What can I do to jump start saving?

Grudun answered 4 months ago …

Whiteshadow's idea of making the savings automatic is a great idea. But there are 2 things that you can use to help: A big idea to help you see the value and a budget.
The first thing I would do is spend some time imagining what having a lot of money would mean to you and allow you to do/not do. Would you like to do with your money Buy a house?, get married?, or just have in case you lost your job. How would it make you feel? Secure knowing you can weather a financial storm, confindant knowing you have things together and are not an aimless person, good knowing you can help others if there is a problem. Think about being able to retire on time or EARLY. Get together a list of these benefits, especially the ones related to feelings, of having savings and investments and refer to it every time you are having trouble with your plan.

Next now that you are motivated track every penny you spend for a month or so(you can also look at your bank statements for some information on the past). Calculate what you are spending in each area(you will have to create the categories to fit you life but examples include rent, utilities, groceries, eating out etc.). Then once you know what you are spending find areas where you can cut some spending easily and budget that and any leftovers to your savings. Then keep track of your spending and each budgeting period(you can use a week, 2 weeks or a month but not longer) take a look at the budget and see if you can't cut just a little more. This helps because you don't make all the cuts at the begining and as you get used to using a little less cutting just a little more isn't so bad.
Keep this up and soon you will have a significant chunk of you money going to savings. Also if you get any extra money I recommend using part for savings and part for a slurge to reward yourself. The exception is any raises, these you should attempt to put entirely into savings if possible.

Hope this helps.