Savings tips for single-income families

Savings tips for single income families

RICHMOND, Va. (WWBT) - Not every family has two working parents, especially in this crisis. Many out there have only one paycheck coming in.

Experts say the most important step you can take if you are a single-income family is to start an emergency fund.

If you just set aside $20 a week for a year, you’ll have $1,004 in the bank.

You never know when an emergency will strike and the last things you want to do is dip into your already stretched-thin paycheck.

Work on a budget and start cutting costs. Get rid of subscriptions or streaming services, lawn care services. Every little bit you cut out of a budget helps.

Make it a priority to tackle any credit card debt right away.

Look at your income tax withholding to see if it can be adjusted so you get more back each paycheck. It means no big tax refund at the end of the year, but you can probably use that money now rather than later.

Don’t eat out, pack your lunch. You’d be shocked how much you save if you bring your lunch just four days a week.

Copyright 2020 WWBT. All rights reserved.