to save money in 2019

My wife and I have been Amazon Prime members since 2006 and parents since 2013, but it wasn’t until 2018 that we started using Amazon Family.

The occasion that led us to start using the service was the birth of our second child. And in the year that we’ve taken advantage of the program, it has saved us plenty of money, but even more notably, it has introduced us to products and information that we might otherwise never have known about.

So what is Amazon Family?

Amazon Family is a free service as long as you already have a Prime membership (if you don’t, sign up here). It offers discounts on myriad baby and childcare products, like diapers, wipes, bottles, and so forth, and membership comes with email newsletters rich with information tagged to your child’s age. Expect an email with information on teething sometime around the 10th month.

Yes, Amazon uses Family to try to sell you stuff — you can definitely expect to see content promoting baby gates around the time your kid turns a year, for example — but it’s stuff you were almost surely going to buy anyway, and at the best prices out there.

Amazon Family offers product ideas and information for kids aged zero through 12 years. You’ll start off with curated product lists like “Jumpstart Your Nursery,” a collection including rocking chairs, changing pads, cribs, and so on, and before you know it, you’ll be clicking on “Gifts for 12-year-olds.”

Amazon

How to set up Amazon Family

If you already have Amazon Prime, then you’re just a few clicks away from setting up your Amazon Family account. Or accounts, as the case may be. You can create a profile for several children, and when you go to your Amazon Family account page, you can toggle between the kids to see product ideas and information tailored to for their age (and gender, though that’s only questionably positive).

  1. Click this link to go to Amazon Family.
  2. Sign into your account or sign up for your free trial of Prime, which includes Amazon Family.
  3. You will be taken to a page with the headline: “Tell us about your little one to start receiving exclusive discounts, parenting tips via email newsletter, and more.”
  4. Enter the kid’s gender, birthday (or due date or anticipated adoption date — you can set up your Amazon Family account before the child even arrives), and, if you want, his or her name.
  5. Then hit the button that says “Explore Amazon Family” and you can start doing just that.

You’ll see an extensive “Top picks for your family” with products aplenty, you can browse among articles organized by age (they have titles ranging from “ How to raise responsible kids” to “ No teeth, no problem. Solid foods for little eaters“) and you can sign up for subscriptions to diapers, baby food, and other items you’ll need on a recurring basis, saving up to 20% in many cases.

Again, you were going to buy all this stuff and read all about babies and kids and parenting anyway, right? So why not just stick with Amazon like you do for everything else you buy, most of the shows you watch, the music, the groceries…

Sign up for Amazon Family here or sign up to try Amazon Prime here.

Bright idea to save money

‘+

‘+__tnt.truncateStr(oAsset.title.replace(/(]+))/ig,””),iTextTrun,’…’)+’

‘+

‘+

5 Ways To Reduce Your Fear To Spend

Anyone who has ever quit smoking, gone on a diet, attempted to wake up earlier or exercise more often knows that re-programming our behavior is tough. The will to stop doing something that gives us pleasure in order to make us healthier, more fit or an otherwise better version of ourselves takes serious, ongoing effort. Our tiny, little pre-frontal cortex must use all its rational, forward-thinking strength to consistently overcome that brut and lover of immediate gratification, the amygdala. David meet Goliath.

To overcome the challenge of mastering a healthy behavior, we often employ simple thought processes or systems to help us make decisions. Whether it’s physical or fiscal health, we use certain rules or methods to help us achieve discipline. We avoid carbs or take up cross fit and in our financial life, we use techniques like making automatic deposits to saving, budgeting or paying ourselves first. It’s mostly a mental game to help us keep our hands off the donuts or the dollars in our savings accounts. If we find a financial system that works, we’re able to view certain dollars differently, as off-limits.

Putting a mental gate around our savings gets us into the habit of ignoring that money when we’re making spending decisions. We train ourselves to view only the non-savings dollars as part of the pot from which we can spend and our savings becomes an untouchable resource for down the road.

As we condition ourselves to save, the feeling of sacrifice can give way to more positive emotions. Rather than feeling constrained to spend, we might begin to feel the joy of watching our savings grow. We might gain a sense of pride or relieve a sense of insecurity. Our positive emotions encourage us to continue to save and reinforce the idea that our savings is ‘other’ money that it’s imprudent to spend.

