FOX 9 - The financial website, WalletHub, conducted a survey to see which states had the highest share of residents with the best budgeting skills. Here's how some states across the Midwest fared in the rankings.
Minnesota ranks at no. 7 for best budgeters; no. 1 for best median credit score
Local perspective:
Minnesota fared well overall in the financial department, according to WalletHub's rankings. The state placed seven out of all 50 for best budgeting with a total score of 73.31.
Minnesota was scored at 13 for spending and debt, two for credit and two for savings.
When it comes to the median credit scores across the country, Minnesota leads the pack, ranking as the highest median score in the nation.
The state also had the fourth lowest non-mortgage debt as a percentage of median earnings.
Wisconsin placed at no. 6 for best budgeters and no. 4 for best median credit score
Local perspective:
Wisconsin beat Minnesota by one spot for best budgeters in the country. The state was ranked as the sixth best for budgeting, earning a score of 74.02.
For Wisconsin's spending and debt rank, it was given a 10, while it was given a one for its credit rank and a 10 for savings rank.
Wisconsin also had the fourth-best median credit score in the U.S.
Where the rest of the country falls
By the numbers:
WalletHub ranked all 50 states for how well they budget. Below is a table showing where each state lies in their ranking.
Sticking to a budget
Big picture view:
Budgeting your finances can help you stay organized and ensure that you have enough money for necessities. It can help you build healthy monetary habits that can help you build your credit score.
That being said, many Americans have found it difficult in recent times to stick to budgeting as costs increase. According to a WalletHub survey, 83% of Americans who do have a budget cite rising costs as the biggest challenge to maintaining it.
The Source: This article uses information from a survey and study conducted by the financial website, WalletHub. The survey compared all 50 states across 12 key metrics, which ranged from the average credit scores there, debt-to-income ratios, as well as foreclosure rates. This story was written from Eden Prairie, Minnesota by Maureen Breslin.