Money Management Research Strategy
With the trouble that our economy is in today, it would be beneficial for everyone to sharpen his or her money management skills. A person may have a secure job today, but that job could be gone tomorrow. With the job market being so dreadful a person may have to live from his or her savings for several months. Unfortunately, many people do not have the amount of money saved that would be necessary to proceed through this too common situation. While I am currently comfortable financially there have been, and will continue to be, many life changing events in which it would benefit me to strengthen my money management skills.
Becoming a new father has turned our household income from two incomes down to one, and must provide for three people instead of two. Being a full-time professional allows me to care for my family in a comfortable manner but with the addition to our family, our priorities have shifted. Our new plans include buying a home so that we are not throwing our money away on rent, and also setting up a college fund for our daughter. It will take careful planning to save the amount of money necessary in order for these goals to become a reality. I will need to examine my current spending habits and determine how I can use my money in a more valuable way to accomplish these goals. My immediate plan is to gather as much information as I can on college funds, first-time home buying, and overall money management.
I will begin by doing some basic research on the Internet. There is an abundance of websites that will ask questions about a person’s income and spending habits, and will help to create a budget plan that will achieve personal goals. I will want to take some time to look through these sites to determine which one will best suit my needs. I also plan to research new companies for bills I currently pay. With a bit of research I could end up saving hundreds of dollars a month by switching phone...