These Are the Best and Worst States for Saving Money
When it comes to your ability to save money, where you live can have a bigger impact than you think. So which states are easier to store more cash in? This is exactly what the new Forbes Advisor report aims to find out.
In addition to ranking states based on residents’ ability to save, the report also notes some regional trends. For example, states in the Northeast are among the hardest places to increase your savings, while data shows that many states in the Midwest are among the easiest places to save. Here is a summary of the rest of the report’s findings.
What makes the state a good place to save money?
To rank the states, Forbes Advisor analyzed data from all 50 states and Washington, D.C. into four categories: income and debt, cost of living, home value, and taxes. Each category accounted for 25% of the state’s total score out of 100.
Keep in mind that in this report, a score of 0 means the state is the best place to save money, and a score of 100 means that saving money is harder than in any other state.
The best states to save money
According to a Forbes adviser, if your goal is to save as much money as possible, you’ll be more likely to do so while living in these states:
- North Dakota
- North Dakota
- West Virginia
- Missouri
- Ohio
- Indiana
- Kansas
- Tennessee
- Wisconsin
- Arkansas
Worst States to Save Money
Due to the high cost of living and mismatched incomes, these states are the hardest to save money for:
- Hawaii
- California
- Maryland
- NY
- New Jersey
- Oregon
- Connecticut
- Rhode Island
- Massachusetts
- Nevada
For more information, you can read the full report on Forbes Advisor.