Will You Be Saving Money in 2013?

The Year of Saving

Is it really New Year’s Eve? It’s hard to believe that 2012 is now in the rear view mirror and that 2013 is imminent. I look back at what took place this year and it makes me hopeful to see what’s going to happen in 2013. If it’s anything like this past year, then I am certain it’ll be a great year. If I am going to sound like a broken record about anything then it’s the need to be saving money and live a life that is marked by fiscal prudence. When I found this infographic, the numbers really did not surprise me as saving money is a common New Year’s resolution. As I’ll outline in a post early in the New Year, I am not a believer in New Year’s resolutions as we should be looking to live a disciplined life all the time. Although the numbers listed are for countries limited to Europe, I think the same sentiment applies to anyone reading this.

Is 2013 "the year of saving"?

Browse more data visualization.

 

What stood out to on this infographic? How will you be saving money this year? Do you set New Year’s resolutions?

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About the author:

I'm the founder of Frugal Rules, a Dad, husband and veteran of the financial services industry. I'm passionate about helping people learn from my mistakes so that they can enjoy the freedom that comes from living frugally. You can connect via Twitter / Facebook.

48 comments on “Will You Be Saving Money in 2013?

  1. I do set New Year’s Resolutions and posted mine on Saturday. Saving money is definitely one of them. I hope to have more of an emergency fund so that I am better prepared for emergencies as well as have more flexibility with my finances. I hope to start savings funds for specific things (house, home improvements, etc.) as well.
    DC @ Young Adult Money recently posted..Best of Young Adult Money: 2012My Profile

    • I know a lot of people set them and I’ll be discussing why they so often fail. Building up your E-Fund is a great thing to do, I know it’s helped us sleep better at night this past year. Targeted saving is also a big thing as it can help make saving for goals more attainable in my opinion.

    • I can definitely relate to that Glen! Having all of those life changes can make saving money a more challenging thing to do. Each time we had a child we spent the year running up to it saving as much as physically possible. I don’t think it would be sustainable from a long term perspective, but made things much easier when the baby arrived.

    • Sure, I was thinking the same thing myself. ;) Seriously though, it was surprising to me as well. It got me wondering what the main causes might be to not doing either more. If it’s stagnant income or poor spending/budgeting habits. I imagine it’s probably a combination of the two.

    • That’s pretty much how we are Pauline. We like to have smaller targeted goals. It allows us to have something specific to work towards which makes the rate of success significantly higher as opposed to some generic resolution. Happy New Year to you as well Pauline!

    • The media is really trying to do their best to get us worked up about the Fiscal Cliff. I think it’s inevitable that taxes are going to go up at some point, which will force us to be more creative in terms of finding ways to save money.

  2. Yep, still I will pocket away as much as possible. The habit is deeply ingrained in me and it now feels odd not to automatically put aside at least 30-40% of incoming cash flow. Also this year I will continue to find innovative ways to make supplemental income as a stay-at-home mom.
    Jennifer Lynn @ Broke-Ass Mommy recently posted..Resolutions for 2013.My Profile

    • Those are some great goals to have Mackenzie! It’ll be interesting to see how the beginning of the year will be for all of us. Have a Happy New Year as well Mackenzie!

    • That’s an awesome goal to have Edward! In the long run I would argue that it actually will save you money, depending on the interest rate. Regardless, it’s an awesome feeling to get debt paid off.

      • Before I started to get my life in order, I did manage to default on my credit card and am now paying a debt collector with 0% interest. The medical loan does have 8.5% interest, though. So if I can pay that off this year (5 years early), then I will save myself several hundred dollars.

        • Glad you were able to get it turned around! I was in a very similar situation years ago and had to work with someone to get the cards paid off. They were able to get 2 of my 4 down to 0% and the other two were below 5%, which was immensely helpful in getting rid of the debt.

  3. I set goals and don’t make resolutions. I actually want things to come to pass and not just hope that they’ll happen. I listed my 2013 goals in today’s post and they are ambitious but I’m confident we can attain them. Even if we don’t succeed 100% at every one we’ll have done much more than just wish that it could happen. Happy New Year John!
    K.K. @ Living Debt Free Rocks! recently posted..2012 Flashback & 2013 Fast ForwardMy Profile

    • We’re the same way K.K. Having something quantifiable to work towards really helps us stay on track and accomplish what we want. Happy New Year to you as well K.K.!

    • I was waiting for someone to point that out MMD! I could not agree more, especially in light of the current rate market. One has to begin to accumulate and grow wealth to succeed in the long term.

    • I am the same way KK. I like to have smaller goals that are quantifiable so I have something to keep myself accountable to. Good luck with your goals!

  4. Agreed: although I don’t set “resolutions”. I think that it’s a good thing to re-evaluate your current budgeting strategy, goals, earnings, debts, and desires from time to time, in order to tweak your process until everything works smoothly for you. This year we are going with a re-vamped strategy and simplified goals. Budgeting doesn’t have to be difficult, but it does take some planning. Great post!
    Lisa @ Thriftability recently posted..Positively 2013: Caine’s ArcadeMy Profile

  5. Hi John,
    Some people believe in New Year’s resolutions. Some don’t. yet, you are right.
    Just like in your previous post, it is matter of controlling your spending. Perhaps, this is the start of modest savings for this year.

  6. When we were first married, we saved $10,000 a year out of a gross income of $25,000. I think that was pretty good! As we added children, 4 in all, we still saved an average of $10,000 a year even though our gross income went up. We kept our same standard of living, but kids cost! Once they went to college almost all our savings were used up. After the last one finished college we were able to save once again. So I think how much a person can save is often affected by your stage in life. Now we are retired and have a decent amount in our retirement account. We learned to be careful with our money all those years and now our standard of living has gotten higher. We still don’t waste money and like to get the best value for our money. Old habits and all that!
    Maggie@SquarePennies recently posted..Irish Cream Liqueur DessertsMy Profile

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