Today’s fast paced, business and technological world holds a heavy emphasis on completing a college education to have success in your professional career. This creates a strong pressure for students and families when it comes to devising a plan to manage the heavy burden of student loans.
In recent years, tuition and other college costs have continued to increase, leaving students and families to wonder how they will be able to secure and manage their futures amidst an overwhelming amount of debt. Michael Delmonico always stresses the importance of saving up for college as early as possible but also understands that every family faces different challenges and this is not always easy.
Because of this, Michael Delmonico and his team have developed a basic list of 10 Principles called the 10 Principles of Money Management System that is designed to help students and families overcome the challenges of college planning and student loans.
The 10 Principles of Money Management are time-proven foundational principles that offer the best way to get back on track to your fiscal well being.
The 10 Principles of Money Management
1.Spending is emotional
Often when we spend money, it is linked to an emotional feeling. This feeling might be the immediate happiness of enjoying a new outfit or a nice steak at a restaurant. It is important to think about the reasons we are spending our money and if saving our money might lead to a stronger, more impactful emotional feeling in the future.
2.When you track your money, you control it.
Think of your budget as a diet and fitness plan. When do not like when we are told what we can and can’t do with our money just like we don’t like being told what we can and can’t eat. At the same time though, once we realize the results of our budgeting or dieting plan, we begin to understand their importance. Tracking your money will set you up to achieve long term goals that ultimately allow you to have more control.
3.Savings is actually delayed spending
When saving money, it is important to consider a few different scenarios for when that money will eventually be spent. This includes emergencies, emotional spending, and long-term savings.
4.Power down your debt and power up your fortune.
Michael Delmonico encourages clients to focus largely on reducing their debt when they can to avoid raising costs in interest. Once you are debt-free you will feel a release from these past burdens and will likely have saved a lot of money that can be put towards your future savings.
5.Know the rules.
It is important to understand certain concepts related to your money including interest, compound interest, taxes, etc. Michael Delmonico is passionate about educating his clients on these subjects.
6.The rules are always changing.
With new tax laws constantly coming out it is important to speak with your advisor about new rule changes each year to know if any changes will affect your plans.
7.Always look at the big picture.
As Michael Delmonico stresses, planning ahead and thinking about the big picture will allow you to have a better understanding of how you will get out of debt, save for retirement, and more.
8. Organizing enables the creation of additional savings.
There are a variety of different ways to manage and organize, depending on what is best for your current situation and circumstances. Michael Delmonico works individually with clients to find the best organizational strategies that work for them.
9.Understanding taxation enables you to retain more of your money.
If you have a developed understanding of taxation, you will be able to move your money in such a way that can bring huge benefits to your overall savings.
10.Money in motion creates more money!
While you are working hard to make money you should be sure to make your money work hard for you as well!
For more information about college planning and money management, follow Michael Delmonico on Scoop.it: http://www.scoop.it/t/michael-delmonico-college-planning.
