Debt.com’s 2022 Budgeting Survey: More Americans Budget Than Ever

Debt.com polled more than 1,000 Americans on their budgeting and spending habits. The majority say they budget their finances and it’s helped them get out and stay out of debt.

For the past five years, Debt.com has conducted its annual budgeting survey. The number of respondents who say they budget their spending and saving has increased each year.

The latest has hit an all-time high. More than 8 in 10 (86 percent) respondents track their monthly income and expenses. In 2021 and 2020, that was 80 percent. Pre-pandemic, in both 2018 and 2019, that number was roughly 70 percent.

Howard Dvorkin, CPA and chairman of Debt.com, has a hunch that world events over the past few years have motivated more Americans to keep an eye on their spending.

“It’s quite likely that both inflation and the pandemic have made Americans keen to budget,” Dvorkin says. “It’s a one-two punch.”

This year, the data is broken down by who actively uses a budget and who doesn’t.

The survey’s key findings:

One reason budgeting might be more popular is that it’s much easier. While 39 percent of respondents still use pen and paper to create their budgets, that’s much less than the 66 percent from Debt.com’s first budgeting survey in 2018. Nearly 30 percent now use either mobile apps or online tools from their bank or credit union.
Fully 85 percent of those who budget say that simple process got them out of debt or has helped keep them out of debt.
Sadly, almost a third say they don’t budget because “I don’t have much income,” and half are living paycheck to paycheck.

Who should budget?

More than 8 in 10 of those who budget say it’s helped them get out or stay out of debt

How survey respondents prefer to create a budget

Most respondents who don’t budget say they don’t earn enough to warrant a budget

Who’s living paycheck to paycheck to make ends meet

For full 2022 survey results, click here

Who should budget?	Percentage of respondents
Everyone	90.24%
People with a lot of debt	3.77%
People with a limited income	5.12%
People who earn a lot of money	0.87%

Do you use a budget?	Yes	No
Percentage of respondents	85.60%	14.40%

Why don’t you budget?	Percentage of respondents who don’t budget
It’s too time-consuming	20.13%
It makes me feel anxious/bad	18.12%
I don’t have much income	31.54%
It causes disagreements with my spouse/significant other	9.40%
I have budgeted, but it’s never helped me	20.81%

Have you been able to stay out of debt without a budget?	Yes	No
Percentage of respondents who don’t budget	50.34%	49.66%

What prompted you to start budgeting?	Percentage of respondents who budget
I want to increase my wealth/savings	39.73%
Debt	22.57%
Rising costs of living due to inflation	17.16%
Retirement	11.63%
Loss of job/income	7.11%
Divorce/loss of spouse	1.81%

How does your household feel about budgeting?	Percentage of respondents who budget
My whole household works to stay on budget.	44.24%
I’m single, financially independent, and I budget!	24.38%
I love to budget, but my significant other doesn’t.	21.56%
My significant other is on a budget, but I am not.	7.90%
I live with my parents, and I don’t use a budget because I’m saving up to live on my own.	1.92%

Have you used websites for tips on how to build a budget?	Percentage of respondents who budget
No, I never thought about it	65.24%
Yes, I have visited websites for advice other than Debt.com	24.49%
Yes, that’s why I visited Debt.com	10.27%

How do you prefer to create a budget?	Percentage of respondents who budget
Pen and paper	39.16%
Spreadsheets	28.56%
Mobile apps	22.23%
My bank/credit union’s budgeting tools	6.77%
A financial advisor	3.27%

Which method of budgeting would you be most interested in trying?	Percentage of respondents who budget
Mobile apps	47.40%
Spreadsheets	19.64%
Pen and paper	18.62%
My bank/credit union’s budgeting tools	7.67%
A financial advisor	6.66%

Has budgeting helped you get out or stay out of debt?	Yes	No
Percentage of respondents who budget	84.88%	15.12%

Have you been able to stay out of debt without a budget?	Yes	No
Percentage of respondents who don’t budget	50.34%	49.66%

Do you think dining out or ordering food should be included in a grocery budget?	Yes	No
Percentage of respondents who budget	70.85%	29.15%

Do you live paycheck to paycheck?	Yes	No
Percentage of all survey respondents	49.81%	50.19%

For full 2021 survey results, click here

Who should budget?	2021
Everyone	88.22%
People with a limited income	6.77%
People with a lot of debt	2.26%
People who spend a lot of money	2.75%

Do you use a budget?	Yes	No
2021	80.24%	19.76%

What prompted you to start budgeting?	2021
I want to increase my wealth/savings	37.63%
Debt	31.57%
Retirement	16.41%
Loss of job/income	8.96%
Divorce/loss of spouse	5.43%

How does your household feel about budgeting?	2021
My whole household works to stay on budget.	40.36%
I’m single, financially independent, and I budget!	36.72%
I love to budget, but my significant other doesn’t.	18.23%
My significant other is on a budget, but I am not.	2.86%
I live with my parents, and I don’t use a budget because I’m saving up to live on my own.	1.82%

Why don’t you budget?	2021
I don’t earn enough income	34.01%
It’s too time consuming	20.30%
It makes me feel anxious/bad.	19.80%
I have budgeted, but it’s never helped me.	19.29%
It causes disagreements with my spouse.	6.60%

Have you used websites for tips on how to build a budget?	2021
No, I never thought about it	49.10%
Yes, this is one of the reasons why I visited Debt.com	29.19%
Yes, I have visited sites other than Debt.com.	21.71%

How do you prefer to create a budget?	2021
Pen and paper	61.38%
Spreadsheets	17.21%
Mobile apps	9.76%
My bank/credit union’s budgeting tools	7.86%
A financial advisor	3.79%

Which method of budgeting would you be most interested in trying?	2021
None – I’m not interested in budgeting	25.67%
Pen and paper	23.53%
Mobile apps	25.13%
Spreadsheets	12.30%
My bank/credit union’s budgeting tools	8.02%
A financial advisor	5.35%

Has budgeting helped you get out or stay out of debt?	Yes	No
2021	87.77%	12.23%

Have you been able to stay out of debt without a budget?	Yes	No
2021	50.27%	49.73%

When I shop for groceries…	2021
I shop with a list, stick to my budget, AND use coupons	46.92%
I shop with a list and stick to my budget	27.22%
I shop without a list, but control my spending	20.11%
I walk in to buy one thing, and walk out with a cart full of stuff	3.42%
I buy whatever I want	2.33%

Do you budget for special events and holidays?	2021
Yes, I save for these events throughout the year	61.93%
No, I spend on special events without a budget.	16.14%
Yes, but I shop at the last minute and often go over budget	10.90%
No, I don’t buy gifts or celebrate special events	11.03%

Do you budget separately for special events and holidays?	2021
No, I spend on special events without a budget.	42.93%
No, I don’t buy gifts or celebrate special events.	16.30%
Yes, I save for these events throughout the year.	20.11%
Yes, but I shop at the last minute and often go over budget.	20.65%

Do you think restaurant meals should be included in a grocery budget?	Yes	No
2021	60.97%	39.03%

Do you budget for the “little things”? (For example, vending machines, gas stations, coffee shop runs, etc.)	Yes	No
2021	56.23%	43.77%

Methodology: Debt.com surveyed 1,019 people and asked 15 questions about their budgeting and spending habits. 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 March 8, 2021 to April 26, 2021.

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 full 2019 and 2018 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.

Methodology: Debt.com surveyed more than 1,000 Americans and asked 12 questions about their budgeting and spending habits. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. Percentages were rounded up to the nearest whole number and might not total 100 percent.

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Americans Are Budgeting More Than Ever