Categories: FeaturedLifestyle

2016’s Best & Worst Cities for WalletFitness

8 years ago

by John S Kiernan

WalletFitness is about turning the country’s biggest stressor – money, according to the American Psychological Association – into one of your biggest strengths. It means building an excellent credit score and using the bargaining power that provides to never again overpay for financial products. It means maximizing your earning potential, minimizing debt and protecting yourself with the proper insurance coverage. And, perhaps most importantly, it means spending modestly while saving aggressively for both a comfortable retirement and that proverbial rainy day.

Neither financial success nor monetary fears are experienced equally throughout the country, however, which means WalletFitness levels vary widely as well. So as we take stock of the things we’re most thankful for in life and prepare to make resolutions for self-improvement, it’s fair to wonder who’s best situated for financial success and who has the most work to do.

To find out, we compared the 150 largest U.S. cities based on 27 key metrics which collectively speak to how beneficial each area is for achieving top WalletFitness. You can find the results below, followed by WalletHub’s 6 Tips for Reaching Top WalletFitness and a Q&A with a panel of leading money-management experts.

1 Main Findings 2 WalletFitness Tips
3 Ask the Experts 4 Methodology

 

Source: WalletHub

Main Findings

 

Overall Rank

City

Total Score

‘Credit Standing’ Rank

‘Responsible Spending’ Rank

‘Savings’ Rank

‘Risk Exposure’ Rank

‘Earning Power’ Rank
1 San Francisco, CA 71.38 2 54 11 2 35
2 Fremont, CA 70.82 1 7 51 1 24
3 Seattle, WA 67.40 9 97 1 22 11
4 San Jose, CA 66.47 4 108 22 3 62
5 Madison, WI 65.75 5 31 20 30 19
6 Overland Park, KS 64.20 16 72 43 33 2
7 Irvine, CA 63.08 7 40 97 5 21
8 Sioux Falls, SD 62.76 20 18 19 63 13
9 Minneapolis, MN 62.64 15 53 4 79 42
10 St. Paul, MN 61.99 12 50 12 78 40
11 Scottsdale, AZ 61.74 25 52 84 19 4
12 Washington, DC 61.39 62 45 3 34 67
13 Gilbert, AZ 61.14 75 43 84 18 1
14 Plano, TX 61.09 29 23 71 42 5
15 Lincoln, NE 60.42 10 14 121 66 24
16 Boston, MA 60.33 8 84 6 57 121
17 Boise, ID 60.21 24 42 48 55 9
18 Honolulu, HI 60.03 3 82 35 28 116
19 Chandler, AZ 59.70 63 28 84 29 3
20 Salt Lake City, UT 59.62 32 44 8 117 31
21 Des Moines, IA 59.44 91 1 37 56 33
22 Huntington Beach, CA 59.11 13 107 97 6 44
23 Austin, TX 58.71 37 39 80 82 6
24 Fort Wayne, IN 58.70 28 2 129 59 52
25 San Diego, CA 58.48 21 118 18 10 104
26 Nashville, TN 58.16 48 105 17 49 32
27 Denver, CO 58.06 64 117 14 48 17
28 Sacramento, CA 57.83 45 75 66 13 85
29 Santa Rosa, CA 57.61 6 136 127 7 113
30 Modesto, CA 57.37 55 24 70 20 96
31 Spokane, WA 57.24 34 65 69 35 70
32 Peoria, AZ 57.09 77 62 84 27 10
33 Columbus, OH 57.06 92 55 23 72 23
34 Omaha, NE 56.84 38 37 62 92 22
35 Portland, OR 56.81 19 113 25 47 68
36 Buffalo, NY 56.61 30 3 2 115 130
37 Durham, NC 56.49 42 47 67 109 12
38 Louisville, KY 56.49 69 10 79 61 49
39 Vancouver, WA 56.45 36 68 40 32 114
40 Cincinnati, OH 56.39 44 11 68 80 75
41 Raleigh, NC 56.39 57 34 77 67 20
42 Pittsburgh, PA 56.38 26 121 15 73 76
43 Tacoma, WA 55.87 76 110 7 51 93
44 Colorado Springs, CO 55.86 51 74 91 44 48
45 Lexington-Fayette, KY 55.48 31 66 137 70 43
46 Port St. Lucie, FL 55.39 65 20 134 53 55
47 Tulsa, OK 55.09 99 60 39 84 45
48 Oceanside, CA 54.78 47 119 46 14 112
49 Aurora, CO 54.61 82 125 26 60 27
50 Rancho Cucamonga, CA 54.31 74 140 106 4 29
51 Virginia Beach, VA 54.28 128 99 29 100 7
52 Grand Rapids, MI 54.24 22 137 53 39 80
53 Irving, TX 54.20 52 57 71 107 18
54 Cape Coral, FL 54.19 67 19 134 65 63
55 Oklahoma City, OK 54.16 106 70 92 58 16
56 Little Rock, AR 54.10 126 13 96 50 39
57 St. Louis, MO 54.07 59 22 42 103 98
