Still struggling to budget like a boss? You might want to ask a Minnesotan for some helpful hints.
In a recent WalletHub ranking of the cities with the best budgeters, Minnesota metro areas claimed four out of the top ten spots.
In fact, the Midwest overall made out well, boasting eight out of the ten best towns.
The report, which analyzed 150 locales, used a number of key money metrics to generate the rankings—including citizens’ emergency funds, non-mortgage debt, and the percentage of their income going toward housing costs.
So why did those who live in the Land of 10,000 Lakes earn high marks?
According to the report, the Moorhead, Minnesota/Fargo, North Dakota metropolitan area napped WalletHub’s top spot thanks to its citizens’ high credit scores, low foreclosure rate and number-one ranking when it comes to savings.
Towns in neighboring Iowa and South Dakota helped to fill out the rest of the rankings, due to similar factors. The only regional outliers on the best-of list were the Boston area, at number five, and—surprisingly enough—San Francisco, in part, because of its citizens’ comparatively low debt loads.
On the other hand, WalletHub found Georgia to be home to five out of the ten worst budgeting cities—although Jackson, Miss. landed in last place, with the worst debt and spending stats in the country.
Still, money missteps aren’t restricted to just one region.
According to The National Foundation for Credit Counseling, a full three out of five American adults don’t currently keep a budget. And as many as 14% fess up that they can’t even estimate how much they spend on monthly necessities like housing.
Ready to make like a Minnesotan—and better manage your money? Start by building a budget with the one-number strategy.