Oklahoma ranks among top states for saving money, Bankrate study shows

A new study by Bankrate says where you live can make a big difference in how easily you can save money — and Oklahoma ranks among the best.

The personal finance site analyzed data from all 50 states and found Oklahoma is the fourth easiest state in the country to save money, thanks to its low cost of living, moderate tax burden and favorable savings rates.

Here’s a breakdown of the key factors driving the rankings.

The Top States for Saving

According to Bankrate, Tennessee, Missouri and Texas landed the top three spots, with Oklahoma at No. 4. Each of these states shared three key traits:

1. Lower-than-average tax burdens
2. Affordable costs of living
3. Steady employment growth

All five top-ranked states had tax burdens lower than the national median of 10.2 percent, according to data from the Tax Foundation.

Why Oklahoma Ranks So High

Oklahoma’s standout feature is its cost of living, ranked second best in the country in the study. Bankrate says residents here pay less for everyday goods and services compared to most other states.

The state’s tax burden — a combined 9 percent in state and local taxes — ranks 10th best nationally. Meanwhile, Oklahoma came in 13th for its interest rate environment for deposit accounts, including a third-place finish for its average money market account rate of 1.7% APY.

How the Study Was Done

Bankrate considered a range of metrics when compiling the list, including:

1. State and local tax burdens
2. Cost of living
3. Debt-to-income ratios
4. Employment growth
5. Savings account yields and deposit rates

While interest rates vary less across states, the study still factored in the average annual percentage yields (APY) on certificates of deposit (CDs) and money market accounts (MMAs).

States Where Saving is Tougher

At the bottom of the list were states like Hawaii, Connecticut and Vermont, where higher costs and taxes make saving more difficult for many residents.

Tips to Boost Savings, No Matter Where You Live

Even if you’re not in a top-ranked state, Bankrate offers several strategies to help improve your savings habits:

1. Cut unnecessary expenses like impulse purchases or unused subscriptions
2. Use budgeting tools like the 50/30/20 rule or mobile apps to track spending
3. Set up automatic transfers to savings accounts or retirement plans
4. Take advantage of cash-back apps, bank offers, and discounts to save on daily expenses

Read the full Bankrate study here: Best and worst states to save money