Research: Missouri the 'least financially savvy state'

Making sure you have responsible household spending

Most people in the Heartland arent very good at managing money, according to new numbers.

WalletHub compiled information dealing with spending and debt, financial literacy scores, credit and saving and found that Missouri is the least financially savvy state in the nation.

One Cape Girardeau man said he used to be part of the statistic, but making some simple changes has changed his life.
Brian Boyland said he no longer gets that sinking feeling when he opens a bill.

"You just see money differently, Boyland said. "We paid off, in just personal credit card debt, over $10,000."

Boyland admits he used to be a part of the statistic of the many people who are aren't good with their money. Findings from WalletHub show Illinois is the most financially savvy state in the Heartland. It ranks 13th in the U.S., while Kentucky comes in 40th. Tennessee comes in at 46th and Arkansas ranks 50th.
Missouri is the worst in the nation, including DC, coming in a 51st.
Financial planner Derieck Hodges said no matter where you live, being financially savvy starts with budgeting and planning.

"Ultimately it's about beginning with the end in mind, having a big vision for your future, Hodges said.

He said living on less than you make today helps you plan for tomorrow.

"If I had a dollar for every time I hear people say, If I were 25 again, I'd do this or If I were 35.’ Every generation, everybody tends to look back and go If I had it to do over, and we have to learn from that, Hodges said.

For Boyland and his family, he said these financial lifestyle changes were also a leap of faith.

"The earth is Gods and everything in it, so it's his money and it's everything. It changes your perspective, Boyland said.

He said the biggest change is the feeling of financial freedom.

"We are almost at the point now where we are prepared for anything and that feels amazing, Boyland said.

Financial experts say, as you get your tax return, be smart. Hodges said to pay off debts and save.
  • Save money for out-of-pocket health costs
  • Save money for home and car repairs
  • Buy life insurance
  • Buy disability insurance
  • Buy more liability insurance

Hodges also said if you haven't started retirement planning, nows the time.

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