Sad Truth: Half of Respondents Can't Keep Up Lifestyle for a Month If They Lost Income, Reveals New CreditDonkey.com Survey

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Survey says half of respondents could not sustain their current lifestyle for a month if they lost their job or were faced with another unexpected hit to their income. Includes tips from the experts at CreditDonkey on how to live within your means.

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Just over half (51.4%) of respondents to a recent CreditDonkey.com survey could not sustain their current lifestyle for a month if they lost their job or were faced with another unexpected hit to their income.

“It’s an unfortunate reality that many Americans have not saved as much as they should to prepare themselves for an emergency, such as the sudden loss of a job,” said Charles Tran, founder of the credit card comparison and financial education website, which asked over 1,000 respondents if their lifestyle could withstand a major change to their income. “But, they very likely could be scaling back some of their spending as it is to give themselves some financial headroom if the unexpected occurs.”

For the full survey results, visit http://www.creditdonkey.com/lifestyle-income-loss.html.

CreditDonkey.com surveyed 1,062 Americans, age 18 and over, between April 1 and April 10, 2013. While the survey revealed 70.6% of respondents have cash left over after they pay their monthly bills, previous research by CreditDonkey.com shows that amount of cash is minimal: In a February 2013 survey, 55% said they are able to save less than $100 each month.

“The sad truth is many people may be living a lifestyle that's beyond their means,” said Tran. “There are only two sustainable solutions to this: make more money, or spend less. It's almost always easier to spend less.”

To help Americans get on the right track, CreditDonkey compiled “4 Easy Ways to Live Within Your Means.” This feature emphasizes ways for Americans to make small changes in their everyday lives that could have a lasting effect on their ability to put aside money for when they need it. “By mapping out a plan for how they will spend and manage their money, Americans can get better control over their finances and not worry how they will make ends meet every month,” Tran says.

Read the full survey findings at http://www.creditdonkey.com/lifestyle-income-loss.html.

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Charles Tran
CreditDonkey
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