ALBANY, N.Y. (WTEN) — A new survey reveals that New Yorkers blow their monthly budget just 15 days after payday. Monthly expenses such as gas, groceries, and household products have increased in price costing the average household an additional $300 each month.
A report by the Brookings Institution found that although data depicting that household income levels are up and credit card debt has decreased, Americans do not feel better off. It has been widely reported that much of this sentiment is due to inflation.
CuponBirds surveyed 3,012 workers to determine exactly how many days after payday they spend on their monthly budget. The survey uncovered that the average New Yorker said they blow through their budget just 15 days after payday, leaving them either financially strapped or having to dip into savings to get them through the rest of the month. This compares to a national average of 14 days.
When these figures were analyzed across states, those in New Mexico appeared to be the quickest spenders of their paychecks, with the average New Mexican having said that they begin running out of money just eight days post-payday. Comparatively, those in Maine and North Dakota seem to have nailed their saving habits, with the average respondent here having said that they run out of cash 28 days after payday.
CouponBirds also analyzed their own data, investigating the changes in the number of online searches done with coupon-related queries from 2021 until the present. Data shows that there was an 82% increase in search queries for ‘coupons’ queries across states, as well as a 76.47% increase for ‘promo code’ queries across the board.
Inflation is currently the highest it has been in over 40 years (since 1981) and the inflation rate has accelerated to 8.5% early this year. 45% of people said due to inflation, there are certain things they bought this last year, that they can no longer afford this year.