Get Free Help Preparing Your Taxes From AARP Foundation Tax-Aide. Find a location


Renew for 3 and attend Life at 50+ for free
You Could Choose Your Dream Vacation
Happy African American couple

Contests and

AARP’s Superstar
2015 Contest

Sing for a chance to win $5,000! Enter AARP’s Superstar 2015 Contest!
See official rules.

Driver Safety

Piggy bank on the road - AARP Driver Safety

Take the new AARP Smart Driver Course!

AARP Books

Visit the Money Section

Enjoy titles on retirement, Social Security, and becoming debt-free.

Jobs You Might Like

most popular


Financial Freedom

Plan to Save: It’s Easier Than You Think

From CDs to money market accounts, which way is the right way for you to save?

mixed race man taking money out of wallet

— © Corbis. All Rights Reserved

En español |"He who fails to plan, plans to fail," says an oft-quoted proverb. Failing to plan for your financial future and security can have severe consequences, but this doesn’t have to happen. Start now!

Making the decision to save money and build a nest egg is one thing, and likely something many do or make an effort to do, and yet for an infinite number of reasons may wind up deferring.  If the lingering economic downturn in the global economy is any indicator, any attempt to build or increase your savings will prove very challenging for most people particularly for African-Americans.

A recent survey by Ariel Investments reports that African American households are struggling to save money. The survey indicates that these households now reflect a median monthly savings of $189, compared with $367 among white households. The 2010 findings mark the first time, in a decade, that African American households have reported saving less than $200 per month. While saving in such an environment has affected all Americans, these numbers underscore the immense and staggering effect the recession has had on African-Americans.

A 2009 federal survey of household finances revealed that minorities, overall, are saving substantially less than whites. The median value of holdings in a transaction account — which includes checking, savings and money market deposit accounts — was about $5,100 for whites and $2,000 for minorities. About 96 percent of whites had a checking account, compared with 84 percent of minorities. And only 8 percent of minorities had certificates of deposit (CDs), compared with 19 percent of whites.  

Undoubtedly, in an attempt to cope with the effects of the economic downturn, minorities have been forced to make increasingly difficult decisions — decisions that can, and have, had serious long-term consequences.

In the context of your overall money management plan, a few basic steps can get you on the right track to planning and saving toward financial security.

Next: Step 1: Pay Yourself First >>

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts


Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

membership benefit financial college aarp

Advice on saving for education from AARP® College Savings Solutions from TIAA-CREF.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

member benefit aarp financial service auto insurance

AARP® Auto Insurance Program from The Hartford offers members no-cost quotes.

Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.

Advance your skills. Transform your career.

Explore your learning possibilities.