Some U.S. presidents have struggled with managing their finances, according to an author.

• In "All The Presidents' Money," author Megan Gorman explores a lesser-known aspect of U.S. presidents: their personal finances.
• "Gorman stated that while Calvin Coolidge was incredibly frugal, Thomas Jefferson was the biggest spender of the group."

In "All The Presidents' Money," author Megan Gorman explores a frequently overlooked aspect of U.S. presidents: how they managed their own finances.

Gorman discusses commanders in chief who were excessively frugal and those who struggled to manage their finances, ultimately leading to their financial ruin.

Credit card users are paying off last year's holiday debt, while holiday shoppers plan to spend more and take on debt. In 5 cardholders, a credit card has been maxed out or nearly reached its limit.

She illustrates in her narratives that presidents, similar to everyone else, commit financial blunders and struggle to break free from certain habits.

Gorman, a wealth manager, discussed her new book with CNBC via email in October. The interview has been shortened for clarity.

Before becoming president, 'they are just like us'

How much do presidents actually manage their own money? I believe they mostly outsource the strategizing and effort.

Megan Gorman: Although most of them eventually become president, they initially face the same challenges as us, such as managing their finances and growing their assets. However, a notable observation from examining their financial records across different time periods is that many of the issues we struggle with today are longstanding problems that Americans have consistently faced.

Achieving the American Dream is more challenging now than it used to be.

In 1930, Richard Nixon attended college for $230 a year, which is equivalent to $8,000 today. Meanwhile, in 1886, Grover Cleveland purchased a home on 26 and ¼ acres three miles north of the White House for $21,500, which is equivalent to $700,000 today.

'Money caused and causes anxiety for everyone'

AN: Who was the most frugal president?

Calvin Coolidge was extremely thrifty. He learned this trait from his father's advice to save and let money grow. Even while in the White House, he would frequently check the cost of food purchases, causing the head housekeeper to complain.

Despite his affluent background, John F. Kennedy was known for being frugal and keeping a close eye on expenses.

AN: Was there a president who overspent?

Jefferson was the most lavish spender among them, and his taste was refined by his time in France. Attending one of his dinner parties was always a must-do, and even until his death, he continued to try to purchase wine on credit.

Despite owing more than $2 million when he passed away, he ensured that his assets would not be seized by creditors by including provisions in his estate plan that protected his daughter and son-in-law.

AN: For whom did money cause the most anxiety?

Anxiety is caused by money for everyone, but some people managed to handle it better than others.

Ronald Reagan, who grew up in a financially unstable household with an alcoholic father, used budgeting as a mechanism to manage his emotional response to money. The Reagans would often have to leave town in the middle of the night to escape their landlord due to their inability to pay rent. As he grew older, Reagan discovered that sticking to a budget helped him manage his financial anxiety.

Early experiences informed money habits

AN: Who had the most financial struggles before becoming president?

One who readily comes to mind is Harry Truman, who faced significant financial instability throughout his early life. Despite his father losing all their money, preventing him from attending college, and his unsuccessful business ventures, such as a zinc mine, an oil well, and a haberdashery, Truman persevered.

He was able to save his salary and a tax-free stipend for two years while in the presidency, which increased his worth to $8 million at the time of his death.

AN: How did a president's childhood experiences impact their financial behavior?

MG: The best example would have to be Herbert Hoover.

Hoover's story could have taken a different turn for him. Despite losing both parents by the age of 9, he and his siblings are under the same financial guardian. As a result, Hoover had to manage his finances from a young age, submitting his expenses to his guardian.

As he matures into adolescence, he assumes the responsibility of managing his uncle's business finances and develops a strong foundation in financial management. The skills he gains through budgeting and bookkeeping enable him to become the treasurer of his class at Stanford.

He continually enhances his abilities, which will eventually lead to significant wealth and enable him to engage in substantial philanthropy throughout his life.

Money opps in post-presidential life

Did former presidents modify their financial behavior following their departure from the White House?

Gerald Ford broke the tradition of previous presidents after leaving the White House in 1977. Instead of returning to law practice, writing a book, or passing away, he continued to engage in public speaking and advocacy.

He established a successful speaking career and held positions on corporate boards. At the time, this was viewed as a significant risk. In his departure from the presidency, Carter made it clear that he would not follow the same path as Ford.

Post-presidential life has evolved, with Bill Clinton remaining a sought-after speaker and the Obamas establishing a media empire.