Will updating an iPhone 5 wipe it out?

I want to update my iPhone 5 to iOS 7 when it comes out, and I don't have enough space in my computer to back it up. Will updating it wipe out it's contents, like apps and stuff?

No its shouldint wipe out your iphone

No it's only updating the software on the phone. Nothing will be lost, contacts, apps, pictures, emails, etc will all still be there.

I've updated my iPhone without backing it up 4 times when the updates were released and I've never lost anything.

No, you can update to iOS 7 without losing your content. However, it's a good idea to have a backup. You can always use iCloud backup for free.

Also, if you want to try iOS 7 early, you can register your device's UDID at http://www.instantudid.com/ and you'll be able to to activate the beta. It's only $5, totally worth it for trying iOS 7 before everyone else.