58 St. Petersburg, FL 54.00 73 90 122 54 8
59 Oakland, CA 53.73 27 130 51 11 137
60 Charlotte, NC 53.71 129 64 33 94 41
61 Springfield, MO 53.57 18 103 124 88 69
62 Kansas City, MO 53.54 81 104 41 81 53
63 Knoxville, TN 53.26 23 123 95 75 56
64 Chesapeake, VA 53.23 142 85 29 87 26
65 Santa Clarita, CA 53.21 89 115 97 9 59
66 Pembroke Pines, FL 53.10 53 15 147 38 37
67 Chula Vista, CA 53.08 79 132 46 8 118
68 Chicago, IL 53.04 101 95 5 111 115
69 Phoenix, AZ 53.02 95 69 55 96 60
70 Amarillo, TX 52.94 78 12 140 126 15
71 Baton Rouge, LA 52.88 103 86 34 83 81
72 Worcester, MA 52.78 54 9 24 77 142
73 Baltimore, MD 52.72 130 4 16 132 125
74 Mesa, AZ 52.67 56 83 84 74 61
75 Orlando, FL 52.56 109 17 112 98 47
76 Chattanooga, TN 52.51 71 35 58 64 120
77 Glendale, CA 52.35 14 135 97 12 124
78 New York, NY 52.33 11 142 10 90 141
79 Jersey City, NJ 52.20 39 71 59 71 132
80 Jacksonville, FL 51.94 131 21 81 68 71
81 Philadelphia, PA 51.83 116 5 36 112 134
82 Huntsville, AL 51.82 41 58 131 95 90
83 Garland, TX 51.69 83 56 71 125 36
84 Bakersfield, CA 51.65 112 48 123 37 78
85 Rochester, NY 51.61 46 26 9 119 143
86 Indianapolis, IN 51.43 110 100 38 86 86
87 Anchorage, AK 51.42 90 51 138 122 30
88 Stockton, CA 51.39 66 98 114 23 129
89 Dallas, TX 51.38 105 93 28 140 51
90 Yonkers, NY 51.35 50 46 64 100 131
90 Grand Prairie, TX 51.35 137 61 71 105 14
92 Tempe, AZ 51.12 120 112 84 40 38
93 Richmond, VA 51.10 60 94 44 133 83
94 Greensboro, NC 50.95 96 29 82 110 73
95 Los Angeles, CA 50.91 40 143 27 36 138
96 Garden Grove, CA 50.77 17 133 97 16 140
97 Aurora, IL 50.68 94 72 50 106 103
98 Fort Worth, TX 50.54 119 63 63 124 54
99 Reno, NV 50.48 49 134 150 43 77
100 Henderson, NV 50.37 102 101 125 31 50
101 Albuquerque, NM 50.16 100 87 94 85 64
102 Wichita, KS 49.95 68 106 49 130 87
103 Tampa, FL 49.93 98 111 115 76 46
104 Winston-Salem, NC 49.68 70 36 83 120 100
105 Arlington, TX 49.60 111 67 71 121 66
106 Atlanta, GA 49.48 125 92 54 108 79
107 Toledo, OH 49.34 134 6 76 104 106
108 Providence, RI 49.27 72 127 21 52 147
109 Akron, OH 49.19 113 8 61 102 136
110 Anaheim, CA 49.14 35 141 97 26 123
111 Cleveland, OH 49.09 104 16 57 136 139
112 Glendale, AZ 49.01 107 89 84 69 101
113 Long Beach, CA 48.93 58 124 97 25 135
114 Newport News, VA 48.73 144 79 29 129 88
115 Corpus Christi, TX 48.62 135 25 140 139 34
116 Riverside, CA 48.58 88 145 106 15 82
117 Ontario, CA 48.02 84 144 106 17 105
118 Fresno, CA 47.90 86 126 113 45 126
119 Houston, TX 47.80 93 59 93 147 72
120 Fort Lauderdale, FL 47.74 108 49 145 91 57
121 Birmingham, AL 47.69 118 33 56 138 133
122 Milwaukee, WI 47.24 122 131 13 131 127
123 Lubbock, TX 47.23 97 128 140 114 58
124 Tucson, AZ 46.80 61 114 130 116 102
125 Mobile, AL 46.70 115 32 131 123 111
126 Jackson, MS 46.65 149 91 65 97 108
127 San Antonio, TX 46.50 143 122 105 113 28
128 Augusta, GA 46.49 117 38 117 134 89
129 Memphis, TN 45.97 148 30 78 137 110
129 Fontana, CA 45.97 127 146 106 21 95
131 Tallahassee, FL 45.96 80 149 134 89 65
132 Las Vegas, NV 45.64 124 109 120 93 84
133 Shreveport, LA 45.11 121 96 119 127 107
134 El Paso, TX 45.09 114 27 149 141 74
135 Norfolk, VA 45.02 146 116 29 146 99
136 Moreno Valley, CA 44.98 145 138 106 24 117
137 Santa Ana, CA 44.49 33 148 97 46 145
138 Montgomery, AL 44.00 138 76 131 128 119
139 Fayetteville, NC 43.84 140 88 139 135 94
140 Oxnard, CA 43.64 43 150 118 62 122
141 Columbus, GA 43.26 136 78 146 144 97
142 New Orleans, LA 43.02 139 139 116 99 92
143 Detroit, MI 43.01 147 41 45 148 148
144 Laredo, TX 42.41 123 77 140 149 91
145 San Bernardino, CA 40.71 132 147 106 41 146
146 Miami, FL 40.53 87 102 128 143 144
147 North Las Vegas, NV 39.82 150 120 125 118 109
148 Hialeah, FL 38.77 85 81 147 142 149
149 Brownsville, TX 38.12 133 80 140 150 128
150 Newark, NJ 37.38 141 129 59 145 15

