Survey: More than two-thirds of Americans are not budgeted. Here’s why you should and how you can save more

Budgeting is the equivalent of eating vegetables. It may seem uncomfortable, but even harsh, but it is ultimately good for your financial health.

Budget preparation is also not popular. Bankrate’s latest Money and Mental Health Survey shows that less than a third (29%) of Americans who reviewed their budgets over the 30 days from mid-February to mid-March confirmed their budgets.

“Few people like to track their spending and itemize every dollar they spend.

When it comes to budgeting using the system, Cates suggests that the simpler the better. Here’s why making a simple budget and reviewing is worth your time: And here’s how to develop something that works for your financial needs:

Bankrate’s investigation collapse

Bankrate’s Money and Mental Health Survey found that higher-level education Americans likely considered their budgets.

Four out of ten (38%) (38%) (38%) (38%) of 10th grade university degrees said they reviewed their budget 30 days before the Bankrate survey conducted in mid-March.

This percentage was lower for those with a university or second year degree (30%). At best, respondents with a high school degree (23%) were the group with the lowest budget.

Track your spending

Budgeting is the act of tracking how much money you have, but there is also the unpopular task of tracking your spending. According to a Bankrate survey, about a third (34%) of survey respondents tracked their spending from mid-February to mid-March.

Why do you have time to make a budget?

Lauren Zangardi Haynes, CIMA of Spark Financial Advisors, doesn’t just save money. “Most people are better off managing their spending if they don’t see much money in their bank account. That is, if you plan to transfer what’s left in your check account to save money at the end of the month, you set yourself up for failure,” says Zangardi Haynes.

Budgeting helps you determine exactly what amounts you can save each month. That way you can save more. Knowing what you are spending your money and how you spend it will help you determine how much you need to save to achieve your financial goals. Lessons here: First pay yourself and pocket in your savings account.

Budgeting doesn’t have to be a difficult task. That’s three things:

• Direct deposits to another account
• Identify spending limits
• Recognize your spending and saving habits

Budgeting helps you save more

Budgeting will help you plan where you want your money to advance. This will help you deliberately spend your money, whether it’s to help you get closer to achieving your financial goals or spend money on purchasing future products and services you cherish.

Zangardi Haynes says one of the underrated benefits of budgeting is how it helps you change your perspective. She says often when people are focusing on budgets, they are focusing on what they’re doing wrong.

“Building savings in your budget or spending plan will help you start to change your mindset, from someone who doesn’t manage your money well to someone who is responsible for you and can create financial security for yourself,” says Zangardi Haynes.

On the other hand, not budgeting, you just need to get in your car and drive to a new location with no directions, hoping to go to a new location.

How to create and maintain a simple budget

Budgeting is a financial activity that more people should do, says Cates.

“It’s essential in a way that structures your income and spending and understands where your money is heading, but you don’t have to do a small dollar and cent deal on what you bought for your coffee this morning,” says Cates.

Creating a simple budget requires only three steps.

1. Determine your income.
2. Create a list of your expenses. Don’t forget to debit monthly repeat monthly expenses.
3. After deducting expenses from your income, set your goals so that you have cash remaining. In this way, you know how much money you can save on other financial goals and how much money you should apply.

Once you’ve decided on your budget, consider automating your savings and helping you save more. Because it’s easy to save money for many people.

Also, the budgeting app allows you to aggregate all your spending in one place, allowing you to see where your money goes when expenses are posted on your credit card or bank account.

Budgeting your goals

Reviewing and tracking your budget makes you more likely to meet your financial goals.

Emergency fund savings

The U.S. unemployment rate in May was a relatively low of 4.2%, according to the Bureau of Labor Statistics. Those employed must have or add an emergency fund that includes three to six months’ worth of expenses.

You need to start somewhere, so start with a small budget from your salary and automatically enter a high-yield savings account and put the rest in your checking account. This is called split direct deposit. It is also a great way to automatically launch or add emergency funds.

If you stick to this plan and don’t withdraw that money, your emergency savings can grow. Also, in the current interest rate environment, it’s easy to find a competitive online-only bank that offers yields above inflation. Make sure your bank is a Federal Deposit Insurance Company (FDIC) bank. This way, you will see that as long as your deposit is within FDIC restrictions and guidelines, your money is protected in the event of a bank breakdown.

But the emergency fund is not just intended to replace incomes because they are unemployed. It is also useful when you need to break or repair your car or appliances.

Savings for retirement

You can’t go back to your youth and build a big retirement nest egg, but that shouldn’t discourage you from starting it now, even if you’re a few years from retirement. It’s a bit helpful. Budgeting can also help you grow your retirement savings, even if you have already retired.

Young people have time on their side to grow their money, but eligible workers over 50 have perks that younger counterparts don’t. One such perk is how much you can contribute to your retirement plan. This year, people over the age of 50 can contribute up to $31,000 to 401(k), 403(b), 457, or a simplified employee pension or SARSEP plans. (Eligible people under the age of 50 are limited to $23,500.) People between the ages of 60 and 63 can donate an additional $11,250 to the $31,000 limit.

Young workers may have more competing priorities and financial goals, especially when they have low incomes. At the very least, try contributing to the employer’s retirement plan donation match, especially if you’re lucky enough to work for an employer who does this.

Save money for other financial goals

If your employer allows this, splitting your direct deposits into different savings accounts will save you on a variety of goals.

For example, some people may want to have a high-yield savings account with the emergency fund, while others may want another high-yield savings account to save up a new car.

Conclusion

Checking your budget is an important part of maintaining your financial health. Automate your savings and know where your money goes will help you get closer to achieving your financial goals. Alternatives can prevent you from improving your financial health.

Methodology

Unless otherwise stated, all numbers are from Yougov plc. The total sample size is 2,363 US adults, of which 1,046 have money concerns affecting mental health, while 1,317 does not. Fieldwork took place from March 19th to 21st, 2025. The survey is conducted online and meets strict quality standards. We collected non-property-based samples and used demographic allocations and weights to better match the survey sample with the wider US population.