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Research Strategy To Saving Money Essay

1099 words - 5 pages

Having a research strategy to saving money can be very useful in providing a first step in reaching the goal of financial security. It has been argued that the American society is materialistic and accustomed to instant gratification. Easy lines of credit and lack of proper money management have led many in deep financial straits. The recent high unemployment numbers and the deep recession have contributed greatly to this. However not everyone was affected. One major reason is because some were conscious about saving for a rainy day. In fact “Compared to a year ago, 50 percent more Americans are beefing up their savings account, according to a new survey by Money Management ...view middle of the document...

To accomplish our goal to save more we need to first start by collecting information. We need to identify our income sources and everything we spend it on. It is crucial that we be honest with ourselves and we ensure that this data is accurate and detailed otherwise our assumptions will be wrong and the conclusions we reach will be wrong as well. Remember the saying, garbage in garbage out. We will be updating the budget with new information so we can accurately evaluate our current spending habits. Now remember what we said about being creative. Savings should not stop with the budget. If we were to do some research on the subject we would identify other more creative ways to save. While researching newspaper articles, books and journals at the library we would come across other relevant issues such as: tax planning, 401K and 529 plans, wills and trusts, energy efficiency, debt planning, and who knows what else. As we dig deeper we realize that these are all vehicles to saving money. Of course, aside from the library there is also the Internet, talk radio shows, TV programs and even conferences that address this subject. However aside from research or listening to experts we need to put this into perspective to our own situation. We need to start evaluating the information that we have gathered.
An important point to make here is that no matter where we get our financial advice one should scrutinize the information obtained. We need to ask ourselves inquisitive questions and probe for weaknesses in the information presented. If the information if overwhelming we need to split it up and use a technique such as divide and conquer to make sense of it. Or if it seems incomprehensible to us we can use lateral thinking or simplifications to help us navigate. There is also the possibility that the information we’ve gathered is false and thus we need to be cautious. We need to put things into perspective. A subtle but very important point is that “Being able to determine the perspectives that underline materials will help you separate biased from...

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