Financial tips for single-income families

(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, Consumer.gov has an entire website dedicated to helping Americans manage their money.

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