In 2023, North Dakota aspires to have the lowest savings rate

Bismarck, North Dakota — Many people adhere to their New Year’s resolutions – or at least, they make an effort to—or at least try to. Although many of us can make plans to lose weight or get help, the challenge is in actually achieving these objectives. Even when we make an effort to retain our hopes for 2023, other variables may still conspire to undermine the plans we have laid out. Finding time to establish a new pastime or routine in an already hectic life can be incredibly tough.

Although previous research has indicated that saving more money is the most common New Year’s resolution in North Dakota, when it comes to the actual amount we aim to save, our aspirations aren’t very ambitious. In fact, people of ND are expected to save the least amount of any state in the US in the upcoming year, according to a recent survey.

To find out how much Americans plan to save in the next year, the couponing website CouponBirds polled 3,500 people from across the US. In North Dakota, the typical respondent to the study said they wanted to save $1,565 for the entire year 2023. Although on the surface this seems like an acceptable goal, it is insignificant in light of the nation’s savings objectives. The average amount that Americans plan to save is $8,082, making North Dakota’s aim the most manageable but also the least impressive when compared to the US as a whole. By the way, Nebraska, which hopes to save an average of $16,093 this year, is the state with the highest savings targets.

Given the rising cost of living and ongoing inflation, it stands to reason that these savings objectives are acceptable. In actuality, $56 of respondents claim that this year, their savings intentions are lower than normal. Relationship status can also have an impact on these objectives; 51% of respondents to the poll say they absolutely avoid discussing money with their partner, while 64% say they need to keep a closer eye on their partner’s spending patterns.

It’s interesting to note, according to CouponBirds’ research, that while we look for all kinds of different objectives in the run-up to the new year, the financial goal is one that many of us actually attempt to implement in the following months. At the beginning of the new year, 28% of those asked indicated they planned to save money. This was followed by plans to exercise more (24%), quit smoking (20%), meet new people (12%), drink less alcohol, and learn a new skill (4%).

Less than half of those polled claim to be confident in their ability to really achieve their goals, though. Only 39% of people have faith in their own abilities to overcome these financial obstacles. In order to achieve this, it’s critical to have self-confidence and establish routines that support saving behaviors.

“As we enter the new year, many of us make resolutions to improve ourselves and our lives. One resolution that can benefit us all is to start saving money,” says CouponBirds representative Tricia Smith in a press release. “Whether it’s setting aside a little bit each week or creating a budget to help us better manage our expenses, saving money can help us achieve our financial goals and give us peace of mind. So let’s make saving money a top priority in the new year, and see how far it can take us!”