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3 Ways to Set Financial Goals You’ll Actually Keep

By U.S. News & World Report

Are your financial goals similar to New Year’s resolutions? Great ideas in theory, but ones you don’t take action on?

Maybe you set a goal to save 20 percent of every paycheck, become debt-free or pay cash for your next car.

Maybe your goal was to aggressively pay down your mortgage so you can be mortgage-free within the next 10 years. Maybe you want to max out your child’s college fund or your retirement accounts.

When you first set these goals, they sounded fantastic, right? Only now, you realize several months have passed, and you’re no closer to achieving them than you were before.

What can you do? How can you set financial goals you’ll actually keep? Here are a few recommendations.

1. Set tiny goals.

I know this flies in the face of conventional advice that tells you to dream big, but here’s the paradox: The best way to achieve a big goal is in tiny bite-sized chunks.

Perhaps your long-term goal is to save enough money to purchase a rental property or max out your 401(k). That’s a huge, five-digit goal and that giant number can feel intimidating. As a result, you make no progress. You can feel totally frozen, unable to move forward, just because the goal is so massive. Let’s modify this.

Break your goal down into smaller actionable steps. First, save $100 per week. Every week, as you save $100, you feel the psychological thrill of victory. You did it again this week, you achieved your goal. You can pat yourself on the back and do a little happy dance. You can even pick your favorite way of celebrating, as long as it’s frugal — maybe for you that means scheduling a get-together with a friend or catching up on your favorite show.

After weeks of saving $100, you’ll be shocked when you realize you’ve accumulated a hefty four figures. You’re well on your way to achieving that big long-term goal now. You didn’t do it by focusing on the big dream, but instead by focusing on the next bite-sized step.

2. Share your progress publicly.

Announce your goals on Facebook, Instagram, Twitter or another social media platform you use the most. If you want, you can even start a blog to document your progress towards your goal. I’m not suggesting that you share any sensitive or personal information, of course, especially regarding your finances — you’ll want to be sure to keep any bank account details or credit score numbers to yourself — but there’s nothing wrong with being vocal about the progress that you’re making and the goals that you have.

Share every step publicly, both the good and the bad. If there’s a week where you achieved or surpassed your bite-sized goal, tell your followers. If you had a week where you completely fell on your face and made no progress (or made negative progress), tell your followers that story as well. Public accountability is a great tool for keeping you on your game. It also doesn’t seem so much like bragging if you share both the frustrations and the victories.

3. Use a calendar.

I have an old-school paper calendar. The kind that sits on my desk. Every day I make significant progress towards a goal, I circle that day on my calendar.

For example, if I earn more than a certain amount of money in a given day as measured by the projects that I take on, I’ll circle that day on the calendar.

You can do the same. For example, circle days when you spend less than a certain amount, when you negotiate a bill or when you lower an insurance premium.

The benefit of having this paper and ink calendar in front of me is that it’s always there. It stares me in the face and reminds me that progress is a series of small steps practiced daily.

It’s not some digital browser window I can minimize or an app I can overlook. It’s a piece of paper I see out of the corner of my eye because it’s on my desk at all times. That’s a powerful tool.

I hope these tips help you reach your financial goals, whatever they might be.

More from U.S. News

10 Ways to Stay in Shape on a Budget

12 Millennial-Inspired Ways to Spend Less

10 Ways to Save While Gardening

3 Ways to Set Financial Goals You’ll Actually Keep originally appeared on usnews.com

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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