The technology pertaining to connecting objects together in the Internet of Things is already the focus of intensive research efforts. However, the mechanisms managing and utilizing the resulting significant volume of data from these objects has yet to match the maturity of the technology itself. The traditional approach of migrating raw data to centralized points for data storage and analysis may incur debilitating communication and energy costs, which will negatively affect the environment in the future. In this paper, we will discuss the life cycle of data within the Internet of Things and survey the current research in the data management field for the Internet of Things. The discussion will focus on the research pertaining to the optimization of communication overhead and storage mechanisms as they have the most significant impact on energy consumption. We prove the need for further analysis and addressing of issues concerning 'green' data management systems designs for the Internet of Things.