Because limiting spending and actively saving are viewed as healthy financial behaviors, and because we receive emotional reinforcement when we do it, it often doesn’t occur to us that we might have to unlearn these habits at some point. With other healthy habits like diet and exercise, the goal is to maintain our disciple indefinitely but with saving, there comes a time when it is healthy to stop. Once we reach retirement, we are expected not only to stop accumulating but to open the gate around our savings and begin to use our money for living needs.

The subconscious assumption we make is that by the time we reach retirement, we’ll be willing to start spending our retirement money. We imagine that our financial planner will give us the green light to retire and our focus will seamlessly change from accumulation to decumulation. In reality, even if we’ve been told that we’ve saved enough and it’s ok to spend our assets, making a 180-degree shift in our thinking and behavior around saving and spending can prove much more challenging than we anticipate.

Particularly if we get a significant amount of pleasure or relief from watching our money grow, it’s tough to believe it’s ok to start drawing down our savings. After watching our account values go up, up, up our entire working life, the idea that our money will grow at a slower pace or even decline can feel very scary. In times of emotion, it’s even harder not to fall back on the systems that have provided us comfort in the past.

When we retire, we can no longer get comfort from making deposits to saving, so instead, we become vigilant about our withdrawals. Minimizing the outflows from our portfolios feels like a way to regain control and preserve the comfort we get from maintaining a high level of savings. We might limit our spending to just the essentials, foregoing things like travel, remodeling, buying a second home or a luxury car even when those purchases are an entirely affordable part of our financial plans.

So, how do we avoid such unnecessary sacrifices that could greatly diminish our quality of life? As part of our preparation for retirement, we can begin to grow our comfort level with spending. If we can slightly modify the way we think about money, we can start to understand the difference between financial discipline and austerity and start to see the positive side of spending our savings. The following exercises can help nurture that perspective:

Remember the good times.       

Recall the journey you took to grow your money. Think of a time or two when you had less money than you do now but still felt happy or peaceful. Identify what brought you joy in those situations.

Confirm what is safe.

Name five things that are good in your life that wouldn’t go away even if you had less money.

Keep your promises.

Think back to all the times you promised yourself that you would eventually reap the benefits of the financial sacrifices you made to save money. How would it feel to break those promises to yourself?

Imagine what could go right.

Consider the positive outcomes of spending money. Rather than focusing on the potentially negative consequences of spending, think about the good that could come from spending on something or someone you love.

Give it time.

It can take time, possibly years, to gain comfort around parting with our savings. Accept how you feel now and work to improve it a little at a time. Meet more frequently with your financial planner in the years surrounding retirement for support and reassurance.

With some time and attention, even those of us who are the most prone to financial worry can ensure a successful transition from avid saver to comfortable spender in retirement.

Meet the Female CEO Who’s Determined To Make Saving Money Fun

Long Game CEO and founder Lindsay Holden saw a problem in the way she and many other Americans think about saving money — namely, that the process of financial planning and saving isn’t “fun.” She wanted to change that by gamifying the way people save. Long Game is now one of the top financial apps, combining savings with a lottery aspect that allows players to win cash and cryptocurrency. Since its founding in 2015, Long Game has raised $2.6 million in funding, according to Crunchbase. 

Each week, GOBankingRates sets out to discover what makes the people behind top companies tick. We like to call this series “Best in Business” — and Holden really is one of the best. She told us how John Oliver inspired her business, how she measures success and ways that you can find (or build) your own dream job, too. Below, find our favorite moments from the story of how Holden launched such a successful venture.

See: These Female Founders Are Leading Their Companies to New Heights

A ‘Last Week Tonight’ Segment Helped Solidify Her Business Idea

For a while, I had been watching and questioning my own psychology around money — why is it so fun to gamble and so un-fun to plan and save? There was a moment when I was watching a John Oliver skit about the lottery that validated this human tendency: Over 60 percent of Americans play the lottery, and it’s a billion-dollar industry. I had learned about the idea of Prize-Linked Savings — which gives you chances to win a “lottery” for saving — and became really excited by the idea, and Long Game evolved from there.

I probably should have been more fearful about starting a company because running a startup is extremely challenging at times, but I was so excited by the idea and the potential that I can’t remember being afraid. I think this is part of why I like the lottery and gambling — I am more prone to focus on the upside, and not assign as much value to what could go wrong.

