Ca-Ching! How Fast Do New Yorkers Blow Their Pay Checks?
There are few days better during the week, than payday.
Whether you're full-time, part-time, or still living at home with an allowance, the day when the money hits your account, or your pocket, is always the best day of the week. It's the day when, in your mind, you can justify buying something a little more expensive, because in your mind, you earned it.
Now, how fast does that paycheck get spent? New Yorkers are spending theirs pretty quickly, according to reports.
How Fast Do New York Residents Spend Their Paychecks?
CouponBirds surveyed 3,012 workers on their spending habits, and the rate at which they spend their paychecks every week. According to the survey, which was provided to us by Cherry Digital Content, New Yorkers, on average, spend their monthly wages within 15 days of a given month.
What does this mean? Well, New Yorkers are entering the back half of the month low on money, and on average, have to spend less money or dip into their savings accounts in order to make it through the rest of the month.
Another interesting statistic came out of this survey. From 2021 to 2022, search engine entries for "coupons" have increased by 82.35%, and "promo code" entries have increased by 76.47%. More people than ever are looking for ways to save money during the year, reflecting changes to spending habits across the state, and across the country.
How Fast Do Other States' Residents Spend, Compared to NY?
States around New York scored as follows...
- Connecticut natives spend theirs after 15 days
- Rhode Island natives spend theirs after 11 days
- Pennsylvania natives spend theirs after 11 days
- Massachusetts natives spend theirs after 13 days
- New Jersey natives spend theirs after 13 days
- Vermont natives spend theirs after 14 days
- New Hampshire natives spend theirs after 10 days
So, as it turns out, New Yorkers appear to be budgeting their money decently well, compared to the surrounding states. Residents of the Empire State are finding bargains, using coupons, and saving money at a rate that, while is still alarming, isn't quite as exponential as nearby states.
A small victory, possibly?