Debt.com’s 2020 Budgeting Survey: More Americans Budget Than Ever

8 in 10 Americans use a budget – up 10 percent from the last two years.

Debt.com has run its budgeting survey for three years now. This year, the highest number of respondents in the survey’s history have answered “yes” to the question, “do you budget?”

Eighty percent of Americans told Debt.com they’re on a budget – compared to the last two years when 70 percent answered “yes” to the same question. The following infographics are some of the most interesting data we found in this year’s survey…

More men than women feel that everyone needs to budget

Baby boomers are the age group most likely to use a budget – but not by much

More people started budgeting in hopes of increasing their wealth and savings

The majority of men who don’t budget say they earn too little to need one

The women who don’t budget also say they don’t earn enough money

Most men have never thought to search personal finance websites for tips on building a budget

More than half of women haven’t checked out finance website for budgeting tips

If you’d like to read the full survey data, click the button below.

For full 2020 survey results, click here

Who should budget?	2020
Everyone	97.48%
People with a limited income	1.39%
People with a lot of debt	0.64%
People who spend a lot of money	0.49%

Do you use a budget?	Yes	No
2020	79.46%	20.54%

What prompted you to start budgeting?	2020
I want to increase my wealth/savings	42.46%
Debt	31.33%
Retirement	13.41%
Loss of job/income	9.57%
Retirement	7.56%
Divorce/loss of spouse	3.22%

How does your household feel about budgeting?	2020
My whole household works to stay on budget.	50.40%
I’m single, financially independent, and I budget!	29.49%
I love to budget, but my significant other doesn’t.	15.93%
My significant other is on a budget, but I am not.	2.18%
I live with my parents, and I don’t use a budget because I’m saving up to live on my own.	1.99%

Why don’t you budget?	2020
I don’t earn enough income	32.05%
It’s too time consuming	24.54%
It makes me feel anxious/bad.	21.43%
I have budgeted, but it’s never helped me.	16.12%
It causes disagreements with my spouse.	5.86%

Have you used websites for tips on how to build a budget?	2020
No, I never thought about it	55.12%
Yes, this is one of the reasons why I visited Debt.com	23.66%
Yes, I have visited sites other than Debt.com.	21.21%

How do you prefer to create a budget?	2020
Pen and paper	58.61%
Spreadsheets	23.47%
Mobile apps	8.39%
My bank/credit union’s budgeting tools	6.78%
A financial advisor	2.75%

Which method of budgeting would you be most interested in trying?	2020
None – I’m not interested in budgeting	28.26%
Pen and paper	27.34%
Mobile apps	22.94%
Spreadsheets	12.48%
My bank/credit union’s budgeting tools	5.69%
A financial advisor	3.30%

Has budgeting helped you get out or stay out of debt?	Yes	No
2020	85.63%	14.37%

Have you been able to stay out of debt without a budget?	Yes	No
2020	51.56%	48.44%

When I shop for groceries…	2020
I shop with a list, stick to my budget, AND use coupons	46.70%
I shop with a list and stick to my budget	27.26%
I shop without a list, but control my spending	19.11%
I walk in to buy one thing, and walk out with a cart full of stuff	4.08%
I buy whatever I want	2.84%

Do you budget for special events and holidays?	2020
Yes, I save for these events throughout the year	59.93%
No, I spend on special events without a budget.	15.88%
Yes, but I shop at the last minute and often go over budget	13.23%
No, I don’t buy gifts or celebrate special events	10.95%

Do you budget separately for special events and holidays?	2020
No, I spend on special events without a budget.	52.48%
No, I don’t buy gifts or celebrate special events.	17.61%
Yes, I save for these events throughout the year.	16.70%
Yes, but I shop at the last minute and often go over budget.	13.21%

Do you think restaurant meals should be included in a grocery budget?	Yes	No
2020	59.32%	40.68%

Do you budget for the “little things”? (For example, vending machines, gas stations, coffee shop runs, etc.)	Yes	No
2020	57.71%	42.29%

For the full data from the 2018 and 2019 surveys, click the button below.