Check Out: 13 Women You Didn’t Realize Were Running Your Favorite Companies

But Not Everyone Was as Sold on the Idea as She Was

I was surprised by how polarizing the idea of Long Game is. Some people just didn’t get it, while other people loved it. It was challenging to find a bank that would back our app before we had any traction. I ended up reaching out to Blue Ridge Bank — who had one of the first Prize-Linked Savings accounts in the U.S. — and of course, they understood the idea and took a chance partnering with a startup.

Read: 15 People Who Turned Their Brilliant Ideas Into Profitable Businesses

She Hopes Her Company Will Revolutionize the Way People Save

Starting Long Game, I knew I wanted to work on something with a mission I felt great about. It was important for me to have a positive impact on the world.

Success is always a moving goal post, and we have a long way to go. But a cool thing that has been happening lately is that people know about Long Game already when they meet me or one of our team members. It’s starting to be a more known and loved company.

When we are able to say that people who use Long Game are economically better off than people who use traditional banking apps, that’s what I will consider success for our company.

Keep reading to find out the worst advice successful entrepreneurs have ever received.

More on Entrepreneurship

This interview has been edited and condensed.

This article originally appeared on GOBankingRates.com: Meet the Female CEO Who’s Determined To Make Saving Money Fun

First-grader starts lifestyle brand Kids Saving Oceans to raise money to keep beaches clean

WPTV is committed to Protecting Paradise. We are focused on environmental issues with a goal of helping to bring awareness to existing problems and search for workable solutions. Have a story idea? Email us at

paradise@wptv.com

ST. PETERSBURG, Fla. — Miles Fetherston-Resch loves sharks like many boys his age.

But unlike most 6-year-olds, he wanted to spend piggy-bank money to help protect sharks from poachers.

“I love everything in the ocean and I don’t want creatures to die,” says Miles. “My mom didn’t think $13 would do much, so we came up with Kids Saving Oceans.”

That’s right, the St. Petersburg first-grader ended up creating the conservation lifestyle brand.

Kids Saving Oceans

raises money and awareness through the sale of hats, T-shirts and stickers made from ocean plastics and other recyclables.

🌴

SPECIAL COVERAGE: Protecting Paradise 🌴

Proceeds go to environmental conservation foundations, including

Surfrider

and

Reef Check.

Miles started the project with his parents Libby and Jess Fetherston-Resch.

“We’ve has a really phenomenal response to this,” says Libby, a marine biologist. “People love seeing someone so young care about these things and having these conversations.”

Kids Saving Oceans also educates people about the need to reduce plastic use and waste in order to preserve the environment. It’s all pretty heavy stuff for a preteen to tackle.

Miles is also an avid beach cleaner. He is urging his friends and classmates to pick up trash along the shore and keep it out of the water. And keep all those sharks happy.

“It only takes a second,” Miles says.

Miles may be the size of a hobbit, but he’s living up to a famous quote from The Lord of the Rings: “Even the smallest person can change the course of history.”

Have You Heard Of This College Savings Plan?

If you, like most Americans, are concerned about higher education expenses for yourself or your loved ones, you’re not alone. College students use about 47% of parent and student income and savings to pay for college. But how families save for college varies widely.

Saving for college isn’t easy.

Getty

529 Plan Awareness Still Low

Less than a third of Americans had even heard of a 529 college savings plan, according to a study just released by Edward Jones. Their eighth annual 529 Plan Awareness Survey found that only 33% of Americans recognized 529 plans as an education savings tool. Not only that, this number has actually declined since the first survey was conducted in 2012, when 38% had recognized 529s for their intended purpose.

The survey also found only half of participants and those that recognized 529 plans also knew they can now be used for K-12 tuition expenses. The Edward Jones survey was based on over 1,000 phone interviews of U.S. adults 18 years and older from April 25-28, 2019. The margin of error was +/- 3.1%.

How Americans Save For College

The good news is that more Americans are saving. About 56% of parents reported saving for college in 2018 versus 50% in 2013, according to Sallie Mae. They’re also saving more; about $18,135 in savings in 2018 vs. $11,781 in 2013. How Americans save for college varies dramatically. Only about 40% used some form of tax-preferred account designed for the purpose of college savings, such as a 529 or Coverdell. The remainder saved in a checking account, CD, investment account, insurance product, or savings account.

How parents that are saving for college allocate those assets varies dramatically.

