Budgeting is widely recognized as supporting financial well-being; however, limited research examines how individuals budget. This study investigates the information sources used for expense tracking and their relationship to budget data quality, using the 2023 Survey and Diary of Consumer Payment Choice. Descriptive analysis reveals that 65% of individuals rely on multiple information sources, with financial records being the most common source. Regression analyses show that employing multiple information sources significantly enhances budget data quality, measured as reductions in imprecise and incomplete expenditure reporting. Although 97% of respondents own financial accounts, only 66% rely on financial records when budgeting. Results show that financial record use depends on account ownership, ability to use accounts, and account service perceptions, supporting Birkenmaier and Huang's (2024) conceptualization of financial access. These findings suggest that financial education should emphasize multi-source budgeting strategies while addressing both objective and subjective barriers to financial access.

Accepted Oral Presentation