The ability to manage money is certainly something that must be learned, and it's safe to say there are some folks in a few Illinois cities who have a lot to study.

I have earned everything I have in my adult life. I did not come from a family with plenty of cash to go around, so I worked hard in my late teen years to save enough money for a car, college, and everything else that comes with building a life. While it wasn't easy going to school all day and working late into the night, it's hard to argue with the results of doing so. It also taught me the value of hard work and made me appreciate the blessings in my life a little more.

All that said, I'd be lying if I didn't admit there were times I spent money on things I really didn't need or even had the money for in those days. As I've gotten a little older, I've come to understand that good, and sometimes strict, money management is crucial for any kind of financial success. It's a message more people might need to hear these days, especially in light of WalletHub's new list of the best and worst cities for money management.

Five California Cities Home to the Best Money Management Practices in the U.S.

To assess where people are effectively managing their money and where improvements are needed, WalletHub compared over 2,500 cities using 10 key financial indicators. The data set included everything from average credit scores and the number of late payments in the past year to the mortgage debt-to-income ratio. When it came to the cities where folks are managing their money the best, I was more than a little surprised.

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According to WalletHub, the 10 best cities for money management include five from California: Cupertino, Sunnyvale, Mountain View, Palo Alto, and Los Altos. All of these cities, with the exception of Palo Alto, have the lowest credit card debt-to-income ratio among all the cities surveyed. Cupertino, in particular, was recognized for having the best money management practices overall. However, it's worth noting that California is home to a large number of wealthy residents, and, on a more somber note, the state also has one of the largest income and wealth gaps in the United States.

Multiple Illinois Cities Are Among the Worst in the Nation for Money Management

Three Illinois Cities Among the Worst in the Nation for Money Management
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When it came to Illinois, the data revealed that folks in three Illinois cities aren't managing their finances very well. The cities in question include Park Forest, Dolton, and Calumet City, all of which scored very low across each metric. East St. Louis scored a tad higher overall but still had one of the worst median credit scores out of all the cities surveyed. However, it's not all bad news for the Prairie State. Northbrook, Illinois, actually checked in as the No. 11 city with the best money management practices overall. Perhaps it's time to share their secrets with the neighbors.

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