Card Hub analyzed a number of metrics, including debt-to-income ratios, bankruptcy, foreclosure rates and cost of living.
Cities like Boston and New York ranked among the best budgeters and both Cincinnati and Cleveland were among with the 10 worst.
Below is a list of the 10 best and worst cities for budgeting:
Cities with the best budgeters
1. Boston, MA 2. New York, NY 3. San Diego, CA 4. San Francisco, CA 5. Minneapolis, MN 6. Washington, DC 7. Los Angeles, CA 8. Baltimore, MD 9. Philadelphia, PA 10. Seattle, WA
Cities with the worst budgeters
1. Chicago, IL 2. Kansas City, MO 3. Pittsburgh, PA 4. Las Vegas, NV 5. Detroit, MI 6. Cleveland, OH 7. Atlanta, GA 8. Cincinnati, OH 9. Tampa, FL 10. Orlando, FL
Finance expert and CEO of Card Hub Odysseas Papadimitriou recommends the following five best practices for budgeting.
1. Feed an emergency fund: Set aside money every month with the ultimate goal of having about a year's after-tax income in reserve in case of an extended income disruption.
2. Rank expenses in order of importance: You don't have to give up all hobbies or luxuries, but try to cut expenses that are dragging you down into debt.
3. Use the island approach: Separate your debt from your everyday expenses.
4. Treat debt payments like a snowball: Account for all monthly payments. Pay all minimum balances except the one with the highest interest rate. Pay your monthly allotment to the more expensive debt until the debt is gone. Continue this method until all debts are paid.
5. Eliminate temptation: Eliminate spending triggers -- even cut up credit cards if need be in order to cut spending.