Michiganders Blow Monthly Budget Just 16 Days After Payday, Study Says
(CBS DETROIT) - Michigan residents tend to spend their monthly budgets just 16 days after payday, according to a report from CouponBirds.
The study found that over the past year there was a 20% increase in searches for coupon codes in Michigan.
In addition to this, about half of the participants said that there are certain things they used to buy last year that they cannot afford anymore due to inflation.
In a report by the Brookings Institute, researchers found that even though data shows that income levels are up, real estate and stock market prices have risen, and credit card debt has decreased, people in the United States don't feel better off.
As stated above, much of the concern is due to inflation.
At the highest it's been in over forty years since 1981, the inflation rate accelerated to 8.5% this year.
Common monthly expenses such as gas, groceries, and household products have increased in price.
Data showed that in New Mexico people said they begin running out of money just 8 days post-payday, and the national average for when people spent their monthly budget after payday was at 14 days.
The study also asked participants if they were to lose their job tomorrow, how long could they rely on savings, and on average, the participants said they could only rely on savings for two months before they went through the money.
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