Budgeting: It's a dirty job, but we all need to be doing it.

On this week's Money Monday with David Seeger, President and CEO of Great Lakes Credit Union, we discussed the startling facts about Americans and their budgeting, or should we say lack of, habits.

David told us that 52% of the U.S. public do not have a budget and, according to the Consumer Federation of America, 85% of the U.S. public do not balance or review their checking account. Of the 15% that do, it is once per year on average.

37% say they need to rely on their next payday to make ends meet. And
27% of the American public report they do not save anything on a monthly basis. 67% participate in a 401k plan at work, but contributions to 401K's, IRAs, etc. have decreased by 20% over the past 4 years. There is an obvious, simple reason: people need that money to make ends meet at home.

David shared with us how, according to experts, a family of four should budget:

Housing 28%

Utilities 8%

Taxes 12%

Savings 5%

Food 10%

Loan payments 10%

Entertainment 7%

Transportation 4%

Clothing 5%

Medical expenses 4%

Child Care 6%

Extras 1%

Two websites that can aid you in budgeting are and