SallieMae

Not using a tax-preferred college savings account costs Americans. Morningstar estimated Americans forego about $237 billion in savings by not using 529s or Coverdell Education Savings Accounts as part of their college savings plan. There are only about $329 Billion invested in 529 savings and prepaid plans, according to the College Savings Plans Network, meaning parents are leaving a lot of money on the table by not using more tax-efficient investment vehicles to save for college.

Why Aren’t Americans Using 529 Plans?

Respondents to the Edward Jones survey rely heavily on the idea that they will fund college through scholarships (35%), federal or state financial aid (33%), and private student loans (20%).

“By relying on strategies that aren’t necessarily guaranteed… Americans leave themselves vulnerable,” said Edward Jones Principal Kyle Andersen. “The numerous tax benefits, investment growth potential and flexibility of a 529 plan make it a valuable investment vehicle for parents saving for their children’s future education costs.”

It’s not that parents don’t want to save, it’s that many feel they cannot afford to do so. A survey by Student Loan Hero found 40% of parents surveyed still have student loan debt of their own, and that 44% felt guilty for not saving more. There simply isn’t enough money left to save for their own children’s college education when they’re paying off their own debt and saving for retirement.

529 Providers Working On Awareness

529 plan providers are working hard to increase awareness and educate parents about the benefits of using the plans for college savings. In March, the College Savings Plans Network launched a national awareness campaign in partnership with Fred Rogers Productions to bring a more consistent message about college savings to parents. The campaign spots air before and after episodes of Daniel Tiger’s Neighborhood, and introduce unified branding, videos, promotional materials, and a landing page (https://529forcollege.com/) to help educate parents.

29 states collaborate to promote college savings.

College Savings Plans Network

Many states and 529 service providers, such as financial professionals like Edward Jones, are also hosting events for May 29th, a date matching that of its respective savings vehicle (5/29). Oklahoma, for example, is hosting a chance to win $5,529 towards an Oklahoma College Savings Plan. Vermont will award babies born at Southwestern Vermont Medical Center (SVMC) on May 29 a $100 deposit into Vermont 529 college savings accounts. Contact your respective state 529 sponsor to see if your state is hosting any promotions of its own.

How to Save for an Expensive Plane Ticket

A recent study found that 74 percent of Americans go into debt in order to travel. I’m not surprised; between the rising costs of airfare, eating out, and extracurricular adventure activities, it’s easy to go over budget.

But what if you could trade your talents for travel around the world without shelling out your savings? That’s part of the strategy Abbey Ley, 33, employs to visit international destinations like Switzerland, Bali, and Australia. A freelance graphic designer, illustrator, and animator, she makes around $50,000 per year, a good chunk of which goes toward taxes, retirement, student loans, and business expenses. A few years ago, Ley started using her talents to afford travel while staying within her strict budget. Here’s what we all can learn from her process. 

Outside: How do you manage your freelance income and your savings?
Ley: I keep an active text document on my computer where I track my monthly bills and review it every few days. I have most of my monthly bills on auto-pay, so I never have to worry about late fees. For larger payments, like my student loans, I mark the withdrawal date in my calendar so I make sure to have enough funds in my account. In that same doc, I keep track of active clients and the amounts of projects affiliated with each one (when the deadline is and when I expect to be paid). To project monthly income, I total those up, but it often fluctuates; sometimes clients will put projects on hold or I’ll receive payments later than expected. Since my income is so inconsistent, I keep an emergency fund in savings, where I accrue 2.2 percent interest as long as my balance is at least $2,000. This is the fund I typically draw from for my travel adventures.

How did you get started on your current career path?
Early on in my career, a few years after moving to New York City, I worked as the art director for Wanderlust, a series of yoga, wellness, and music festivals. The events take place at different mountain resorts across North America, and traveling was an incredible perk of the job for most of the staff. My job designing, though, didn’t require me to work on-site at the events, so I had to get creative to make a case for my travel expenses to be covered. I took on the role of organizing teams of photographers at each event, took lots of photos myself, and helped run our social-media accounts. I didn’t get paid extra for doing this work, but getting to travel made it worth it. These experiences solidified my love for travel, and I realized that working on the go with a laptop thrilled me much more than sitting in an office. A few years later, I saw a listing to intern abroad in Switzerland for three months as a designer, and I jumped at the opportunity. The pay was low, but I saw value in having flights and housing paid for. The hours were full-time, but I took on freelance projects alongside the job in order to fund adventure-filled weekend trips all around Europe.

travel
(Abbey Ley)

What money-saving tricks or tips did you use on your recent trip to Bali and Australia?
I originally planned the two-week trip to Bali because my friend owned a meditation and yoga-retreat center in Bali, and she let me stay there for free in return for branding and graphic-design help. I traveled in late January and February, which is the off-season, so flights were much cheaper than they would be in the summer. I also stayed with a friend in Brisbane, Australia, so that took care of lodging expenses. When I wasn’t hosted, I booked lodging via Airbnb. Homestays in Bali are very affordable in comparison to the U.S., so I was able to stay in a few beautiful places for about $30 per night. Food is also pretty cheap (and delicious) in the country. 

