Financial tips for single-income families

63% of Americans live paycheck-to-paycheck

(InvestigateTV) — A joint study by PYMNTS and LendingClub found that about 19% of U.S. households operate on a single income.

The study also found 23% of households that live paycheck-to-paycheck and have trouble paying bills are single-income households.

Financial experts recommend taking the following steps if you’re family relies on just one source of income:

Create an emergency fund: Emergency funds are vital to good financial health. The Consumer Financial Protection Bureau (CFPB) can help people get started.

Create a budget and stick to it: There are many different methods of personal budgeting, from the 50/30/20 rule, envelope system, zero-based budgeting, and many more. Ally Bank has an online quiz to help determine personal budget style.

Tackle credit card debt: The typical amount owed on credit cards by people with balances is $7,279 according to Lending Tree. NerdWallet has a four-step guide to paying off credit card debt.

Optimize income tax withholdings: Experts agree consumers are better off receiving more money in each paycheck rather than one large income tax refund. The Internal Revenue Service (IRS) has a guide on setting or changing tax withholdings.

For further information, has an entire website dedicated to helping Americans manage their money.

Rachel DePompa

Rachel DePompa

Rachel DePompa is Director of Investigations and a mid-day anchor for NBC12.