6 Tips For Reaching Top WalletFitness

Reaching Top WalletFitness is by no means easy to do, but it is possible. And while no simple set of tips will drive you straight to the financial summit, the following pointers will certainly get you started.

  1. Building Excellent Credit – Always pay your bill on time

    Payment history is the most important component of your credit score, accounting for at least 35% of your overall rating. That means on-time payments are the key to a great credit score, which in turn means that automated monthly payments from a deposit account can be extremely helpful. And if you’re wondering why great credit is important, just consider the fact that an individual with excellent credit is likely to save hundreds of thousands of dollars over the course of his or her lifetime, compared to someone with bad credit.

  2. Minimizing Debt – Don’t allow luxuries to become necessities

    It’s easy to become so accustomed to the finer things in life that you start to believe you need them to survive. But if such creature comforts cause your monthly spending to exceed your monthly income, they’ll gradually bleed your wallet dry and leave you mired in expensive credit card debt. Once that happens, it will only be a matter of time before your unsustainable spending habits lead to delinquency and perhaps default, thereby ruining your credit standing and making it more difficult to recover. Trying to play catch up will also leave you extremely vulnerable to any sort of financial emergency.

    To prevent such negative outcomes from becoming reality, begin by strategically paying down what you owe. If you have multiple credit card balances, make minimum payments on all but the balance with the highest interest rate, to which you’ll allocate the lion’s share of your monthly debt payments. When that balance is gone, repeat the process with your remaining balances until debt free. And once you’ve accomplished that, designate a single credit card to use for everyday purchases. Everyday purchases, by definition, should be affordable without tapping into debt. So if you ever see finance charges on your everyday account, you’ll know you’re overspending.

  3. Getting the Best Deals – Make sure to comparison shop

    It’s easy to just assume you’re getting the best deal on your credit cards, loans and insurance policies, especially if you have above-average credit. But your needs and the offers available to you both change on a regular basis. So there’s a good chance you’ll find yourself leaving money on the table if you aren’t careful. One of the best ways to be sure you always have the best deal is to sign up for a free WalletHub account. Not only will you receive your latest credit score and personalized advice for how to improve it, but WalletHub will constantly scour the market on your behalf looking for upgrades. Whenever there’s something worth knowing about, you’ll receive a notification.

  4. Maximizing Earning Power: Get trained in a new skill

    The little things certainly do matter to financial success, but sometimes it’s more efficient to make a big move. After all, you could drive yourself crazy pinching pennies for years on end and still not create as much breathing room in your budget as you could by investing in your future earning power. In other words, it’s worth considering both sides of the coin.

    Fortunately, there are more ways than ever to boost your money-making potential. For example, many reputable colleges and universities offer online classes, giving you the flexibility to work towards a degree without entirely uprooting your life. There are countless specialized training programs available, too, allowing you to cost-effectively learn a trade or at least pick up a marketable new skill.

  5. Preparing for Financial Emergencies: Plan for the worst; hope for the best

    Anyone who’s played “The Game of Life” knows the unexpected can easily unravel carefully laid plans if you aren’t prepared. And the same is true of real life; the stakes are just much higher. So while there’s no predicting exactly what might come your way or when, if ever, it will, there’s also little reason to leave your life and livelihood to chance. At a minimum, that means you should begin building a robust emergency fund and make sure you have sufficient insurance coverage. That will help ensure an emergency doesn’t become a catastrophe.

  6. Saving for Retirement: Let compound interest work for you

    You really can’t start saving for retirement too early. After all, the sooner you begin making contributions to a retirement account, the more compound interest will be able to work its magic and the less impactful underperforming investments will be.

    Just consider the fact that someone who begins saving at age 25 needs to contribute about $450 per month to reach $1 million by age 65, assuming a 7% annual rate of return. Someone who starts at age 35, on the other hand, would have to save twice as much per month. So that 10-year head start therefore saves the early bird roughly $9,000 in total contributions.

Finally, our bonus tip is to sign up for a free WalletHub account. Not only will you receive access to your latest credit score and report, updated daily, but you’ll also benefit from 24/7 credit monitoring and personalized advice that will make Top WalletFitness much easier to reach.

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8 years ago

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