DULUTH, Minn.–Most Georgians say they plan to begin a household budget in 2018, even while acknowledging they’re unsure they’ll be able to stick with it.
The Georgia Credit Union Affiliates 2017 End-of-Year Consumer Survey found 76% of Georgians plan to have a budget in place to begin 2018, but 34% of respondents admitted they had “lots of room for improvement” when it came to sticking to that financial plan.
Just 4% said they follow their budgets almost perfectly.
Among the other findings:
- Just 3.4% find budgeting too difficult for them to keep up with
- The biggest challenge, said 44%, is they don’t have enough money to work with. Another 21% said they don’t have time to keep track of a budget
- 10% of Georgians admitted they have a hard time sticking to their budget because they “just don’t like it”
The GCUA released as part of the survey findings tips for better budgeting, with Mark Nofi, marketing director at GEMC FCU based in Tucker, Ga., recommending that instead of saying “budget” when working with members, say “spending plans.”
With the “spending plan” in place, Nofi urged people to begin by keeping the planning simple.