- How to Make Smart Money Moves -

( BLACK PR WIRE) ( April 27, 2009) Making smart money moves is a desire of just about everyone. African Americans are constantly seeking ways for people to show them the money.

According to Black Enterprise, the U.S. Commerce Department reports that the personal savings rate continues to slump. As a percentage of disposable personal income, it was a disappointing negative 0.4 % for 2005, the lowest the rate has been since the height of the Great Depression. For the first two months of 2006, the rate is at negative 0.5%.

The good news is that it’s not just the responsibility of others to show you the money, but you can play a key role in that yourself. In fact, many African Americans crave to save and turn their finances around!

Listed below are tips to help you do just that - make S.M.A.R.T. money moves:

Simply pay yourself first: Put money aside to save before you begin paying your expenses. Saving just $5 a day can lead to $50 every two weeks, $100 a month, equaling $1,200 a year.

Move those deposit coins: Save your spare change and take it to the bank for deposit or use it to invest in a CD at least once a month, or at the end of the year.

Attend financial seminars: Most banks offer free bank-sponsored seminars about savings products, investing, retirement or simply how to obtain financial freedom. Attending seminars offers financial literacy, a must for learning how to effectively save and manage your money.

Re-direct IRAs, 401(k)s, Mutual Funds: Try to divert a certain amount from your income into an account that you cannot touch before the age of 59 1/2 without a penalty.

Transfer or direct deposit: Most banks offer to switch money from your checking account or straight from your paycheck to be placed in a savings account that is not linked to your ATM. Try this strategy to discourage spending.

These tips alone will help benefit African Americans who crave to save. After all, making smart money moves can lead one in the right direction.