Oregon residents are really good at budgeting, according to national study

PORTLAND, Ore. ( KOIN ) – Oregonians are really good at keeping their finances in line, according to a recent study.

Experts at WalletHub found that residents in the state are among the top 15 best budgeters in the country when ranked according to savings, credit, and debt.

“If you don’t carefully plan out and track how much of your income you can dedicate toward each of your expenses and other financial priorities each month, it’s easy for frivolous spending to get out of hand and prevent you from saving money, investing or even keeping up with your bills,” WalletHub analyst Chip Lupo said.

Oregon spenders claimed an overall rank of 13, but scored even higher for maintaining a good credit score — rising to no. 4 on the list for best credit-havers.

Residents also scored well for savings at no. 11, but took a hit for spending and debt habits that ranked no. 21.

The overall best budgeters in the country live in Hawaii, which ranked first for high savings and low debt. However, the state has a worse credit ranking than Oregon, which dipped to no. 31.

Mississippi was ranked as the worst-budgeting state in the country and came up last in all categories.

“Not having a budget sets you up for financial failure,” Lupo said. “Unfortunately, many people were never taught how to budget, so states should strongly consider requiring instruction on budgeting in schools.”

The best budgeters, by state:

1. Hawaii
2. Washington
3. Massachusetts
4. Rhode Island
5. Wisconsin
6. Minnesota
7. New Hampshire
8. California
9. Vermont
10. Connecticut
11. South Dakota
12. New Jersey
13. Oregon
14. Virginia
15. North Dakota

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