Not Saving? Strategies To Help You Start

By G. Jeffrey MacDonald, Christian Science Monitor. Posted March 7, 2007.

Americans have been spending more than they save for nearly two years, and 2006 was the worst year for saving since 1933. To turn it around, experts say, know your weaknesses.

When millions of Americans struggle to save any money from month to month, as research suggests they consistently do, the first step to a solution is not for them to make a realistic budget.

That's according to Daniel Wishnasky, a financial planner in Phoenix who says many frustrated, would-be savers have overlooked a more basic step. They first need to lay a solid foundation by examining entrenched spending patterns and the powerful, deep-rooted emotions behind them.