Australia is more expensive, so while staying with my friend in Brisbane, I shopped at the farmers’ market and grocery store and utilized his kitchen to cook meals instead of going out all the time. When I left Brisbane to explore Melbourne and Sydney on my own, I booked my own room in shared Airbnbs (and made some great new friends). I also stayed outside the central business district in areas that were less expensive. One money-saving idea that I decided to do a bit last-minute was to take an overnight train from Melbourne to Sydney, which saved me a night of lodging. Even though I didn’t book a sleeper car, I was still able to get some decent shut-eye.

What tips would you offer someone who wants to figure out how to use their talents to trade for travel?
There are so many careers that can be done remotely and so many opportunities to travel for work. You probably have a skill or two that is worth value to someone else, if you think about it. Figure out what you’d most like to do, and research to find out all you can about it and the location you want to travel to. Reach out to people who are doing or have done what you want to do, and ask them questions. For women, there’s a Facebook group called Girls Love Travel that has been a great resource for me.

Save up in preparation for your trip, especially if you are trading your services or volunteering in exchange for travel. When agreeing to trade or volunteer your time, be realistic about the duration of time you can commit to. If you’re able to take on paid work while trading or volunteering, that will help. If not, look for opportunities that provide something of value to you (travel, housing, or meals).

Is there anything we can do from home to prepare for a long trip?
I always cancel subscriptions I don’t use or can live without. Trim is a great mobile app to help with this. Before I go on vacation, I try to double down on the number of meals I make at home. (I always save a surprising amount of money not going to restaurants.) I try to do this on the road, too.  

Finally, I rent out my Brooklyn apartment on Airbnb while I’m gone, even if it’s just for a couple weeks. For my Bali and Australia trips, I hired a friend who lived in my building to check on the place between guests. It took a good amount of communication and maintenance, but we figured it out in the end, and in addition to the extra income, I liked helping facilitate other people’s travel.

More and more Americans are side hustling to make extra cash. Here’s some ideas

CLEVELAND — Why wait around for a raise? 4 in 10 Americans are side hustling, according to bankrate.com. More and more people are generating a second source of income from home.

Jason Butler used to be a full-time financial aid adviser at a university but he needed some extra cash. Butler decided to open up his own E-Bay store.

“I had to figure out what I knew and I knew a lot about sports. So one of my first big flips was selling a Dwayne Wade Miami Heat Jersey. I found the jersey in the thrift store for $3 and it sold literally two days later for $45 dollars since then I was hooked.”

Bankrate.com found side hustlers make $686 dollars a month, on average. The most popular at-home jobs include: home repair, landscaping, online sales, crafts and child care.

RELATED:

Too busy for couponing? Try these money saving apps instead

These days, quite a few people are renting out their cars too on sites like Getaround or Turo. Rodrigo Correa makes anywhere between $2,000 and $5,000 a month by renting out a fleet of his personal vehicles.

“If you can rent the car half a month, you’ve already paid for your car,” he said.

Some other side hustles ideas:

Public Notary: people report earning up to $2,000 a month overseeing mortgage signings.

Dog sitting:

Rover

is one of the most people services being used.

Jury Duty: You can make $20 to $60 on sites like

OnlineVerdict

and

eJury.

Lawyers are preparing for cases use the sites and let you become an online juror for mock trials.

Professional friend: You can rent yourself out to be someone’s friend on sites like

Rent-A-Friend

. You can make anywhere from $20 to $50 by giving advice, doing fun activities or taking trips with strangers.

RELATED:

Here are apps that help you save money with little to no effort

8 simple tricks for saving more money | Lifestyles | journalstar.com

Thanks for being a subscriber.

Sorry, your subscription does not include this content.

Please call 877-760-6006 to upgrade your subscription.