ODU Professor Leona Tam Featured in Kiplinger's on Saving Strategies

Leona Tam, assistant professor of marketing at Old Dominion University, is featured in the April issue of Kiplinger's Personal Finance magazine discussing her research on the best way to save.

In the question-and-answer article "Best Way To Save: One Day at a Time," Tam notes that it is easier to save money when you focus on the short-term instead of thinking far ahead.

"Think short term -- in baby steps. Save paycheck to paycheck, instead of hoping for a windfall," she advises in the article. 

"And don't think about that ginormous sum you need for retirement. Check your progress just once a year."

Tam's research on people's savings habits found that people who looked ahead just one month actually saved more than they estimated they would, whereas people who looked ahead for the year actually saved less than they anticipated.

Tam's research includes the habits and decision-making process in consumer behavior.  She received a Ph.D. in marketing from Texas A&M University, and a master's in philosophy and bachelor's in business administration from the Chinese University of Hong Kong.

Prior to joining academia, Tam spent several years in marketing and marketing research with multinational consumer product companies and marketing research companies in Hong Kong. 

She has published papers in the Journal of Personality and Social Psychology and the AMA Summer Educators' Conference.

The full Kiplinger's article can be found online at

http://www.kiplinger.com/magazine/archives/2009/04/save_one_day_at_a_time.html