New year, new resolutions–and if you live in Lubbock, chances are “save more money” is sitting right at the top of your list…again.

But if that goal already feels out of reach, you’re not alone–and new data proves it’s not just a willpower problem.

READ MORE: Only in Lubbock: Women, Football, and a Fight Against Alzheimer’s

A new State of Savings Report from The Penny Hoarder, based on responses from 1,250 working Americans, shows that rising costs and stagnant wages have turned saving money into a serious uphill battle. And for a lot of families right here in Lubbock, the numbers hit uncomfortably close to home.

Saving Money Is the Goal — But Reality Hits Hard

According to the report, 63% of Americans don’t even have a savings account. Among those who do, the safety net is thin:

Only 37% of working Americans have a savings account

Half have just $1,000 saved

One in three has less than $500 set aside

For many people in Lubbock, that means one car repair, medical bill, or surprise expense can completely derail a household budget.

Living Paycheck to Paycheck Is the Norm

The report paints a picture that will feel familiar to a lot of South Plains households:

58% of Americans live paycheck to paycheck

50% need two incomes just to cover bills

45% have drained their savings entirely

11% have had to do it multiple times

In a city where housing costs, groceries, utilities, and insurance have all climbed, many Lubbock families say budgeting has shifted from planning ahead to simply getting through the month.

The Math Isn’t Mathing

Here’s one of the most eye-opening stats from the report:

That gap alone explains why saving feels impossible. Even people who understand budgeting and grew up learning “good money habits” are stuck in survival mode. The issue isn’t knowledge–it’s affordability.

Credit Cards, Stress, and Setbacks

When savings run out, credit often steps in:

29% rely on credit for big purchases

One in 10 haven’t checked their credit score

20% admit they don’t handle financial setbacks well

For Lubbock residents juggling rent, gas, groceries, and kids’ expenses, it’s easy to see how quickly financial stress can pile up.

What This Means for Lubbock

The takeaway isn’t that people in Lubbock are bad with money. It’s that the cost of living has outpaced paychecks, turning saving into a luxury instead of a habit.

READ MORE: Exploring Lubbock’s Truck Culture Through Vehicle Sales

If you’ve been feeling frustrated about your finances this year, the data makes one thing clear: you’re far from alone–and the struggle is bigger than any single budget spreadsheet.

If someone’s never been to Lubbock, what’s the first local food spot you take them to impress them?

Gallery Credit: Landon King

What’s the most nostalgic store you miss from the South Plains Mall?

Gallery Credit: Landon King