For full 2018 and 2019 survey results, click here

Who should budget?	2019	2018
Everyone	94.45%	92.61%
People with a limited income	2.43%	3.64%
People with a lot of debt	2.08%	2.50%
People who spend a lot of money	1.04%	1.25%

Do you use a budget?	Yes	No
2019	68.69%	31.31%
2018	70.24%	29.76%

What prompted you to start budgeting?	2019	2018
Desire to manage my money better	34.43%	36.15%
I have always budgeted my money	25.22%	18.96%
Debt	13.24%	16.44%
I want to increase my wealth/savings	7.94%	9.33%
Retirement	7.44%	7.56%
Loss of job/income	7.31%	8.44%
Divorce	2.40%	1.93%
Loss of spouse	2.02%	1.19%

How do you feel about budgeting?	2019	2018
My whole household works to stay on budget	43.81%	48.15%
I’m single, financially independent and use a budget	39.65%	34.67%
I’m on a budget, but my significant other is not	13.76%	11.11%
I’m living with my parents, and budget because I’m saving to live on my own	1.39%	3.85%
My significant other is on a budget, but I’m not	1.39%	2.22%

Why don’t you budget?	2019	2018
I don’t earn enough money	39.61%	33.80%
It’s too time-consuming	21.05%	21.25%
I have budgeted, but it’s never helped me	15.51%	19.86%
I have budgeted, but only for special occasions and holidays	14.13%	16.72%
I never overspend	8.31%	7.32%
I make so much money I don’t need to budget	1.39%	1.05%

Have you used websites for tips on how to build a budget?	2019	2018
No, I never thought about it	32.78%	26.74%
Yes, this is one of the reasons why I visited Debt.com	28.01%	41.52%
I have a budget that I created on my own	22.46%	11.65%
Yes, I have visited sites other than Debt.com for advice	16.74%	20.08%

What tools do you use to budget?	2019	2018
Pen and paper	67.05%	66.22%
Spreadsheets	28.66%	32.00%
I budget in my head	25.38%	26.52%
I use my bank/credit union budgeting tools	15.28%	13.33%
Mobile apps	13.26%	16.74%
I have a financial advisor	5.43%	5.93%
I don’t budget	0.88%	0.44%

Have you ever thought about trying any of these budgeting tools/methods?	2019	2018
Pen and paper	73.65%	72.01%
Spreadsheets	32.63%	36.19%
Mobile apps	32.63%	32.46%
Budgeting tools/software provided by my bank/credit union	20.36%	18.28%
Financial advisor	14.67%	18.66%

Has budgeting helped you get out or stay out of debt?	Yes	No
2019	75.88%	24.12%
2018	72.74%	27.26%

Have you been able to stay out of debt without a budget?	Yes	No
2019	29.25%	70.75%
2018	26.67%	73.33%

When I shop for groceries…	2019	2018
I shop with a list, stick to my budget, AND use coupons	46.21%	57.33%
I shop with a list and follow in according to my budget	32.07%	23.41%
I don’t bring a list, but I control myself from overspending	14.52%	12.44%
I usually walk in wanting to buy one thing, and walk out with a cart full	4.80%	5.48%
I buy whatever I want	2.40%	1.33%

Do you budget for special events and holidays?	2019	2018
Yes, I save throughout the year so I can afford to celebrate with my loved ones	33.21%	33.63%
I rarely have the money to budget for special events or gifts because I am living paycheck to paycheck	23.11%	24.74%
I set a budget and start saving a month or two before the event	21.09%	24.74%
I usually don’t buy gifts or celebrate special events	14.14%	10.52%
I shop at the last minute and I often break my weekly/monthly budget for special events	8.46%	6.37%

Do you budget separately for special events and holidays?	2019	2018
I rarely have the money to budget for special events or gifts because I am living paycheck to paycheck	44.04%	45.10%
I usually don’t buy gifts or celebrate special events	17.73%	8.04%
Yes, I save throughout the year so I can afford to celebrate with my loved ones	14.40%	19.23%
I set a budget and start saving a month or two before the event	12.19%	12.94%
I shop at the last minute and I often break my weekly/monthly budget for special events	11.63%	14.69%

Do you separate the cost of meals at restaurants from your grocery budget?	Yes	No
2019	62.12%	37.88%
2018	57.93%	42.07%

Do you budget for the “little things”? (For example, vending machines, gas stations, coffee shop runs, etc.)	2019	2018
Yes, I put extra money aside for the “little things”	42.68%	44.74%
I probably should, but I don’t	29.04%	28.44%
No, these things cost me little money so I do not budget for them	28.28%	26.81%

Methodology: Debt.com surveyed 2,654 people and asked ten questions related to their budgeting behavior. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted from Feb. 04, 2020 to Feb. 24, 2020. *In 2019 Debt.com surveyed 1,153 people using the same type of consumer-focused questions regarding budgeting utilizing SurveyMoney. And in 2018 Debt.com surveyed 961 people with the same survey tool.