DES MOINES, Iowa–A new poll of Iowans that has nothing to do with the presidential race has found that many are making big plans related to large expenses in 2016.
In a survey conducted by the Iowa Credit Union League (ICUL) of nearly 1,000 Iowa consumers, 62% of respondents have milestone events, such as a wedding, new baby or large purchase, that they need to budget for in 2016. While not everyone has a large ticket item to budget for, 75% of respondents say they have started the New Year with a household budget, the league reported.
Nevertheless, 97% of respondents gave themselves a less-than-perfect score when it comes to budgeting, with the majority claiming they have a lot of room for improvement.
Jim Niederhauser, VP of member services at ICUL, said the key to a budget is to set realistic, tangible goals and to start with a plan.
“Most of us plan a trip, we plan our weekend activities and we plan work projects, so why not plan how we use our money?” Niederhauser said. “Participation from everyone in the household, even children, can ensure you stay focused and aware of the budget. When making a budget it’s important to be realistic, if it’s too restrictive, many people become frustrated and feel deprived.”
The league cited a survey by CreditDonkey, a national credit card comparison and financial education website, that showed 29.2% of Americans aren’t saving any of their income. In a release to the mass media, the league included a number of steps consumers can take to save more money.