| Table of Contents |
|---|
| What States are Willing to Sacrifice |
| Cutting Costs Around the Nation |
| Closing Thoughts |
| Methodology |
Costs are rising in nearly every category of expenses — rent, food, entertainment, transportation… the list goes on. While it would be nice to have an unlimited stash of funds to support a carefree lifestyle, sometimes decisions must be made.
Priorities look different for everyone, and that’s especially true when it comes to finances. That’s why we took to surveying over 2,200 Americans to find out exactly where those financial priorities lie. If it came down to it, would people rather cut their grocery list down to ramen and bread or bump their thermostat up 5 degrees in the heat of the summer? Exactly how far are people willing to go to stay on track financially? Read on to find out.
What States are Willing to Sacrifice
According to our data, residents in Connecticut are the least willing to budge on their budgets. People in this state strive to save over 20% of their monthly income — and an impressive 31% always meet that goal. They’re most willing to cut back on their grocery bill, by as much as 44%. Northeastern neighbors in Maryland agree, saying they could cut their grocery expenses by as much as 38% if necessary.
In Utah, while people are similarly loyal to their routine, they’d cut back in a different category: transportation. Despite not being known as a walkable state, the gas portion of their budget would be the first to get reduced. Utah residents are willing to cut their grocery bill by no more than 13%, making this the category they prioritize most.
On the flip side, Mississippi is the most willing to pinch pennies across the board. They’d be willing to drop down to just one subscription, even if it was their only form of entertainment. Meanwhile, 10% of residents say they always meet their target savings goals, proving their willingness to free up room in their budget.
New Hampshire and Delaware both agree that bills can wait, especially when it comes to rent. When asked what’s the highest number of days past due rent was paid, the average answer is 11 days and 12 days, respectively, compared to the national average of 6.
Perhaps unsurprisingly, Oregon isn’t afraid of a little heat. They’d tolerate an increase of 7 degrees (Fahrenheit) in their homes to save money on the AC bill. With daily highs rarely exceeding 80 degrees, even in the warmest months, it’s understandable that this would be the area sacrificed first.
Cutting Costs Around the Nation
Looking at the nation as a whole, it’s clear that Americans are willing to make significant sacrifices to stay on track financially. For instance, the average American would cut back on their monthly grocery bill by 41%. While the average person budgets $290.80 each month for groceries, they believe they could survive on $170.90 if necessary.
Comfort at home is another area where Americans show flexibility. To save on their AC bill during the summer, the average person would increase their thermostat by 3.8 degrees. Men are willing to sweat a bit more, saying they’d tolerate an increase of 4.2 degrees.
Rent remains the top financial priority for most, with 86% ranking it as their most important expense. Yet, four in 10 Americans have been late on a rent payment at least once.
Entertainment is arguably the least essential of these categories, and America tends to agree. Even if subscriptions (including both music and movie/TV) were the only available form of entertainment, most are willing to forego a few. The average person believes they could manage with just two subscriptions, though many prefer to have four.
Beyond the essentials, saving money consistently is a challenge for many. The average person aims to save 15.9% of their monthly income, though only one in 5 does this regularly. Interestingly, Gen Z is the most dedicated to saving, with only 6.4% saying they never achieve their savings goals.
Closing Thoughts
So there you have it — people are willing to tolerate boredom and a few less lux meals in order to save a few pennies. But thankfully, cutting subscriptions doesn’t mean you have to cut out all forms of entertainment. Check out BetMGM and its selection of online casino games to occupy your free time without breaking the bank. You might even win a jackpot!
Methodology
Based on a survey of 2,200 Americans in June of 2024. Alaska, Montana, North Dakota, South Dakota, Vermont, Washington, D.C., and Wyoming were omitted from our research due to insufficient sample sizes.
Our ranking is based on residents’ answers to a series of questions about their financial priorities and budgeting habits. The highest rank represents the state that’s most willing to “pinch pennies” or make financial sacrifices, while the lowest rank indiciates the state that’s most loyal to their financial routine or least willing to make sacrifices to their budget.
