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7 strategies for balancing work and life

By WTOP Staff

If you feel like you’re overbooked from the moment you step in the shower until the moment you collapse into bed, you’re not alone among business owners. For many, work and life are one and the same. Business and personal finances are mixed, work decisions come with high emotional stakes, and family members or friends are involved in keeping the business alive.

While that kind of 24/7 commitment is often necessary to get a business off the ground, entrepreneurs who want to maintain success and sanity in the long term have to establish a work-life balance.

Achieving balance won’t happen overnight, but it’s a process that can start right now. Here are seven strategies to achieving a better work-life balance.

1. Breathe better

Deep breathing helps you manage stress, boosts your immune system, and increases energy levels — all amazing benefits for busy, tired people. The best thing about deep breathing is that you can do it in the shower, during your commute, while you’re falling asleep, or while you’re reading an article online. By physically and mentally calming yourself through deep breaths, you’re better able to handle stress so you have more energy for every part of your life.

SEE ALSO: The 3 biggest risks to business in 2014

2. Schedule time to be active

A new study from the Center for Creative Leadership found that business leaders who exercise regularly are the most effective. And we’ve all read about the stress-reducing and mood-boosting effects exercise offers, which benefit you and your loved ones. Put workout time into your work calendar, and it’s much less likely to be trampled.

3. Plan ahead

It’s exhausting to make important decisions. When your daily schedule involves solving crisis after crisis, you’ll burn out fast and have little energy for anything outside your work. Avoid this burnout by planning your time — determine what you want to achieve this year, and work backwards until you have monthly, weekly, and daily goals. Check in every month or so to see if you’re on target or if you need to make adjustments.

4. Make a budget

It’s easy to spend every cent you have on your business, but doing that can leave you feeling deprived and resentful — and it can seriously hurt your social life or family’s wellbeing. Set a budget for your business just as you would for your personal finances, and stick to it. Set a budget for “fun,” too, so you can indulge yourself guilt-free.

5. Schedule your perfect day

Draw up a schedule of your perfect day and hang it where you’ll see it often. As you work, ask yourself whether what you’re doing is helping you get closer to that perfect day. If it’s not, it’s time to shift gears and reevaluate.

6. Encourage flexible employee schedules

When the people around you have balanced lives, it’s more likely that you will, too. Tell your team about your commitment to a work-life balance and ask them what they need to achieve balance in their lives.

7. Broadcast your commitment to balance

Don’t fall into the mindset trap that you have to be available 24 hours a day to serve clients well. These days, lots of people feel they lack work-life balance. Position yourself as a values-based business that values off time, and communicate this with your customers. Research shows that people buy more from businesses that share their values, so being clear about limited hours for the purposes of keeping work-life balance can actually have a positive impact on your bottom line.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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