With inflation, a housing crisis, and wage stagnation, budgeting isn’t easy for many Americans. And in some cities, residents are having particular trouble.
WalletHub tried to figure out where people were the best and worst at budgeting by looking at data. It compared the 150 most populous cities, plus two of the most populous cities in each state, looking at spending, debt, credit, and savings across a variety of metrics. It also compared bankruptcy and foreclosure rates, total non-mortgage debt, credit utilization rates, percentage of unbanked householders, average credit scores, delinquency rates, and much more.
“Creating a budget is essential because it helps you avoid overspending and enables you to meet your financial goals like paying off debt, building an emergency fund or saving for retirement,” said WalletHub analyst Chip Lupo. “Budgeting can also improve your credit score by helping you develop responsible financial habits, and can make it easier to catch fraud.”
Continue reading to see which cities have the best budgeters — and which have the worst.
