The new Debt.com survey reveals that more people than ever used a budget in 2021.
The survey of more than 1,000 Americans found that 80% of people do budget. That is up from only 68% in 2019. Plus, 88% of those budgeters said it got them or kept them out of debt.
“It’s astonishing that something as simple as picking up a pen and paper and writing down your expenses can get you out of debt,” said Debt.com chairman and CPA Howard Dvorkin. “It can’t hurt you to budget, but it can definitely hurt you if you don’t.” Half of those who said they don’t budget also said they don’t have debt.
Other survey findings include:
- 88% said everyone should budget.
- Over 60% said they prefer pen and paper while 9% use apps for budgeting.
- 40% said that it’s a “family affair” and the household works together to stay on budget.
- 62% said they will save throughout the year for the holidays compared to 33% in 2019.
Debt.com President Don Silvestri is hopeful that Americans will stick to the budgets they’ve created.
“Budgeting is fundamental if you want to live a debt-free life. That’s why alongside all the solutions that we offer to pay off debt, Debt.com also connects people with tools that help them budget. So, once we help someone get out of debt, they can stay that way.”
The news isn’t all good. Three out of ten (34%) of non-budgeters say they don’t earn enough to use a budget. However, Dvorkin says budgeting can help you find ways to save money.
“Things like subscription fees and eating out don’t seem expensive in the moment, but you see how much they add up when you’re tracking them over a full month,” he said. “That’s the best thing about budgeting — it’s free and effective.”
Edited by Maryssa Gordon, Senior Editor, Price of Business Digital Network
